“What a difference a year can make.”
Perhaps that statement has never been truer than in the past year. The COVID-19 pandemic created some seismic shifts in car shopping and buying, and the auto industry had to pivot quickly to keep up with the changes.
Now, a year since the world turned on its head, new research provides vital details on the evolution of the car buying journey throughout the past year, shedding light on how strategic content marketing and third-party sites can mutually benefit both consumers and dealers in this new landscape.
Amidst the pandemic hardships, a silver lining has emerged for the auto industry. Changes in shopping efficiencies made the new-car buyer’s journey easier and faster than ever, resulting in shifts to consumer attitudes and behaviors. A recent study from Cox Automotive reveals that shoppers are pleased with how the process is evolving, with nearly three in four new-car buyers reporting they are satisfied with their shopping experience — a 12% year-over-year increase in car buyer satisfaction.
Undoubtedly, time saved contributed to the increase in buyer satisfaction. One of the most significant changes over the past year is how the car-shopping experience has accelerated and become increasingly compressed. Buyers spent 17% less time shopping online for their next new vehicle when compared to 2019, and visited fewer automotive websites during the decision-making process, with the average shopper browsing only 3.5 websites.
With consumers now becoming decisive more quickly, spending less time car shopping online and visiting fewer sources of information, it is increasingly important for dealers to grab shoppers’ attention early. Dealers can spotlight concise, relevant information that leads to meaningful consideration, helping to guide consumers by offering objective, informative, impactful content from sources they can trust and bringing their next vehicle into focus.
Alongside the improved car-buying process over the last year, new data suggests that consumers view content marketing as their ‘concierge’ during their car shopping journey, aiding them in making decisions with confidence. An overwhelming 88% of car shoppers use content marketing while researching a new vehicle to purchase, and nearly three in four new-car buyers rely on content marketing to learn about automotive brands and specific models.
Timing is key when it comes to reaching consumers in a meaningful way along their journey. Content marketing plays the most impactful role at the beginning and at the end of the purchase process, and data reveals third-party sites are the most popular first and last destinations for car shoppers on their journey. Over the last year, as many as 78% of vehicle buyers visited at least two websites while shopping, indicating that sites like Kelley Blue Book and Autotrader — that deliver informative, useful content — are crucial in guiding consumers throughout their entire shopping process.
Car shoppers deserve to feel like they have a “car guy” in the passenger seat helping steer them in the right direction. Dealers can strategically leverage trusted advice, comparisons and recommendations from third-party sites as well as content marketing to help consumers along their journey, utilizing tailored solutions that provide dealers with the freedom and flexibility to better connect with ready-to-buy shoppers at the right place and the right time.
The statistics and some of the information cited in this story are from the 2020 Cox Automotive Car Buyer Journey Study and the 2020 Nielsen Content Influence Study Commissioned by Cox Automotive.
Vanessa Ton is senior industry intelligence manager for Kelley Blue Book.
Source : AutoFinanceNews
