SMI agency ad spend data for the 2016/2017 financial year listed automotive brands as the third biggest contributor to overall ad spend, with the category accounting for $76 million over those 12 months.
The category was also listed as the second fastest growing, with spend increasing by 15 percent since the previous financial year.
All in all, that’s a big chunk of money spent trying to convince consumers to invest in a certain product. The question, however, is whether that money is being spent in the right places to effectively push consumers one way or the other.
This is something that News Works was trying to work out when it recently conducted a study into how media influences car buyers along the winding path to purchase.
For the study, News Works consulted 525 automotive buyers covering both new and used vehicles, endeavouring to find out which media channels had the most influence at different stages of the decision-making process.
According to the research, the path to purchase can broadly be segmented into four stages: recognising the need, researching options, forming a shortlist and making the purchase.
Each of these stages presents different challenges for brands looking to influence the final decision of the consumer and each necessitates a slightly different strategy.
Read the full article on Stopppress.