Supercharging Auto Marketing with Life Event Data
Introduction
When it comes to making significant life decisions, timing plays a crucial role. This is especially true for major investments, such as purchasing a vehicle. In today’s digital age, where data drives marketing strategies, automotive companies are increasingly recognizing the importance of leveraging life event data. We will explore how timing, as influenced by various life events, can significantly impact the decisions people make when buying cars. We’ll also delve into the benefits of using life event data to reach potential customers at pivotal moments, ultimately attracting new buyers and shortening the sales cycle.
The Importance of Timing
Timing plays a critical role in the automotive industry. Economic conditions, personal milestones, and lifestyle changes can all influence when people decide to purchase a vehicle. For buyers, timing can mean securing a great deal, finding the perfect model, or getting the right financing option. For Dealerships, it’s about engaging with your customers through direct channels when they need you the most. Through automated customer insights with Focus USA’s own in-market automotive audience, we were able to identify that individuals who are going through or have recently gone through a major life event, purchase or leased a vehicle at a rate 18% higher than the average consumer. CASE STUDY | Automotive Life Event Marketing OEM Drives Awareness & Conversions with Welcome Home Program
What is Life Event Data?
Life event data refers to information related to milestone moments in a person’s life. These can include events like buying your first house, getting married, welcoming a new child, getting a new job, finally retiring, or even graduating. These special events in a person’s life can be sourced from various channels, including but not limited to transactions, public records, surveys, and customer databases. These key insights into major milestones, coupled with other data variables such as preferences (lease vs. buy/CPO vs. New Car, etc.), demographics, psychographics, in-market, and more, will help you reach your ideal audience when they are likely to make significant decisions, such as buying a car.
Benefits of Using Life Event Data
Attracting New Customers
Targeted Advertising: By leveraging life event data, automotive companies can create personalized advertisements that reach individuals precisely when they are experiencing a life event that necessitates a vehicle purchase. For instance, imagine a new mover who has recently relocated to a snowy, suburban area. This individual’s need for a reliable and snow-capable vehicle has significantly increased due to the change in weather conditions and lifestyle. By using life event data, car manufacturers and dealerships can tailor their marketing campaigns to highlight all-wheel-drive or four-wheel-drive models that are ideal for tackling snow-covered roads, thereby addressing the new mover’s specific needs at just the right moment.
Loyalty Programs: Initiatives like “newlywed discounts” or family plans can be offered to attract new customers and build brand loyalty. These special deals make customers feel valued during significant life changes.
First-Time Buyer Programs: Automotive companies can introduce special deals for recent graduates or individuals entering the workforce for the first time. Such programs can make buying a car more accessible to a broader demographic.
Shortening the Sales Cycle
Personalized Communication: With life event data, companies can tailor their conversations and offerings based on the customer’s specific situation. For example, sending family car recommendations to a couple expecting a child or suggesting fuel-efficient models to new retirees. With personalized communications, our automotive clients have seen an average conversions increase by 24% and online engagement increase by 36%.
Fast-Track Services: To cater to those in immediate need, automotive companies can offer expedited services, such as quick deliveries or simplified paperwork. This ensures a smoother buying experience for customers who require a car urgently, like new parents or recent graduates starting their first job.
Conclusion
In the fast-paced world of automotive sales, timing is everything. Understanding and harnessing the power of life event data can revolutionize how automotive companies connect with potential customers. By targeting individuals at pivotal moments and offering tailored solutions, businesses can attract new customers and significantly shorten the sales cycle.
It’s time for automotive businesses to consider integrating life event data into their marketing strategies. By working with the right data partner, the Automotive industry can stay ahead of the curve and be the first to offer a helping hand to customers during life-changing moments, creating a win-win situation for both buyers and sellers in the automotive industry. Don’t miss the opportunity to drive your business forward by embracing the power of timing and life event data. Contact Focus USA to build your new Automotive Life Event Marketing Initiative.
Krystal Finnigan, Marketing Manager