This guest blog post is contributed by Joe Kyriakoza, VP/GM, Automotive, Oracle Data Cloud.
What do we know about the car-buying process and the automotive path-to-purchase? Seemingly, too much.
Numerous reputable companies have followed consumers, mapped out their process, the different touch points along the way, all of the resources they turn to for information, how many vehicles are in their consideration set, and how long the shopping and buying process ultimately takes them.
There’s no doubt that the process is evolving and shifting constantly due to changes in consumer behavior – more shopping and research activity is happening on mobile handsets than ever before, the number of dealerships visited has decreased dramatically over time, and the length of ownership has increased. Smart marketers know that the time to engage with a shopper is well before they make their way to the lot – and that the key is knowing how and where to engage shoppers in their own, unique way.
So with all of this information, what behavioral changes have marketers made? The most obvious one is that auto marketing budgets are no longer binary. Gone are the days of the “in-market consumers” and “everyone else” budgeting and targeting approach. Better access to data has helped the purchase process become more effectively segmented and deconstructed for targeting, messaging, and measurement purposes.
When Oracle Data Cloud and Edmunds announced an exclusive partnership to bring Edmunds car-shopping data into the Oracle Data Marketplace, helping marketers tackle the evolving consumer journey and purchase process was top of mind for this engagement. A critical aspect of the car-buying process is the role of third-party research properties. According to Edmunds.com, third-party websites regularly engage in-market shoppers seeking new and used vehicles; in fact, 35 percent of Edmunds sessions are shoppers in market for a new car and 50 percent are shoppers in market for a used car.
Edmunds is one of the top destinations for consumers researching vehicles prior to purchase – in both mobile and desktop environments – and a primary resource for consumers along the path to purchase.
Oracle enables use of the Edmunds audience data by automotive marketers via various digital media channels, giving marketers access to consumers at this vital juncture of the car research process. The Edmunds audience data builds on an already robust Oracle audience offering for all aspects of that ever-important purchase and ownership lifecycle.
With other contributing data partners like IHS Automotive’s Polk, Oracle Data Cloud offers marketers a complete picture of the automotive lifecycle, offering the ability to segment and target consumers at all of the various stages of ownership, intent, and post-purchase.