Maximizing Automotive Ad Spend through a Funnel-Focused Approach
Efficient budget allocation in automotive retail advertising is crucial for driving tangible results. At Omni, we understand the importance of aligning digital ad spending with a comprehensive funnel strategy, ensuring that every dollar invested contributes to capturing high-intent/low-funnel customers while simultaneously nurturing prospects at every stage of their journey.
The “classic” marketing funnel we all know and love from Marketing 101 textbooks remains a perfect framework for visualizing a potential customer’s journey from initial awareness to eventual conversion. It consists of three distinct stages. And, of course, we love acronyms, so we call them ToFu, MoFu, and BoFu!
Top of the Funnel (ToFu): This is all about generating brand/dealer awareness and capturing the interest of potential shoppers who may be a bit further out in the buying cycle but have shown some interest in your OEM or specific models.
Middle of the Funnel (MoFu): Here, you engage with prospects who have shown a stronger interest in your inventory mix, potentially through search history or physical visits. This is where we can help guide them toward the dealer by providing valuable information and nurturing their consideration.
Bottom of the Funnel (BoFu): At this final stage, our goal is to target high-intent customers who are ready to purchase, offering them compelling incentives and a seamless path to conversion. This is the most cost-effective ad spend regarding cost per conversion.
Our goal at Omni is to ensure we have coverage with a strong frequency and message at every level of the funnel. Our campaigns and creative are designed to align with each stage of the funnel, ensuring that ad dollars are invested in the most effective channels and tactics. Whether email blasts, paid search, paid social, video, audio, connected TV (CTV), or traditional advertising, our team strategically allocate the budget to maximize returns at every funnel level.
For Top of the Funnel initiatives, we leverage channels and content that build brand awareness and capture initial interest, such as engaging social media campaigns, informative/brand-building videos, and targeted display ads.
In the Middle of the Funnel, we nurture prospects with highly relevant content, mix in some remarketing, and targeted messaging that addresses their specific needs and pain points, guiding them towards consideration and intent – think model comparison content and finance options.
Finally, at the Bottom of the Funnel, we focus on converting high-intent customers through compelling offers, streamlined user experiences (highlighting digital retailing tools such as Roadster, CarNow, Smartpath, etc.), and shortening clicks or time needed to get to a VDP or a lead across paid search, social media, and in-market targeted display advertising.
In retail automotive marketing, trends and consumer behaviors are constantly evolving. That’s why we need to remain agile and adaptable, continuously optimizing campaigns based on real-time data and insights. We don’t chase after every “shiny new thing”; instead, we thoroughly evaluate emerging technologies and tactics, ensuring they align with each of our dealer’s strategies and can actually deliver measurable results.
Learn more about our full-funnel advertising approach, or as we like to say, the Omni channel approach!