Tag: marketing
Article written by Jill Canetta, Experian Marketing Services’ Chief Data Officer, and Mark Pryzbylski, Experian Automotive’s Senior Director of Product Management At this point, it’s indisputable that the COVID-19 pandemic has completely changed everything for everyone on a multitude of levels. And now that the country is moving toward easing stay-at-home restrictions and people are starting to venture out into the world, auto marketers are faced with unique challenges amid an uncertain future and customers who aren’t sure of the best step to take next in their ownership experience or potential vehicle purchase journey. However, that uncertainty provides an opportunity for brands to make deeper connections with current customers and interested consumers—provided they can understand and address their customer’s needs in a supportive way. You need to lead with empathetic messaging that directly addresses their needs and offers support during this challenging time. Data is the starting point, and Experian is ready to help. First, you need to understand what consumer outlook looks like on a national scale, in real time. Using insights gleaned from consumers across the country, Experian created a US Consumer Sentiment Index built on daily survey findings that outlines what customers are thinking and how they’re feeling during COVID-19. As of June 10th, 2020: 44% have automobile payments they need to make monthly, with Millennials and Gen X leading the pack at 50%21% are considering buying a new vehicle within the next few months, with Millennials at the forefront of this drive at 16%Of those considering a new vehicle, 63% will continue with their purchase as planned, 42% will buy something less expensive, and 18% will consider leasing, with Gen Z leading the last two these categories Certainly, this data can help auto marketers glean the information they may need to begin targeted outreach, especially when sentiment shows there’s still a need and desire to own, lease or rent a vehicle. But this is only part of the picture. To create a complete view of the customer, marketers need to fill in the blanks so they can thoroughly address their needs and let them know they’re both ready to help, and capable of doing so. For example, due to the changing landscape, it’s unlikely that dealership walk-in traffic is going to present the same opportunities for purchase that it once did. This means marketers will have to leverage new avenues to execute their outreach. Using the power of data, auto marketers can identify those who are most likely to be in the market for a new vehicle, such as those coming to end of lease or those who are soon to be in equity on their current vehicles. But how can this information help you in your outreach efforts? Demographic, behavioral, life event, lifestyle, automotive and attitudinal data can help you tailor a compelling message to address their stage of ownership—and potentially address their new or emerging needs as a consumer. Perhaps their child is starting college in the fall and needs a vehicle. Or maybe they’ve downsized and don’t need an SUV anymore, so a compact car would better fit their needs. When it comes to leaseholders, data can show you which leases are coming up for renewal or termination. Regardless of their situation, leaseholders will need to decide on their future vehicle needs whether it means buying their car, leasing another, or going in an entirely new direction—one that may potentially be more cost effective to address the issues they may suddenly be facing. Beyond identifying your target audience, you need to understand how to reach them. We also offer the opportunity for multi-channel media activation, leveraging our relationships with more than 100 media partners and digital platforms to launch and optimize your one-to-one marketing campaign across all channels. And to help you determine the ROI of your offline and online campaigns, our measurement tools help you gain actionable insights for future campaigns with easily digestible dashboards and reports. As we all adjust to the new landscape and find different ways to navigate the current environment, marketers need to be cognizant of how they’re targeting new consumers—especially when the landscape appears to be unstable. By addressing consumers with relevant and thoughtful messaging that supports their needs, marketers now have the opportunity to create deeper connections that can create loyalty that lasts a lifetime. Learn more about how the Experian Marketing Engine for automotive marketers can help.
The effect COVID-19 has had on lives around the globe is unprecedented. It’s fundamentally shifted our day-to-day routines, as well as many of our priorities. And yet, the fact remains, the situation for many Americans is still very fluid. How and when people will be impacted will vary, and how people respond to the pandemic will depend on circumstance. So, how do retailers and other businesses address their customers’ challenges and help them through this difficult time? First, you need to be empathetic. You need to understand how people are feeling in the current environment. What matters most to them? What challenges are they facing? How can you help? We surveyed the general population to provide retailers and other businesses insight into consumer sentiment during COVID-19. The survey is updated daily and highlights the shifts among different regions and generations. As of May 5, 2020: 50 percent of Americans are buying more online than in the past 42 percent of Americans are spending less or trying to cut back on spending; among those in urban regions, the percentage is 32 percent Groceries (46 percent) and books, video games and music (8 percent) are the categories that see the highest increase in spending over last month Those in Generation Z have increase spending across many categories compared to last month, including groceries; food delivery/takeout; books, video games, music; alcohol, beauty and wellness; clothing Usage of television and smartphone has increased by more than 50 percent each compared to last month As expected, the priorities for people across different regions and age demographics differ, but it’s important to note, these will continue to shift over the coming months. You need to be thoughtful with communications you deliver and understand when people will be in-market for your services. To accomplish this, many of the same ad principles apply—beginning with identity resolution. People are more than just the interactions they have with your brand. Like all of us, your customers engage multiple companies, as well as jump from device to device to consume information and research products and services. You need to deepen your understanding of customers’ needs whose lives you impact by connecting these digital touchpoints together as well as their preferred communication channels. If done correctly, you can create specific audience segments, better assess the appropriate time to reach out to your customers and connect with them through appropriate messages. With so many lives upended, it’s important for retailers and other businesses to provide communications and resources when customers need it the most. The more you can help your customers address their most pressing needs and make them feel heard, particularly during this difficult time, the stronger relationship you will build. All of our circumstances and situations are unique to us, so it’s important to communicate with our customers, be there for them and address their specific needs. Download the Understanding and Serving Consumer Needs During COVID-19 and Beyond whitepaper to find out how your organization can pivot to accommodate ever-changing consumer needs and concerns.
Experian has always prided itself on its many areas of expertise, as well as its dedication to providing our clients with advanced data and technology, which is why we are always so grateful when we are recognized for our commitment and loyalty to our customers. We are thrilled to announce that Experian was voted as the top advertising and marketing technology provider for media planning and attribution by the readers of Adweek, a leading advertising trade publication. The recognition was part of Adweek’s inaugural Readers’ Choice: Best of Tech awards, which asked its readers to vote on solution providers across 24 advertising and marketing technology categories. What made this award so special is that it came from the readers themselves, brands who use our data and insights to interact with people in more meaningful ways. In this new era of decentralized media, having an effective media plan is a crucial aspect of any marketing campaign. This award shows that more marketers are seeing this as a priority, with Experian being on top. Experian is leading this advertising revolution is through Omnilmpact, a powerful measurement solution that allows marketers to quickly access actionable insights that improve their current marketing strategies while influencing their future campaigns as well. It provides best-in-class data and multi-channel measurements for television, digital, email and direct mail. Additionally, OmniActivation Strategic Services provides marketers with fully managed, data-driven digital campaigns across online, mobile and social. The process begins with audience segmentation and ends with post-campaign, closed-loop measurement. Thanks to our clients and other readers of Adweek for recognizing the contribution we are making to the AdTech industry. Read our full announcement here.
In case you missed it: Recent press coverage The Missing Link: Maximizing Social Media To Power Marketing Campaigns (The Marketing Insider, January 4, 2018) As social media platforms become more ingrained as part of popular culture, many recognize them as a means to connect with old friends, stay up to date with news and current events, and share photos and videos… TechBytes with Mindy Pankoke, Product Manager, Consumer Marketing Data Solutions, Experian (MarTech Series, December 22, 2017) Good data can drive great customer experience. With changing expectations on customer experience, there has never been an accurate estimation of what the best “Customer Experience’ feels like… Forward thinking: Reshaping how Marketers View Campaign Attribution (MarTech Advisor, December 18, 2017) The changes in the marketing ecosystem continue to accelerate. The days of the media serving as a proxy for an audience are over. People-based marketing is now the expectation in every channel… Helping Non-Profits Resonate with the Right Audience #ExperianStories (Experian Blog, December 17, 2017) Non-profits are dedicated to furthering and advocating for their respective social causes, but they don’t always have the resources they need to drive their message home... To Resonate, Influencer Marketing Can’t Just Borrow Interest (A List Frontline Marketing, December 14, 2017) As the year comes to a close and brands jostle for position for top of mind among gift-givers, social media influencer marketing may seem like a sure thing to make an authentic connection with consumers… TechBytes with Jay Stocki, SVP, Data and Product, Experian (MarTech Series, November 29, 2017) A majority of online shoppers consider consistency as a very important aspect of their buying experience. Marketers that offer a personalized shopping experience create a noticeable influence on buyers who prefer consistent branding along the journey… Study: Brands need to fire up influencers during the holidays (Mobile Marketer, November 9, 2017) Digital word-of-mouth needs to feel authentic and sincere to be most effective, making the endorsements of social media influencers a key part of building brand equity and trust among consumers… Upcoming events Experian will have presence at the following upcoming industry events. For more details, contact your Experian representative, email experianmarketingsolutions@experian.com or call us at (877) 902-4849. IAB Annual Leadership Team Meeting | Feb. 11-13 | Palm Desert, CA IBM Think | Mar. 19-22 | Las Vegas, NV I-COM 2018 | Apr. 9-12 | San Sebastien, Spain IRI Growth Summit | Apr. 16-18 | Las Vegas, NV Alteryx INSPIRE | June 4-7 | Anaheim, CA More events to come!