How to Identify and Target Imminent Purchase Intenders in the Automotive Industry
Identifying and reaching imminent purchase intenders at the right time is crucial in the automotive market. A dealership for example may know who their ideal audience is but finding them is not as easy. A study by IAB conducted in 2014 revealed that at the time, 14% of US adults were planning to buy an automobile in the next 6 months. Through big data analytics and applications, Facebook has also developed its own auto intender audience of those who are most likely to be in market for a vehicle.
More advanced mobile targeting solutions are now available to target on-premise shoppers. Historically, mobile targeting has been limited to solutions that target the device, not the person. V12 has developed a proprietary mobile solution called V12 Signals that matches mobile devices to actual on premise shoppers. Each Signals alert includes contact data often enriched with demographics. Audiences are also onboarded to our digital platforms to create a digital audience of purchase intenders.
V12 Signals Delivers Multichannel Marketing Audiences:
- Dealer Visit Signal – Conquest: A person visiting a competing dealership in your area
Results: Over 3 million people annually tracked visiting a competitor brand dealership
- Dealer Visit Signal – Loyalty: A person visiting a common brand dealership in your area
Results: Over 1 million people annually tracked visiting a common brand dealership.
- Service Signal: A person visiting a dealership for service in your area
Results: Over 1.5 million people annually visiting a dealership for service. This indicates an opportunity to create service segments by dealership brand.
- Insurance Signal: A person visiting a dealership indicates a possible auto insurance change
Results: Over 4 million people annually visiting a dealership in search of a new car.
Sales Conversions and Insights Into Timing
We partnered with industry leading organizations to track, monitor, and validate the value of V12 Signals Leads. The National Study revealed the following results:
- Digital Leads to a VDP (Vehicle Detail Page) convert at 1.9%
- A market leading data source estimates purchase behavior of 4.6% over 120 days
- Signals shoppers show a conversion of 11.89% to purchase a vehicle within 120 days of their first on lot dealer visit
We observed that the consideration and purchase phase lasts up to 120 days as displayed in our sales report analysis, allowing marketers to reach consumers at the right time with the right message.
V12 Signals also provides rich analytical and marketing insights. In addition to a daily source of imminent purchase intenders, our clients use V12 Signals for a broad range of insights including:
- Lead enhancement
- Marketing program performance
- Trade area performance and insights
- Insights into consumer brand preferences and activity
- Identification of existing customers who may deflect to another brand
By accessing these feeds on a daily basis, automotive marketers have an amazing opportunity to convert consumers who are actively in market for a vehicle.