December 13, 2018 - By Anne Curtin, Sr. Director of Marketing, Nielsen Visual IQ
As technology has advanced, so too has the way that consumers shop for cars. Multiple visits to a series of dealerships are out. Today, the majority of consumers begin the car-shopping process online, researching options and making purchase decisions before ever stepping onto a dealer lot.
In response to this changing behavior, automakers have quickly learned that they must meet consumer demands for a digitally enhanced experience when researching and buying a car. According to Nielsen’s recent Auto Marketing Report, capturing people’s attention when they are weighing their options is critical. This takes an understanding of how different channels and touchpoints should be leveraged along the path to purchase to retain existing customers and win over new ones.
Many automotive marketers are finding that the key to success is fueled by multi-touch attribution. This advanced approach for measuring marketing effectiveness is helping them understand consumer preferences, engage customers and prospects across channels and devices, and identify the strategies and tactics that lead to improvements in key business outcomes.
It’s exciting for auto brands to see the kind of results that can be achieved when they embrace attribution. Here’s how Nielsen Visual IQ is helping one automaker and its agency partner refocus their efforts to optimize performance.
Like other automakers, this company recognized its customers were interacting with a growing number of digital channels along their path to purchase. In response, the automaker and its agency partner began shifting more budget into digital media, leveraging online display advertising, paid search, video, retargeting, and endemic advertising to influence potential customers and drive visits to their dealer websites. Yet accurately measuring and optimizing the performance of these digital investments remained a key challenge.
Historically, the automaker and its agency relied on last-click data collected from its ad server to understand how each channel contributed to conversions. However, this approach was ineffective for optimizing campaigns, since they weren’t able to accurately determine how different media channels and placements impacted consumer response, or where to invest budget to maximize conversions and spend efficiencies.
The automaker turned to Nielsen Visual IQ for a better way to track all marketing touchpoints, uncover cross-channel insights, and quickly reallocate budget to the channels and tactics that drive the most unique users and produce the most conversions.
Leveraging the speed of Nielsen Visual IQ’s daily multi-touch attribution solution to measure performance in near real-time and quickly activate optimization recommendations, the automaker and its agency were able to:
As a result of the insights provided by Nielsen Visual IQ’s multi-touch attribution solution, the automaker and its agency were able to implement changes to their digital advertising campaigns that produced a 9.7% increase in conversion volume, a 27% increase in conversion rate, and a 7.2% increase in media efficiency.
Buying a car is a long process that requires marketers to strike a balance between consumers’ wants and needs, and the marketing and advertising touchpoints that will have the greatest influence along the way. By unifying audience insights with multi-touch attribution, automotive marketers can gain clarity into the channels, messages and tactics that connect with consumers, encourage more dealership visits, and—most importantly—drive new car sales.
To learn how to connect your best-performing marketing with the people who matter most, download our ebrief: Reaching the Consumers Who Matter Most: A Q&A with Forrester’s Susan Bidel