This could not be more true and realized through Marketing Research to verify gut feel about consumer markets and minimize market risk with sound analysis, proof, and experience. Use marketing research to wise up to broad strokes in strategic planning and the fine details of effective tactical planning and execution. Objectives Understand what marketing research is and see how it supports and rationalizes key elements of marketing strategy formulation and implementation process i. Develop a powerful positioning strategy, know who your customers should be and your value proposition to them based on the following:
Savvy marketers have moved to omnichannel strategies to recognize and reach target consumers regardless of the channel or device, and provide a seamless shopping experience before they get to the showroom.
To enable omnichannel marketing, you need the right data to account for, and quickly identify, who you are targeting and interacting with. But what about taking that a step further to identify individual consumers who are ready to purchase a new car, then proactively use that information to predict when other consumers are likely to become in-market prospects and reach them through omnichannel outreach?
This new approach also leverages deterministic consumer-identity information, current-and-past auto purchase histories, and other known consumer lifestyle and life stage attributes.
For example, one predictive indicator of needing a new car is adding a child to the household. The dealer CRM system reveals that a previous buyer has a two-door coupe. Consumer-identity data indicates the birth of a baby, so a car with a backseat or a minivan might be more suitable.
Another life event that suggests a new-car purchase is moving to a new home. This could mean a change in commuting distance, so a vehicle with higher fuel efficiency or premium comfort features might make sense. This is critical given the years-long gaps between auto purchases, and the volume of life and identity changes in those times.
With access to authoritative, verified, and comprehensive consumer-identity data, you can connect with consumers the moment they think about buying a new car, and accurately target prospects who are up to three times more likely than the average consumer to be in the market for a new vehicle.
This enables you to: Create lookalike audiences to target prospects that are more likely to convert.
A lookalike audience mirrors the attributes of your best customers. Through post-sale analysis, you can identify the characteristics that define your buyers, such as triggers, demographics, and lifetime value profiles, then apply those attributes as filters to your consumer identity data to find the best matches.
Continually update key customer identity and attribute information in your dealership CRM or other management system. Syncing consumer-attribute information with your customer data helps further personalize your approach, enabling you to continuously maintain contact with your customers over time, whether for a trade-in offer, service, or for future sales of an additional vehicle.
Identify multiple touch points to maximize the reach and scale of your campaigns to high-propensity consumers. Today, dealers need every edge to remain competitive and profitable. Effective integration of consumer-identity data with dealer data can help you quickly identify high-propensity customers, and provide a decided advantage for maximum reach and minimal media waste.
A year veteran of the information services and analytics industry, Dave Dague has significant expertise in cross-channel consumer identification, verification, and marketing solutions. He is currently CMO for consumer-identity management expert Infutorand has previously served as CMO for Gravy Analytics, Neustar, and TargusInfo, and has served as an adjunct professor of marketing and sales management.About Dhinckley — As a Partner at Go Fish Digital I specialize in innovative digital marketing solutions, brand strategy, technical web development and support.
I work on projects that cover Online Brand Strategy, Reputation Management, Search Engine Optimization, and web development.
How Consumer-Identity Data Revolutionizes Automotive Marketing Multipoint predictive analytics allow you to deliver messaging that resonates based on consumers’ geography, lifestyle, life stage, and likelihood of being in the market for a new vehicle.
MINTEL TRENDS. Trend tracking, analysis and interpretation of changes in culture markets, brands and consumer behavior. CONSULTING. Mintel Consulting delivers a fresh viewpoint supported by rigorous data on brand, innovation, strategy and consumer insight.
Over the next decade, women will control two thirds of consumer wealth in the United States and be the beneficiaries of the largest transference of wealth in our country’s history.
The idea that ads that engage us emotionally work better than those that don’t might provoke a, “Well, duhhh!” reaction from Neuromarketing readers. Surprisingly, though, I still encounter business executives who don’t believe they are swayed by emotional factors when buying things, and often doubt that others are either.
Consumer research analysis helps marketing according to the article "Consumer Behavior" on If a company's consumer research analysis reveals a low.