Elusive Buy Now Consumer Unveiled in Acxiom’s Latest Automotive Consumer Dynamics Study
30 April 2009 - 11:00PM
Business Wire
U.S. automakers faced with persistent slow sales and make-do
consumer attitudes need to know all they can about the consumers
most likely to �buy now.� That insight � including where these
prospects live and how best to approach them � is available in the
latest Automotive Consumer Dynamics study released today by Acxiom�
Corporation (Nasdaq: ACXM).
�The consumer is definitely in the driver�s seat in every aspect
of the shopping and buying process,� said Tim Longnecker, Acxiom�s
automotive industry executive. �Consumers are being offered a
multitude of incentives, from price discounts to selective
financing and special close-out offers. But they�re slow to respond
without heavy incentives and deep discounts, especially when
purchasing a new vehicle.�
The latest issue of Automotive Consumer Dynamics (ACD) reveals
key insights on the five �buy now� groups identified in Acxiom�s
January 2009 study and what is motivating them to buy. Among the
insights:
- �Used� is giving �new� a run for
the money � six of the 10 consumer groups now have a greater
interest in used vehicles, compared with only two groups with
increased interest in new vehicles.
- �Buy now� consumers are often
ready to take action � so marketers need to adjust messaging to
reflect the affordability of new models compared to used vehicles
many consumers are now considering.
- Consumers want higher fuel
efficiency, which has remained a constant �buy� indicator over the
past 12 months regardless of fuel prices.
- Brand loyalty lives � whether
considering new or used, consumers have their favorites, and savvy
marketers will develop their strategies based on brand-affinity
indices.
- Reinvigorated incentives can
capture the �buy now� consumer�s attention � the same old
incentives aren�t enough to motivate consumers.
Regardless of the economy, the top three purchase motivators are
based on needs versus wants. Of the top three purchase motivators,
high mileage was the only
factor that increased in importance since January 2007.
- High mileage on existing
vehicle
- Better gas mileage
- Incentives/financing deals too
good to pass up
�The findings revealed in the latest ACD study provide marketers
with a tool to define the �buy now� consumer. Acxiom�s strength in
consumer insights creates opportunities for dealers and
manufacturers in this extremely tough environment,� said
Longnecker. �Creating highly targeted messaging that resonates with
consumers and prompts a purchase will deliver greater return on
marketing dollars spent.�
Automotive Consumer Dynamics is the industry�s first
comprehensive, consumer-centric view of the U.S. automotive market.
Developed from the world�s largest repository of up-to-date
consumer intelligence, InfoBase-X�, and Acxiom�s industry-leading
PersonicX� life-stage segmentation, ACD applies sophisticated
modeling and analysis to deliver a powerful combination of
hindsight, insight and foresight that spans more than 200 million
U.S. consumers representing over 128 million households and over 40
million vehicle purchase/trade-in transactions.
For a copy of Acxiom�s most recent Automotive Consumer Dynamics
study, please link to
http://www.acxiom.com/automotive_consumer_dynamics_study. For more
information on Acxiom products and services, call 1-888-3ACXIOM or
visit www.acxiom.com.
About Acxiom
A global leader in interactive marketing services, Acxiom
connects clients with their customers through deep consumer
insight, powering effective and profitable marketing initiatives
and business decisions. Our consultative approach spans multiple
industries and incorporates decades of experience in consumer data
and analytics, information technology, data integration and
consulting solutions for effective marketing across digital,
Internet, email, mobile and direct mail channels. Founded in 1969,
Acxiom is headquartered in Little Rock, Ark., and serves clients
around the world from locations in the United States, Europe and
Asia-Pacific. For more information about Acxiom, visit
www.acxiom.com.
About Acxiom Automotive
Acxiom empowers automotive manufacturers and marketers to become
more consumer-centric and faster-to-market. Using a unique
combination of data, analytics, optimization and integration,
Acxiom�s next generation of digital marketing services enables
consistent, relevant life-cycle communications that span consumer
touchpoints. From direct mail to social networks, top automakers
and dealers rely on Acxiom to provide effective, one-on-one
marketing insights and solutions to drive higher sales and improved
return on their marketing investments.
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