I just came across a report that Reach Marketing did on the state of digital marketing in the automotive industry. It has some fascinating insights that I am excited to share.
Reach Marketing conducted a comprehensive survey, gathering insights from 300 decision-makers in the automotive industry. They were asked about the effectiveness of their digital marketing strategies, providing a wealth of valuable information.
Keep reading for just some of the fascinating insights, and feel free to download the report here.
Digital Marketing Tactics For Automotive Businesses
According to automotive decision-makers, social media marketing is not only the most used marketing tactic but also the most effective at landing new business.
Google ads come into play in second place and deserve a shout-out.
If you’re wondering if traditional marketing tactics carry any weight, 45% of automotive businesses report success from TV ads, and 38% do radio ads.
The Average Cost Per Lead for Automotive Businesses
Cost per lead is one of the most essential metrics that automotive companies need to track.
Don’t know how to calculate the cost per lead for your business? All you have to do is define how much you spent on a certain campaign strategy and divide it by the number of leads that particular strategy generated.
To ensure your automotive business isn’t paying too much per lead, it’s important to note that the average cost per lead at automotive businesses is between $100 and $250.
The Buyer’s Journey When it Comes to Automotive Businesses
Over half of automotive businesses cite that at least 70% of their customers start their journey online before visiting a physical location. These businesses clearly need a strong online presence to beat the competition and a strategic CTA to entice audiences to visit their location.
Surprisingly, over 25% of automotive businesses don’t know if their customers start their buyer’s journey online or in person. This shows a need for many automotive businesses to step up their game when it comes to tracking their marketing efforts.
Automotive Businesses Working With an Agency Vs. In-House Marketing
With 54% of brands having in-house marketing, you might assume that 46% of brands work with an agency. In fact, 24% of automotive businesses work with an agency, and the other 22% report not doing any marketing at all.
Additionally, the respondents who work with an agency were asked to rate the effectiveness and satisfaction of their agency’s efforts. The majority of the respondents rated their satisfaction with working with an outside agency as 9 out of 10.
Download your free copy of The State of Digital Marketing in the Automotive Industry here for many more insights into how you can improve your own marketing efforts.