EVs are a hot topic in the automotive industry, with upcoming vehicle launches and rising gas prices. Whether you have EVs on your lot or not, marketing for EVs will drive engagement and website visits.
WHERE IS THE EV MARKET NOW?
There was a 4% increase in new car sales YOY compared to an 86% increase in electrified sales.
Even with this rapid growth in EV sales, the consideration share is still ahead of their market share .
- 1 in 4 shoppers are considering an electrified vehicle
- 1 in 3 shoppers purchased an Electrified Vehicle
- 51% of EV shoppers still bought a gas car
UNDERSTANDING THE FUNNEL & EV OBJECTIVES
EMERGING MARKET: MARKETING PLAN
When putting a digital marketing plan in place you want to work from the bottom up so your strategy should look something like:
- Drive Action – Capture the demand that already exists. If consumers are searching for EVs, you should be there. If your electrified market isn’t well established, then a modest investment is likely all you need here.
- Influence Shoppers & Win Them Over – Consumer behavior is shifting. Is your messaging keeping up? Hybrid demand is expected to increase by 22% in 2022, and gas efficient vehicle searches are up 151% since march 2021.
- Educate. Educate. Educate. – This is the most important and time-consuming, so it should be an ongoing project for your dealership.
To learn more about emerging EV market strategies full blog is available here.
MATURE MARKET: MARKETING PLAN
If you are in an existing, mature EV Market there are two paths for your dealership.
The first step is to assess your inventory levels.
- Do you have strong inventory levels or a strong pre-order or custom order infrastructure?
- Do you have little or no inventory?
If you have inventory, get aggressive and attack the market. If you don’t have inventory, intercept EV shoppers.
- Attack The Market – EV shoppers are younger, savvier, and more affluent than the average buyer. They consider more brands and use more sources during their car buying journey. This demographic is ripe with opportunity and there are numerous ways for your dealership to get in front of them.
- Intercept EV Shoppers – EV shoppers consider more brands than the average car shopper (2x more) and they are still buying mostly gas vehicles, so you have plenty of chances to still win them to your dealership.
To learn more about mature EV market strategies full blog is available here.
EV STRATEGY RESULTS FROM AN L2T DEALER
Hyundai Dealer in California started with a $2,500 paid EV search campaign.
- $0.90 CPC
- 12% CTR
- $22.42 CPL
- Page views increased 339%
With this strategy, Hyundai doubled their inventory allocation based on sales success and demand!