The automotive aftermarket includes companies who manufacture, remanufacture, distribute, retail and/or install replacement vehicle parts, equipment, service repair, and automotive accessories.
If your company does any type of work involving vehicle parts, equipment, replacement tires, service repair, collision repair, and accessories, sold after the sale of the original vehicle–we have some valuable information about your industry that you’ll want to hear.
It’s becoming overwhelmingly apparent that today’s consumers are holding onto their vehicles longer. The average length of vehicle ownership for new and used vehicles has increased by 60% over the last ten years.
Because consumers are keeping their vehicles longer, they’re realizing the importance of preventative maintenance and scheduled servicing as it allows them to maximize the lifetime value of their vehicle. Consumers are seeing how taking preventative measures and scheduling regular servicing can extend the life of their vehicle.
Older vehicles are lasting longer than ever before. According to The Bureau of Transportation’s latest statistics, the average automobile on the road in the U.S. today is 10.1 years old.
In a 2015 USA Today article, it was reported that the number of vehicles on the road that were at least 25 years old (vehicles made in 1990 or earlier) was about 14 million–up from about 8 million in 2002. Meanwhile, according to IHS Automotive, the number of vehicles that are 16 to 24 years old is 44 million–up from 26 million in 2002.
Opportunities For Brand Awareness in the Automotive Aftermarket Industry
Growing consumer demand for aftermarket parts and services has created huge opportunities for a wide range of businesses that operate in the automotive aftermarket industry. These are opportunities that continue to exist today and will throughout the future of the industry.
The trend of consumers keeping and caring for their automobiles longer and their high demand for products and services within the automotive aftermarket industry isn’t expected to slow anytime soon. The global automotive aftermarket industry is predicted to reach $722.8 billion by 2020!
So as a company with ties to the automotive aftermarket industry, how do you capitalize on the current and future growth of the industry? How do you beat out your current competitors for market share? And how do you maintain market share as new competitors enter the promising market?
Our answer: increase overall brand awareness.
3 Ways To Increase Brand Awareness and Capitalize On The Growth of the Automotive Aftermarket Industry
Consumers who don’t know…
- Who you are
- What you do (product or service provided)
- How you will solve their problem
- What sets you apart from the others
…won’t buy from you.
That’s why as a business you should strive to gain brand awareness within your industry. A successful strategy aimed at increasing brand awareness can help you acquire new customers, retain old customers and stand out from your competition. Sound like something you want to get in on?
Here are three ways you can increase brand awareness and get in front of consumers looking for aftermarket products and services.
1. Emphasize the benefits your target market values most.
Consumers want to know how your brand’s product or service will benefit them over another. In order to capture your target market’s attention, highlight the features and benefits of your product or service that will peak their specific interests.
Understanding your target market’s needs and wants is crucial here. Remember, you can’t target everyone. A focused audience is many times what’s best.
2. Leverage traditional and digital media channels.
Once you understand your target market’s needs and wants and which aspects of your product or service will resonate with them–decide which digital and/or traditional media channels will allow you to reach the greatest amount of them.
While traditional media channels have effectively reached the masses for years and will likely continue to, it’s important not to lose sight of the fact that our world is becoming increasingly digital. Social media, search engine marketing, and email are becoming popular not just with your customers but with your competitors and their marketing teams.
3. Go out of your way to provide additional value to your customers with incentives.
Stressing your product or service’s features and benefits is one way to show prospective customers the value in your brand, but there’s, even more, you can do to open their eyes to your value.
As a key player in the automotive aftermarket, you know the B2B or B2C value an incentive brings to a brand.
B2B- By offering a dealership, automotive retailer, quick car maintenance shop (like Valvoline or Jiffy Lube), automotive repair shop, or tire shop some type of incentive to push your products you’ll gain the brand awareness you’re looking for.
B2C- By offering end customers an incentive to purchase, you can take their attention away from another brand and make them aware of your brand.
Automotive aftermarket customer and manufacturer rebate incentives include:
- Cash bonus
- Manufacturer to dealer, retailer, maintenance or repair shop incentives
- Dealer cash
While incentive programs can be a great way for an automotive aftermarket industry company to add value and increase brand awareness, you should know that there is a lot that goes into planning, executing, and fulfilling an incentive program.
In order to keep your brand’s reputation in the automotive aftermarket industry clean, you may consider outsourcing. A professional incentive and rebate program provider can help you implement a program correctly. Such companies specialize in incentive and rebate programs as well as consumer data collection, all of which can be a vital part of a successful brand awareness strategy.