With people spending more time browsing video content indoors during the COVID-19 pandemic, advertisers have a better chance now more than ever of reaching potential customers and influencing their next auto purchase decision.
Why YouTube Advertising?
But first, why should dealerships consider YouTube advertising?
1. According to Google, 75% of auto shoppers said their shopping habits were influenced by YouTube
During the average three months of auto-journey period, advertisers can have a better influence on users in their early research stage to consider their brand/model versus convincing users to change their minds on a model they picked at a later stage.
2. YouTube ads can play a great role as an assisting conversion. According to a Chrysler dealership, YouTube ads helped increase their leads by 26 percent and in-store traffic by 22 percent
Several advertisers have seen the true value of a multi-channel approach to deliver conversions after learning how the initial interaction through video ads has helped influence potential buyers to come back and convert once they’re ready to buy the vehicle.
Staying engaged during the three-months journey through YouTube, display, and search ads is crucial to building brand awareness and standing out against your competitors.
3. The cost of engagement is much lower than search and display advertising.
Cost per video ad view is almost 80 percent lower than display’s CPC and 200 percent lower than search’s CPC in the auto industry.
So why is it important to implement this now?
Potential buyers think now is a great time to make an auto purchase considering the advertised incentive. In fact some automakers are raising new-cars incentives more than others. Honda increased discounts by 43 percent in June while Volkswagen groups increased their offers by 27.8%.
According to B2B Auto Trader, 39 percent of luxury shoppers are more likely to go through with a purchase if they find a deal they can’t refuse.
And upon checking our search terms report, we’re noticing a noticeable increase on incentives and offers related search terms, indicating people are leaning towards the final purchase stage and they are searching for the best deals out there.
Cost per view is lower
As some companies lowered their advertising budgets because their businesses were closed or limited, several advertisers noticed a drop in competition and cost per view, which became a great opportunity for others to exploit.
While many have lost their jobs, there are others who managed to save more during the pandemic for a down payment, which encouraged them to take advantage of incentives.
Being present on YouTube now at a lower cost of engagement can help boost your leads once those viewers search for your dealership at the final purchase stage.
Interested in learning more on how Aronson Advertising can help you reach your video campaign goals? Contact our experts to answer any questions you may have.