We Need Better Marketing
Marketing an Auto Auctions Business
A profitable auto auction business is about more than supply and demand. It's about designing ways to entice new customers to engage with your products and to encourage existing customers to increase the frequency of their purchases.
Multiple marketing factors affect bottom line profitability. However, great marketing strategies share a common characteristic.
The marketplace is constantly shifting to accommodate consumer demand and that means businesses need to adapt their marketing requirements accordingly. The consistent application of solid marketing principles is one of the few business requirements that has stayed the same.
Broadcast Advertising
Broadcast advertising has clearly taken some hits over the past couple of decades. The number of consumers who tune-in to local TV and radio has plummeted, and the industry has struggled to regain its footing. However, it would be a mistake to discount broadcast advertising entirely. Many auto auction businesses can still use it to their advantage. It's critical to understand the limits and opportunities available in today's broadcast advertising industry. One area in which marketers continue to have success is during drive times when large numbers of listeners still tune-in to local radio. When broadcast strategies are applied to auto auction businesses, a combination of marketing venues is preferable to relying exclusively on local broadcast opportunities.
Media Monitoring
Measurement and evaluation are critical considerations for effective PR and marketing plans. Direct mail can be evaluated by tallying the cost of inputs (e.g. a premium mailing list, printing, postage, etc.) and measuring the number of customer responses you receive from the campaign. The difficulty comes when you are tasked with quantifying market presence and brand influence. To gauge brand reputation and presence, many auto auction businesses turn to media monitoring. Even more importantly, media monitoring can alert you to negative commentary early, giving you the opportunity to counter negative mentions with more accurate and more positive messaging.
Product Knowledge
Are you intimately familiar with your brands' product line? You better be if you're marketing an auto auction business. Small product details translate into key value propositions which are critical for distinguishing a auto auction business in the marketplace. If you can't articulate your products' unique characteristics, your messaging - and revenue stream - will suffer.
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