Dealers have reported spending much less on marketing throughout the coronavirus pandemic due to great sales. Is this method sustainable or potentially damaging? This time last year we brought you experts to weigh in on marketing trends and they join us now to follow up on the discussion. We’ll also get into some changes you should consider to remain profitable.
Cars come and go and we don’t have as much inventory as we would like says Carrasquillo. They do have a substantial amount of pre-owned inventory due to the pivots they’ve made given the market challenges. They’re doing what they can with what they have. Carrasquillo says the volume of units is a concern. He does see inventory being a challenge going into the second half of 2022. Dealers need to think back on how they successfully operated in the past and change the way they’re attracting a customer base.
|Related: The unique challenges dealer groups are facing when comparing marketing reports|
John says they remind their clients that demand has never been higher. He says it’s important to utilize marketing as a communication tool. It’s understanding a customer’s lifetime value and understanding it as a metric. He says it’s about coming together and figuring out what’s right for each dealer group.
Carrasquillo thinks what comes out at a great time of necessity is a lot of innovation. Dealers are more resilient than they have ever been. They identify inefficiencies from something that has turned their world upside down and learned how to adapt. He says they are spending less on marketing than they did pre-Covid. They have found better ways to target and identify their audience. The spending is more efficient and they’re getting the results they are looking for. John also says to drive personalization. Consumers want to be spoken to by the brands they choose to do business with.
Carrasquillo says for the months to come, expect the unexpected. He says it’s okay to be uncomfortable in this industry and space. Find the inefficiencies in what you’re doing on your marketing. Take this time as an opportunity to step back and reflect on why customers should be doing business with you.
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