A new ebook exploring automotive marketing strategies for the year and retrospectives of the 2023 market was recently released by software, marketing and data company ZeroSum and is available to download for free.
The ebook, called “2024 Automotive Marketing Strategies + Retrospective of the 2023 Market,” dives into the complexities dealt with by the auto sector last year, while also providing a roadmap for dealers open or seeking to adopt new strategies for the current year.
“2023 brought unexpected change within the auto industry,” said David Cox, COO at ZeroSum, in a statement. “Market dynamics such as declining household incomes, high interest rates and high vehicle prices created a drag on sales. Moving forward, it is critical for dealers to leverage live local market data to understand customer demographics, vehicle preferences and demand.”
He added that millions of in-market customers continue to search for vehicles, and that dealers “need to work a little harder to find them.” Which is why the ebook considers four key directives: leverage data-driven marketing for targeted campaigns, embracing Artificial Intelligence-driven tools (with human oversight), optimize inventory management for efficiency, and recognizing the value of personal interactions to help boost sales.
The ebook also looks at 2023’s record-high new vehicle prices and the surge in new vehicle inventory that resulted in static movement on dealer lots. Dealer setbacks in the form of the strike against Detroit’s big three OEMs, and the impact of aggressive electric vehicle targets are also explored — among other things.
Dealers can download the ebook here.