InMarket has introduced a groundbreaking innovation in real-time marketing and measurement within the automotive industry: the Lift Conversion Index (LCI) for Auto. This new platform is designed to provide incremental sales and visit lift metrics, offering automotive brands and dealers a comprehensive understanding of the real-world outcomes of their advertising efforts. By linking omnichannel media to purchases, LCI for Auto delivers deep insights into the effectiveness of automotive advertising campaigns.
Key Capabilities of LCI for Auto
Measuring Real-World Consumer Engagement
One of the standout features of LCI for Auto is its ability to measure real-world consumer engagement. This involves conducting a closed-loop study that directly attributes dealership visits and sales to campaign performance. Automotive brands can now see a clear connection between their advertising efforts and actual consumer behavior, offering a more accurate measure of campaign success. The ability to track dealership visits and subsequent sales as a direct result of campaign activities provides a tangible metric that previously remained elusive.
Additionally, LCI for Auto allows brands to optimize their media spend in real-time throughout the campaign. This includes continuous optimization of creative content, offers, and media strategies. By making adjustments on the fly, advertisers can ensure their campaigns remain effective and relevant, maximizing their return on investment. Continuous feedback loops mean that underperforming elements can be swiftly modified or replaced, while successful strategies are further enhanced. This dynamic approach ensures that media investments are not wasted and can yield maximum potential returns.
Actionable Performance Insights
LCI for Auto also provides actionable performance insights that can significantly improve campaign strategies. These insights support informed decision-making regarding partnership choices based on visits, dealership preferences, and purchases after impressions. Achieving clarity on which partnerships and media channels drive the highest engagement offers a strategic advantage to automotive brands. Identifying key performance indicators that influence consumer behavior helps brands to refine their marketing strategies.
By offering a detailed analysis of campaign performance, LCI for Auto helps automotive brands identify what works and what doesn’t. This enables them to refine their strategies and focus on the most effective tactics, ultimately driving more traffic to dealerships and increasing sales. Improved insights into competitive visits, considerations, and market share allow brands to navigate the complex landscape of automotive advertising more effectively. Such data-driven approaches empower marketers to make well-informed decisions that boost their efforts’ overall efficiency and efficacy.
Industry Impact and Early Success
Collaboration with Snapchat
Before its official launch, InMarket collaborated with select partners and clients to fine-tune the solution. As part of its Preferred Measurement Partnership with Snapchat, auto advertisers received early access to LCI for Auto. This allowed them to gain profound insights into both online and offline outcomes of their Snapchat campaigns. The valuable pre-launch phase facilitated critical feedback and validation of LCI for Auto’s capabilities in a real-world setting, ensuring the solution met the industry’s nuanced needs.
During a pilot program, a leading auto manufacturer partnered with InMarket and Snapchat to assess the impact of an SUV campaign on dealership visits and auto sales. This collaboration resulted in an impressive 31.6% incremental visit lift and a 24% incremental sales lift. Furthermore, the pilot program generated over $5.7 million in incremental sales and provided significant insights into top-performing markets and SUV models. These outcomes demonstrated the platform’s robust tracking capabilities and offered actionable data that allowed for immediate strategic adjustments and optimizations.
Insights from Industry Experts
The complex nature of measuring campaign success in the automotive sector is further elucidated by Katelyn Kroneman, Director of Client Partnerships at Snap Inc. Kroneman highlights the considerable impact that InMarket’s solution brings to auto advertisers by providing a nuanced understanding of purchase patterns and hefty price tags associated with auto purchases. The intricacies of automotive advertising, including long purchasing cycles and high-value transactions, necessitate precise and reliable measurement tools that LCI for Auto successfully delivers.
Kroneman points out that this new capability builds upon the proven effectiveness of InMarket LCI in retail and dining sectors on Snapchat, expanding it further into automotive advertising. Leveraging Snapchat’s extensive reach and user engagement, LCI for Auto bridges the gap between digital impressions and physical dealership visits, effectively connecting diverse feedback channels including retail, dining, and now automotive sectors. This expansion underscores the flexibility of LCI for Auto in adapting to various advertising contexts while maintaining accuracy and reliability.
Enhancing Data with S&P Global Mobility
Collaboration with S&P Global Mobility
The effectiveness of LCI for Auto is further bolstered through a collaboration with S&P Global Mobility, supplying Polk Purchase Signals data. This data encompasses new and used vehicle transactions along with associated MSRP sales costs by make and geography across the automotive domain. The integration of this comprehensive data ensures that LCI for Auto remains an authoritative resource for understanding the dynamics of vehicle purchasing behaviors. It also supports precise attribution even in a fragmented media landscape.
Joe Kyriakoza, Vice President and General Manager of Polk Automotive Solutions at S&P Global Mobility, remarks on the mutual benefit of this collaboration, which enhances their ability to provide valuable insights while enabling brands to utilize their data across various media platforms in innovative ways. The collaboration strengthens the data-infrastructure backbone of LCI for Auto, allowing for more refined and accurate analysis that benefits all stakeholders involved.
Expanding Measurement Capabilities
The ultimate aim of this collaboration is to expand the boundaries of how automotive brands can measure and optimize their advertising efforts, driving greater value for clients. By integrating Polk Purchase Signals data, LCI for Auto offers a more comprehensive view of the automotive market, allowing brands to make more informed decisions and achieve better results. Granular data spanning various vehicle models and geographies supports thorough market analysis and customer profiling, leading to more targeted and effective advertising campaigns.
The enriched dataset enables a nuanced understanding of different regions and consumer preferences, aiding brands in tailoring their strategies accordingly. Analyzing performance based on accurate data from S&P Global Mobility boosts campaign efficiencies and refines targeting scopes. The collaboration epitomizes the successful integration of robust data analytics with real-time media optimization, setting a new benchmark in automotive advertising.
Proven Success and Industry Recognition
Real-Time Optimization and Attribution
LCI has consistently led the charge in producing solutions that facilitate real-time optimization and directly connect advertising impressions to transactional data to maximize return on ad spend (ROAS). A cited study by the CMO Council underscores the value of always-on attribution and real-time optimization by revealing that advertisers who employ these methodologies achieve up to 11x more media effectiveness than their counterparts. The ability to continuously measure, adjust, and optimize campaigns ensures superior results and fiscal responsibility in media spend.
The practical advantage of real-time optimization lies in its capacity to respond dynamically to campaign performance metrics. Marketers can immediately identify and correct underperformance, ensuring ongoing campaigns remain potent and effective. By closing the feedback loop, LCI for Auto maximizes media investments, directly attributing them to measurable, real-world outcomes that benefit automotive advertisers immensely.
Awards and Patents
InMarket has launched an innovative breakthrough in real-time marketing and measurement within the automotive sector with its Lift Conversion Index (LCI) for Auto. This cutting-edge platform is crafted to provide automotive brands and dealers with crucial metrics on incremental sales and visit lifts. The LCI for Auto offers a detailed analysis of the tangible outcomes of advertising efforts in the automotive industry. By seamlessly connecting omnichannel media campaigns to actual purchases, it delivers valuable insights into the true effectiveness of automotive advertising. This innovative tool is set to revolutionize how automotive brands and dealers measure the impact of their marketing strategies, enabling them to understand the real-world implications and success of their advertising efforts better. Through LCI for Auto, stakeholders can make data-driven decisions more efficiently, optimizing their advertising campaigns for better results in actual sales and customer visits.
