Business 14 www.aftermarketonline.net OCTOBER 2024 Navigating auto buying’s new landscape Nick Crossley, industry director, auto, at Teads UK, on the power of brand storytelling in the premium market and the challenges that the sector is facing when it comes to brand loyalty Using the findings of Teads’ recent ‘Shifting Gears: New Dynamics of Auto buying Study’, Crossley has looked into the channels and touchpoints that drive car purchasing decisions. He says the key to engaging current customers is by captivating them at the most impactful moments — ensuring brand messaging is not just seen but remembered. As the automotive world rapidly evolves, traditional brand loyalty is fading. With electric vehicles levelling the playing field, premium features like performance and innovation are now widely accessible. This shift makes brand positioning more critical than ever. To stand out and avoid over-focusing on lower-funnel activities, premium auto brands must craft compelling narratives and unique selling propositions (USPs) that resonate with both existing and potential customers. Recent Teads research shows 79% of UK auto buyers are open to switching brands, highlighting the need for strong customer loyalty strategies, especially in the premium segment, as despite the current economic climate, 1 in 5 buyers plans to upgrade to a larger or more premium vehicle. Need for multi-stage engagement Customer engagement should span the entire journey from research to purchase. Understanding the latest research and purchase behaviours from consumers across the digital ecosystem is becoming increasingly important — as 43% of consumers that Teads surveyed now feel that online resources play a more important role compared to previous purchases. For example, negotiation and purchase, once strictly in-person activities, are now being embraced as part of the online experience. The Teads ‘Shifting Gears’ global study highlighted that today’s purchase cycle is accelerated, with nearly half of all car buyers dedicating only two weeks or less to researching different brands and models. This learning underscores the need for automakers and retailers to adopt a consistent and proactive engagement strategy to capture consumer attention within a shrinking window of opportunity. This window is of the upmost importance when it comes to brand loyalty. Here’s how premium automotive brands can strengthen retention at each stage of the vehicle purchase journey: Research Be hyper focused on a clear brand narrative and highlight USPs — all elements need to emotionally resonate and be accessible across digital platforms. If your brand doesn’t resonate or spark desire, then often it won’t even be considered in the research phase. Despite all the technological gains in recent years, reliability, safety and fuel efficiency were listed as the most important factors for consumers when choosing a new vehicle. Highlighting the need for brands to appeal to both the heart and the head throughout the process. Contact a retailer The transition from the digital brand experience to the physical should be seamless and done without delay. 79% of UK auto buyers open to switching brands, highlighting need for strong customer loyalty strategies
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