Toyota has announced it will be back to full production. They are planning to produce 800,000 vehicles in December 2021. In comparison, they produced 720,000 in December 2020. While other manufacturers struggle with empty lots and supply chain chaos, Toyota stores have the potential to capture market share with fresh inventory.
TL/DR: Toyota has announced it will be back to full production. While other manufacturers struggle with empty lots and supply chain chaos, Toyota stores have the potential to capture market share with fresh inventory. Now is the time to revise current digital strategies. Especially as other OEMs lag behind in inventory and options available. C-4 Analytics has a robust and proven playbook to help dealers capture more market share while creating demand for the vehicles they have in stock.
For local dealers, this is an opportunity to turn pent-up demand into new vehicle sales with consumers who do not want to wait weeks or months for their new vehicle.
This means Toyota stores need to re-evaluate their current digital strategy. Many stores pumped the brakes on their online budgets, while inventories were at a historic low. Now that fresh inventory will hit dealer’s lots, Toyota dealers have a once-in-a-lifetime opportunity to create value with online shoppers. For example, other manufacturers are limiting options like heated seats, blind-spot monitoring and other options that require semi-conductor-based parts. Toyota stores will have vehicles with more options, creating new opportunities.
Just as more inventory rolls out, people are getting more comfortable with in-store visits. Now Toyota stores with actual inventory to test drive have become a differentiating factor. At this time it can’t be overstated how critical it is for brands to have a one-to-one relationship with consumers by interacting with them directly.
As people return to normal life, this means less screen time. And when there is less screen time, it makes consumer attention more valuable. A year ago, when the pandemic was in full swing, consumers were spending more time online and more willing to purchase online. Now things are shifting back to normal, dealers with inventory can take advantage of being the store with vehicles to test drive. Toyota dealers can adjust their message to reflect their inventory position and emphasize to consumers that their vehicles are readily available and in stock.
So while other brands are holding off with their marketing efforts, Toyota stores have an opportunity to capture more market share. But this means Toyota stores will need to pull the trigger now, and not wait until it’s too late. First mover advantage will be real. The message to consumers is clear, buy now or risk missing out. Stores should tailor content and marketing campaigns around vehicles that are available to maximize what is in stock.
That is just one of the benefits of working with C-4 Analytics. As a nimble digital-first marketing partner we have the ability to switch on personalized ads for those vehicles in stock, unlike traditional agencies that require more lead time to launch campaigns. At C-4 Analytics we are working furiously behind the scenes for our dealers to create demand for the vehicles they have in stock. Matching the pent-up demand for vehicles on the lot with in-market consumers with money to spend is how we increase conversions while helping to lower advertising costs for our Toyota clients.
This is what C-4’s real-time strategic marketing is all about.