‘Wheel’ in the ROI: LoopMe’s Auto Event
This week we hosted a breakfast designed to educate, inform and provoke thought leading conversation amongst our guests, following from the success of our Christmas focused vertical.
This time, we took a deep dive in to the automotive sector. Advancements in tech are a driving force (excuse the pun!) in disrupting this industry and we’re now seeing tech companies such as Uber and Waze disrupting the automotive industry with non-traditional approaches.
So, for those of you were unable to attend the auto event, or would like a quick reminder – read on!
Data is still the missing piece
Stuart Bluck, Head of Research & Insight at Auto Trader kicked off the morning. Stuart led with a piece called ‘Data is still the missing piece to the automotive marketing puzzle’ session where he illustrated how difficult the buying process has become for consumers due to the wide range of options they face, only enhanced by the internet.
Stuart then discussed the findings of a campaign that Auto Trader recently ran where customers recorded first-hand accounts of their auto buying process. One of the themes was that the buying process is difficult as they’re inundated with different brand messages.
One telling stat was that 2/3 people changed their mind on the make and model of a car they were looking at during the purchase journey.
Buck emphasised the role mobile advertising can play in combating this problem as it is with consumers throughout the buying process. This is understandably harder than traditional channels like TV and OOH.
Auto & AI – ‘Wheeling’ in the ROI
LoopMe’s very own Tamsin Lawrence was up next speaking on the important role mobile devices to play in progressing consumers through the sales funnel. Did you know that users spend 11 hours researching their next car?
Tamsin then introduced PurchaseLoop, LoopMe’s brand uplift optimizer, highlighting some recent auto brand success stories. If you’re interested in learning more, get in touch.
Staying ahead in a changing market
Up next was Lauren Barnett of LoopMe who interviewed Steffie Beaven, Account Manager at MGOMD. Steffie highlighted the importance for brands to see TV and mobile creatives as two separate entities, as the right creative has a tangible impact on campaign metrics.
Luca Andreose, Sales Director at Sophus3 then took to the floor. The marketing software company work with many European automotive brands, tracking the digital behaviours of their consumers. Sophus3 research has shown that the average consumer researches at least 4 different car brands settling on one. This is a very poignant statistic, as it yet again highlights the need to stick with the consumer throughout the buying process. More exciting news on this soon!
Last to speak was Phil Rowley, Group Innovation Director at PHD, who delivered an attention grabbing presentation ‘Media Innovation for Autos: Why you might be doing it wrong’. Phil highlighted the importance of innovation for car brands, pointing out that they are now competing against car brands and tech companies for consumer loyalty.
Referencing Ester Boserup’s quote ‘Necessity is the mother of invention’ he commented that auto brands can fall into a trap of innovating for the wrong reason – either to demonstrate their worth of the brand or just because it’s a fun thing to do! He made the point that none of these matter as it’s not about the consumer, and you need to put them at the heart of your innovation.
Thanks again to our speakers for their insights and we hope to see you all at another event soon! If you’d like to learn more about our PurchaseLoop products for automotive brands, get in touch.