Is Your Dealership's Marketing Strategy Failing? Tune in as Stream Companies EVP Reveals the Key to Thriving in a Challenging Market.
Subi Ghosh is the Executive Vice President of Strategic Partnerships and Marketing at Stream Companies.
In this episode Ghosh shares her insights on the current state of the automotive industry from a marketing perspective. She notes that many dealerships tend to cut marketing spend during times of instability, but those that focused on branding and positioning during the pandemic were the ones that thrived. In light of rising interest rates, financing difficulties, inflation, and a softening market, Ghosh believes that dealerships should focus on brand, positioning, and messaging to attract customers. She emphasizes the need to develop unique selling propositions that go beyond logos and help customers see the value in doing business with a particular dealership.
Many dealerships have a short-term mentality when it comes to marketing, focusing on the next 30 days rather than long-term goals for the year or quarter. She encourages dealerships to think beyond immediate sales goals and consider what will help them achieve their long-term objectives. She stresses that it's essential to have long-term conversations with clients, plan for goals for the year and quarter, and work backwards to fill in the gaps to achieve them.
She also suggests doing the thumbprint test on a dealership website, covering the logo to see if there is anything outstanding that convinces people to do business with them. Ghosh explains that focusing on your brand is a longer-term play, and it can be difficult to reconcile in an industry that traditionally focuses on short-term wins. Your brand is a crucial element in this strategy because it helps customers see the value of doing business with a particular dealership.
She stresses that "A strong brand is a core element that allows dealerships to succeed in the long run."
Ultimately, Ghosh believes that dealerships that focus on brand, positioning, and messaging are the ones that will thrive in a challenging market. She encourages dealerships to work with marketing experts who can help them develop effective strategies that go beyond short-term thinking.
We also discuss how companies can use the internet to reach their target audience and the various ways that companies can track their customers' behaviour and preferences and use this information to influence their purchasing decisions.
One example is using geo-addressable displays to target households and how to use platforms like TikTok to run effective advertising campaigns. We also discuss the changing attitudes of younger generations towards targeted advertising and how companies can take advantage of this shift.
One of the most effective platforms for advertising right now is TikTok. Companies can deploy a strategy that is different from what they are used to. Instead of structured, scripted, and professional videos, they should be social, personable, and relevant. The videos should be timely, and they should participate in the current trends.
Companies can then use these videos to create ads. This new type of advertising is a branding play that increases returns and saves companies money. When companies serve ads to shoppers they know are already looking for something, they are spending less money on awareness and targeting, and can offer consumers something they already know they want. homes.
By developing unique selling propositions (USPs) and thinking about long-term goals, dealerships can attract customers and build strong relationships that will help them weather any challenges that come their way.
Listen to the full episode for insights and context from Subi Ghosh!
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Thanks, Subi Ghosh!
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