The Future of the Automotive Industry: How will consumers buy their flying cars?

Well, it’s 2015, and despite the Jetsons’ promises- I don’t have my flying car yet. I mean technically the show was set in 2062, so we at least have a few years left to hope. Flying cars or not, the automotive industry is rapidly progressing and big changes in the near future are guaranteed.

Here are three ways the auto industry is evolving, and how you can keep up.

1. Increasing Digital Spend 

A 2013 study by E-marketing (top picture) predicted that the US auto industry would spend $5.07 billion in 2013 on digital advertising rising to $7 billion by 2017. As seen on the same study done in 2015 (bottom picture), their numbers weren’t far off. The majority of the digital spend will be spent on computer based impressions, and in order to keep up dealers need to step up their online presence.

Today’s omnichannel consumers expect a seamless buyer journey through all outlets and, according to Google, are doing more research prior to auto purchase than ever. The good news is that throughout the research process buyers are still open to influence as 72% of sessions involve cross-shopping. This gives more opportunities for dealers to win buyers over, and those that use targeted, relevant digital ads based on real-time consumer behavior have the best competitive advantage.

2. Focus on Increasing Aftermarket Revenue

Advancements in the data industry has paved the way for a new means of customer acquisition which focuses not on customer behaviors and propensity models, but instead on vehicle interactions and events. These new methods often referred to as “Follow the Car” marketing, are rising in popularity as access to comprehensive auto databases increases.

Dealers are keeping track of vehicle interactions such as service center visits, ownership transferals, accidents, recalls, and more as a means to trigger targeted outreach to the car’s current owner. For instance, a transfer of ownership provides a reason to contact the car’s new owner with messaging about the car’s history with the dealership. Near the end of a car’s lifespan, consistent visits to service centers triggers messages geared towards a new car purchase, as the consumer is more than likely entering the market anyway. These triggers are a great way for dealers to continue to garner revenue from vehicles further down the value chain, after the initial sale.

Check out this infographic for how “Follow the Car” differs from "Follow the Customer.”

3. Data Driven on All Fronts

Big Data and Data-as-a-Service will continue to be a massive influencer in the evolution of the auto industry. Not only from the standpoint of customer acquisition and prospecting, but in the ways that data insights are keeping drivers safe by ensuring all affected consumers are contacted about vehicle... and paving the way for Connected Cars to make their mark with deeper consumer perceptions and personalization opportunities. From dealers to service centers to aftermarket retailers, the Big Data revolution is impacting all points of the automotive value chain.

To learn how to step up your marketing with industry-leading automotive data, check out AutoID.