Pub. 1 2019-20 Issue 2

http://wvcar.com 34 WVADA I nstead of spending this year won- dering how many people will be buying cars, we need to invest our mindshare in competing for those that WILL! Winning shoppers starts with marketing and carries through the entire customer experience. And that means you must be continually evaluating your market- ing strategy to engage with shoppers effectively and efficiently. Here are four ways you can rethink your marketing in 2020: Run Toward 1:1 Marketing To win with consumers, run toward 1:1 or People Marketing. Instead of think- ing about what medium or publisher you should be investing in, start thinking about connecting the right message to an actual person throughout their individual journey. People marketing leverages per- sonalized data to find and market to an individual through identity, location and cross-device omnichannel solutions. Application: Take an inventory of your marketing spend. Ask yourself how much you are spending on marketing to the masses. If you are investing more than 25% of your marketing engaging the many – it is time to start cutting and reallocating to en- gage actual people! Make Data your North Star This year, 1.7MB of data will be created every second for every person on earth. Think about the amount of information being generated by consumers and the power it holds for 1:1 marketing. It is widely accepted that processing this level of data at scale requires tech- nology, specifically a data management platform (DMP). In 2019, it was project- ed that 91% of marketers were using a DMP. A DMP provides access to the crit- ical data you need to fuel sales – and without it you lack the fundamental in- frastructure to compete in today’s shop- per-centric marketplace. Application: Make a decision to be among the 91% of marketers using a DMP. If you have not made plans to purchase or build your own, find a partner built to pro- cess data at today’s scale. Commit to Speed Speed matters in the competition for shoppers. According to Deloitte, nearly 7 out of 10 car shoppers will be in-market less than 90 days. Mean- while, most companies are using data that is 45-90 days old. My question is, is the industry too comfortable with data that misses more than half of a shopper’s journey? You must be able to know a shopper within 24 hours of that person entering the market and be ready with content that responds to his or her phase, pur- chase intensity and interests. Two years ago, 90-day old data was bad; today it is worthless. To get to shoppers first, you must invest in the most advanced shop- per identification tools available. Application: Evaluate your data and ask yourself: •How quickly do you know when a shop- per enters the market? •How many potential shoppers are you profiling and following? •How robust is your online behavior- al data? •How old is the data you are purchasing? Personalize. Then personalize some more. Personalization is the expectation of con- sumers. It also has proven benefit to your bottom line. According to McKinsey, per- sonalization can reduce acquisition costs by as much as 50%, increase revenues by 5-15% and the efficiency of marketing spend by 10-30%. With that much upside, why aren’t we doing more of it? The easiest answer is, it is difficult. Per- sonalization means delivering real-time Four Ways to Rethink Your Marketing in 2020