In an ASOTU webinar event, hosts Kyle Mountsier, COO, and Paul J Daly, CEO sat down to discuss what auto marketers can do to enhance their video advertising strategy in 2023. Joined by guest speakers from Effectv and Tracy Chevy Cadillac, these auto leaders uncover the trends and insights that can help build brand marketing and increase market share.
Watch the free on-demand webinar on Effectv’s videos & webcasts page.
Planning Your Perfect Video Advertising Strategy
Maybe your brand needs to start ramping up advertising again to increase market share; Maybe your brand has been consistently advertising throughout the industry’s ups and downs over the past few years and is seemingly at an advantage. Either way, it’s crucial to understand how to best spend your advertising budget in the right places, at the right time, with a strategic mindset.
Here are some insights that will help in determining how you can enhance your video advertising strategy:
1. Multiscreen TV Is Best for Brand Recognition, Brand Recall, And Purchase Intent By Auto Intender
Comcast Advertising worked with MediaScience to study how ads in a TV environment have the unique ability to drive engagement and build memories. The research shows that multiscreen tv can help increase brand recognition and recall and drive purchase intent. When looking specifically at auto intenders, data from the study suggests that using a combination of traditional TV and streaming leads to 7X higher brand recall and 2X higher brand recognition when compared to two digital mobile platforms.1 Additionally, utilizing both traditional TV and streaming in video advertising leads to +68% higher purchase intent.1
2. Market Share Gained or Lost Can Be Correlated to The Time Spent Running Ads
Effectv conducted a case study comparing two different dealers in the same DMA and measured their changes in market share from 2018-2021. The findings from this analysis showed a correlation between market share and the amount of time that was spent running ads. The dealer that went off-air (Dealer B) lost 5.1% of its share of sales, while the dealer that consistently stayed on-air (Dealer A) increased its share of sales by 1.7%.2
3. A Marketing Strategy That Focuses on Brand vs Price and Payment Is a Winning Strategy When It Comes To OTV and CTV
You should consider focusing on how to differentiate your brand – In-market viewers prefer an ad that focuses on the brand over price and payment. Even when you are marketing to active shoppers that are looking to purchase a car now, they still prefer a hybrid ad that focuses on brand connection and video creative, along with price, product, and payment.3
4. Customers Who Are In-Market for A Vehicle Respond More Positively to Creative Messages
Creative messaging in video content leads to 10% better recall and 58% increased consideration, and 46% of people find the stores and businesses more likable in general.4 As a result, customers in-market are more likely to act and consider purchasing from advertisers with creative messaging.5
Ultimately, whatever position you are in, you will want to develop a quality video strategy that is both paid and organic across multiple mediums. It’s important to create a video ad strategy that drives lifetime customer value and grows your brand through messaging, creativity, and consistency.
If you’re interested in learning more about how your business can start advertising with Effectv, contact us.
Sources:
1: Media Science, Effectv Study, March 2022, n=188. Analysis compares two TV (Traditional or Streaming) ads on a TV screen to two Digital ads on a mobile device. *Digital comprises Facebook & YouTube on a mobile device.
2: IHS Catalyst for Insight New Retail Registration for the select client make within Jackson MS DMA CY 2018-2021. Case Study Market Jackson MS.3: Creative analysis using three distinct commercial messages (Survey conducted by Lucid; Q4 2021; N=1,500)
4: Creative analysis using three distinct commercial messages (Survey conducted by Lucid; Q4 2021; In Market (Within the next 3 years) vs Never In Market Viewers; N=1,500)
5: Creative analysis using three distinct commercial messages (Survey conducted by Lucid; Q4 2021; In Market (Within the next 3 years) Call-To-Action vs In Market (Withing the next 3 years) Branding or Hybrid Viewers; N=1,500)
