Foresight Reveals Results of Marketing ROI Study
ROCHESTER, Mich. — Foresight Research revealed Friday that results are now available for its study on vehicle shoppers' usage of the Internet and social media.
One of the key findings concerns social media. In 2009, almost 13 percent of all new-vehicle buyers used some form of social networking to share information on their purchase decision. Meanwhile, for young buyers under the age of 35, this figure climbs even higher to 24 percent.
In prior years, Foresight said social networking was "virtually non-existent as an influencer."
According to Steve Bruyn, president of Foresight, "What we are seeing is the profound and rapidly growing effect of peer-to-peer communication on social networking sites and the dramatic influence they're having on vehicle-decision making.
"What's interesting is that the information and advice given on social networking sites typically comes from automotive 'shouters,' that thin slice of the population that is most acutely familiar with the latest vehicle models, offerings and options. These are the people that influence other folks' automotive purchases," he added.
"In our complete Marketing ROI study, we have specific information related to how these shouters obtain and digest information. These shouters, in turn, have the greatest influence on the broader population. In a sense, we're suggesting that Internet word-of-mouth can, in fact, be directed. Implemented correctly, this could be an automotive marketing holy grail," Bruyn continued.
Interestingly, he said that among the most influential car buyers, 29 percent offered vehicle recommendations on social networking sites and 93 percent used the Internet.
Also when it comes to the Internet, the company indicated that in 2009, 86 percent of all new-vehicle buyers turned to this avenue during their purchase process. Of this group, Foresight found that 90 percent used the Internet to compare vehicles and pricing, while 83 percent used the Internet to check for incentives.
"The influence of the Internet on vehicle shopping habits isn't new news," Bruyn pointed out. "But what is interesting is our ability to track how the influential information is first created and later consumed. Understanding this process gives automotive marketers the opportunity to have a louder voice in the upstream dialogue where it can have the biggest impact."
According to the company, the 2010: Automotive Marketing Return on Investment study offers more detailed and intricate views of data discovered, including by brand and by major metro areas. All participants interviewed for the study were shoppers who had made their purchase about six months prior to being questioned.
For more information or to obtain a copy of the study, visit www.foresightresearch.com.