Advertisers Plan to Increase Spending Following Optimism in the First Half of 2024

NFL Flag Sponsorship helps Toyota Dealers Connect with their Communities  

Around 500 Toyota dealerships proudly support local flag football leagues as part of their new sponsorship deal with the NFL.  

Toyota’s partnership with the NFL includes backing the fast-growing non-contact sport of flag football. This unique collaboration has provided dealers with an excellent opportunity to connect with their communities. In the first year of the deal, approximately 40 percent of Toyota’s U.S. retailers participated in NFL Flag initiatives.  

Embracing Marketing Technology Improves Campaign Success  

The latest Chief Marketing Officer (CMO) Survey by Duke University revealed that organizations are rapidly embracing marketing technologies (martech) based on a survey of nearly 300 marketing leaders across at least 15 industries in the US.  

The survey found that 65% of companies use martech to actively track lead conversion rates. Surprisingly, customer-centric metrics like lifetime value (28%), loyalty (27%), and pipeline acceleration (23%) are not as commonly utilized with newer technologies. These insights highlight the shift towards more data-driven marketing strategies.  

According to recent studies, generative AI has also had a significant impact that has helped marketers boost sales productivity by 5%, increase customer satisfaction by 6%, and reduce marketing overhead costs by 7%.  

Total marketing spending will soar by 5% in the next 12 months. While digital marketing expenditures are expected to slow down, with an increase of only 8% in the coming year (down from 9% in 2023), social media spending is anticipated to skyrocket, reaching 12% within a year and an impressive 16% over the next five years. 

Marketing Ad Spend Focuses on Video and Paid Media in Late 2024

Sixty-four percent of marketers plan to increase their digital display/video spending, while 55% focus on connected TV (CTV). Dealerships can profit from this trend by directing their marketing budgets toward these channels. By investing in these areas, they can connect with potential customers through captivating and visually stunning ads highlighting vehicles and special offers.  

With performance-driven paid media being the top priority for 69% of survey respondents, automotive dealerships can focus on strategies like paid search, display ads, and social media advertising. These tactics can drive measurable outcomes such as lead generation, vehicle questions, and conversions. 

In the fast-paced advertising world, transparency is more important than ever for advertisers striving to maximize their media investments. The most crucial aspects of ad verification in partner selection:  

• 33% of marketers emphasized the importance of measurement.   
• 23% of marketers said real-time decision-making was important.  
• 16% of marketers highlighted the importance of comprehensive channel coverage.    

Partnering with Strong Automotive can help you emphasize these aspects, ensuring your dealership maximizes ad spend and effectively reaches the right audiences.