Auto dealers are one of the most vital advertising segments, with a traditionally massive spend on linear TV advertising. However, the latest figures show an enormous shift from traditional platforms with no targeting or interactive capabilities to the new way of advertising – OTT.
The significant shift in spending isn’t limited to OTT advertising and includes all digital marketing spending. This is in line with global trends across market segments, but the change in spending seems particularly relevant to the automotive industry currently.
According to a recent report from Borrell Associates, the shift began in 2020 and looks set to continue throughout 2022 and beyond.
While OTT ads are more targeted, interactive, and have a much better ROI for any brand or market segment, the automotive segment can benefit particularly well from this shift.
A one-size-fits-all approach to motor vehicle advertising doesn’t work. Instead, car dealers must understand that to be successful; they have to approach buyers in different ways at the various stages of their journey. There are several reasons that this is particularly true of the automotive market.
The list can go on and on, but the bottom line is this – OTT advertising can fit perfectly into a digital strategy and appeal directly to the marketing personas created by auto dealers and car brands.
According to Think With Google, 92% of car buyers research online before they buy – And they are investigating with video more than ever before.
64% of people who watch online videos to inform their purchase say that new formats like 360° video would convince them to buy a car without a test drive.
So not only is the market virtually all online, there’s a growing trend for virtual test drives and an already massive market for consuming video-based car reviews. As a result, the interactive advertising potential for OTT auto ads is limitless and highly lucrative.
Cross-channel marketing creates a unified customer experience across all channels. The customer journey is designed and integrated into each marketing channel, providing a targeted message at each stage.
Automotive brands and car dealers must realize that to engage and attract customers
; they need to have a cross-channel marketing approach that harnesses the significant power of OTT advertising as a part of the marketing strategy.
In closing, the automotive advertising shift from linear to OTT might not be surprising, but it is something that dealers and brands need to be aware of.
As more and more brands and dealers shift and develop highly effective integrated marketing campaigns with OTT advertising, it will become harder and harder for those who aren’t climbing on board to compete effectively.
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