Before leaving LA, we spent the morning at the Porsche Experience Center in Carson for RampUp on the Road Los Angeles Auto, culminating in a thrilling ride around the Center’s track.
Here’s a snapshot of what we learned:
Insight 1: Understand data methodologies of the providers you’re considering.
There’s no shortage of third-party data providers out there with data sets that matter to automotive marketers, such as auto intenders. How do you choose?
According to Brad Marsh, Director of Audience Intelligence at Team One, you should hear data providers’ pitch decks and compare methodologies to understand how the data was sourced and whether you believe it will help you meet your business goals. This will not only help you determine the provider(s) you want to test drive, but is also an important component of your CCPA compliance strategy. January 1, 2020 is just around the corner, and all affected companies must hold greater accountability for the data they use for their marketing campaigns. A closer relationship with your data providers is key with the CCPA’s second ballot initiative on the table for 2021.
Insight 2: Collaboration from the buy side and sell side of TV is gaining momentum.
Data is what both the buy side and sell side need in order to make better recommendations and decisions. Increasingly, both sides of the TV advertising universe have the information they need to sharpen their TV strategies across OTT, CTV, linear, and more.
“Every single brand we’ve worked with has changed their audience strategy once they see the data we have,” shared Davina Kent, SVP at Ampersand. With this information, advertisers can make smarter media decisions and be more confident about their testing strategies, creating stronger partnerships with networks, MVPDs, and other inventory holders.
Insight 3: Apply an outcome-based approach across the funnel.
For an industry like automotive with long sales cycles, it can be tempting to hang your hat on proxy metrics like website visits and foot traffic, particularly early in the launch of a new vehicle. There’s nothing wrong with that, but according to Iole Whiteford, Associate Director, Polk Measurement Solutions, IHS Markit, you can use a “transaction and fact-based approach” to understand whether or not you’re reaching the right audience across their purchase journey, which can last a few years.
If you’re launching a luxury vehicle and know that you’re consistently reaching consumers who are loyal to you and/or in the right economic bracket, for starters, you already have some assurance that a portion of this audience will eventually buy your snazzy new car.
Bonus insight: For now, opt for a cab from LAX-it.
Complaining about traffic is the LA equivalent of talking about the weather—it’s the lowest common denominator of conversation in a city where the temperatures hardly change. The hot button topic now is LAX-it, the new rideshare and cab pick-up lot by terminal one at Los Angeles International Airport (LAX), which opened last Tuesday, October 29. Numerous articles, not to mention tweets, have been written or furiously typed on a smartphone by travelers waiting more than an hour for their Uber or Lyft.
While the system is new and everyone gets used to it, frustrations are inevitable. But at least when I flew in on Monday afternoon, the cab line moved quickly and I was able to hop in after a five-minute wait. Cabs won’t be a silver bullet solution for everyone, but it certainly helps that they’re already there and for now, fewer people are opting to take one.