Electric vehicles are shaking up automotive retailing and marketing, disrupting brand loyalty and altering both the path to purchase and the auto aftermarket. But are automakers, dealerships and their marketing teams really connecting with EV shoppers as well as they could?
Consider that EVs’ global share of the car market is projected to zoom from 4% in 2020 to 18% this year, and U.S. sales of EVs increased 55% in 2022. Fueled by an expanding and diversifying product lineup, and supported by infrastructure improvements and government incentives, EVs are expected to account for half of U.S. vehicle sales by 2030, according to the International Energy Agency.
This dynamic marketplace is presenting auto marketers with an unusual opportunity to expand and shift their brand credentials and gain a leg up on the competition—if they can connect with EV consumers. And the most efficient and effective way to access those EV shoppers is through the freshest, most accurate data, ideally integrated through precise targeting and closed-loop sales matching.
A shifting EV buyer landscape
The early adopters in the EV market have skewed affluent and slightly older, in large part because of early models’ limited choices and high price tags. But our 2023 Urban Science Dealership Transformation Index, in collaboration with our annual Harris Poll research, indicated stronger EV interest by younger consumers.
Nearly two-thirds of both millennial and Gen Z buyers agreed that EVs will have the largest impact on the future of the auto industry, compared with half of auto buyers overall. Additionally, according to the 2023 Dealer Transformation Index, those younger buyers will increasingly find buying an EV a possibility as the market broadens with more affordable and non-luxury models.
EV buyers are also demonstrating less brand loyalty than car shoppers of the past. Traditionally, many auto buyers turn to the same brand time and again, often encouraged by leases that incentivize brand loyalty. But EVs have shaken up that pattern. Today, when consumers visit a dealership to buy one of the most popular (non-Tesla) EV models, they are trading in a vehicle from a different automaker more often than the average buyer, according to research from Edmunds.
The need for timely data
To be at the head of the class in this fast-moving marketplace, brands need near-real-time accurate data, as well as data-enriched predictive modeling. EV shoppers are constantly moving in and out of the market; to target them properly marketers must work from the most up-to-date targeting information. Data that’s even just a month or two old won’t lead to the best results, resulting in missed opportunities and wasted ad spend.
Data also can map how EV buyers’ behaviors are shifting, and where EV demand is rising geographically. Although it’s becoming more widespread, EV penetration is still not equal across the country. And the pace of change in the industry—creating a constant state of flux—means data and strategies can be out of date in just a few months. Better data at every touchpoint—campaign design, execution and measurement—provides the best chance for success.
Near-real-time sales data and analysis can help automotive marketers and agencies understand what messages are resonating with shoppers, and identify consumers who have already made a purchase. Did a purchaser stay with your brand or move to a competitor’s EV? Did they end up with a hybrid or a fully electric vehicle? Do you need to adjust messaging in response?
Being able to match those completed sales to your ad efforts allows you to understand whether your creative and channel choices are effective, your targeting is on point and if you need to adjust and optimize future campaigns to match the evolving needs of EV shoppers.
What auto marketers can do
A landscape that’s shifting to EVs represents a unique opportunity for auto marketers to make an impact for their clients like never before. Taking advantage of near-real-time data by integrating it into efforts can maximize the ability to connect with EV consumers and stay ahead of the curve no matter how fast the segment progresses.
With the category evolving in what feels like real time, how brands become part of the conversation with EV shoppers is also up for grabs. By adopting a test-and-learn mindset around content, targeting and creative optimization, auto marketers can start to build trusted relationships with both current and new EV customers.
Advertising, social content and owned websites will be critical in providing information, addressing consumer FAQs, building trust and encouraging EV adoption. But blanketing this content across channels without any focused strategy or thoughtful measurement will leave opportunity on the table. Timely, accurate data will help find the right consumers, especially those primed to move into the EV market, and effective closed-loop sales measurement will validate which strategies drove purchases.
With a host of new products, expanded battery range, a more robust infrastructure, government incentives and strong interest among younger buyers, EVs are ready to cash in on the headlines they’ve been making for a decade. But in this new, wide-open marketplace, it’s a race to pull in those buyers. The right data can help win that race.
from Digital Marketing Education https://ift.tt/nP0dlWo
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