Posts Tagged ‘ Strategic Planning ’

Ways Millennials Are Changing the Automotive Aftermarket

gen y marketing

Note: To get a true Generation Y marketing perspective, our genuine Gen-Y marketing intern, Brad, researched and wrote this article, which dispels a lot of myths about marketing to the millennial generation. Generation Y, better known as the millennial generation (born in 1980-2000), is the first generation to grow up with modern technology and this influences how millennials view cars and car accessories. For this generation, technology is not just another accessory; it is necessity and a way of life. Millennials find it extremely important to have top of the line technology that can be synchronized between devices. Millennials...

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How Lifetime Value (LTV) Enhances Your Online Marketing and Grows Profits | Database Marketing Part 2

excel formula

The lifetime value of a customer calculation is very useful. It lets automotive marketers know how much money to invest to gain a new customer. Calculating lifetime value lets you know what a customer is worth to your business. Our previous blog post briefly touched on lifetime value, as it served as an introduction to this one. This post will dig much deeper, giving the reader a fuller understanding of lifetime value and how it can really improve the effectiveness of your marketing budget and how you should market to returning customers. Lifetime value of the online customer defined...

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4 Ways to Increase Sales With Customer Retention Strategies | Database Marketing Part 1

If you’re looking for ways to increase sales, here are four ideas that can increase sales from your existing customers. Sales from existing customers are much more profitable than sales from new customers and we’ll show you why in this article. Marketing to new customers is important to grow your business, however, it’s just as important to retain existing customers to grow your sales, and impact the bottom line. (Also see our next article, Database Marketing Part 2 on lifetime value) Customer retention definition Customer retention is the process to reduce the number of customer defections. These defections are also...

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Google Product Listing Ads: Boost Your Paid Search Campaigns This Holiday Season

Google Product Listing Ads (PLAs) can help increase your online sales of auto parts and accessories this holiday season and we’ll tell you why and how to advertise on Google using PLAs. They make your online paid search/pay per click (PPC) campaigns more cost effective. The holidays —­­­­­ the time of the year when online shopping booms and customers seem to spend endless dollars buying more and more products online. But are the customers spending those dollars buying your products? Are they even finding your products online? Here are Google Product Listing Ad methods and strategies to help your...

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Top 5 Aftermarket Online Holiday Sales Days

Christmas shopping auto parts

We recently participated in a free webinar to help companies in the automotive aftermarket prepare for 2013 online holiday shopping, called “6 Ways to Increase Online Sales This Holiday Season,” along with the web experts at WebShopManager. As the holiday selling season approaches you’ll want to prepare your email marketing plan and work on your search engine optimization (SEO) and pay per click (PPC)/paid search marketing plans, as you plan for this important aftermarket industry trend. Top holiday online sales days: 2012 and 2013 If you sell automotive parts and accessories online and you are planning for the holidays,...

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Aftermarket Marketing: 2013 Online Sales of Auto Parts & Accessories Growing

Online sales of auto parts and accessories 2013

Note: this article is originally from June 2013,  for an updated forecast, click here for a more current article. Online sales of auto parts and accessories continue to significantly outpace brick and mortar sales. It’s one of the biggest auto aftermarket industry trends to watch for 2013. The growth in online sales of auto parts has been much faster than the rest of the industry for many years. This year will continue that trend and we’re forecasting online sales to grow by 15.5% from 2012. We’re projecting online sales of auto parts and accessories to be nearly $4.4 billion...

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3 Things Aftermarket Retail Stores Need to Stay Ahead of the Curve

3 Things Aftermarket Retail Stores Need to Stay Ahead of the Curve

There’s a lot of competition in the automotive aftermarket—retail stores have to compete with online retailers and specialty parts catalogs, and the seemingly endless selection that both provide. So what advantages do retail stores have that can keep them ahead of the competition? 1). Customer service: When customers enter an automotive parts store, they aren’t just looking for a part, many need help. Parts stores have an advantage over non-retail entities in the fact that their employees can actively provide help in a personal environment. Employees are able to explain benefits of certain products, ask open-ended questions about the...

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A Sign Auto Parts Retail Sales Are Slowing?

Today’s trend is a little concerning: the growth in auto parts sales is slowing down compared to the first half of 2012. This is important to watch as you plan your company’s automotive aftermarket forecast for 2013. Auto parts trends 2012 Retail sales of auto parts went negative for the second time this year. August 2012 showed a slight drop from 2011, following a decent July (up about 3.5%) and a slight drop in June. We’re holding to our forecast that the year will come in between 3% and 4% over 2011 but we’ll be watching economic signs closely...

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Grow Sales With New Products From the SEMA Show

Welcome back to the Hedges & Company blog, today we cover how to grow your sales with new products. We’re introducing a new term for some of our readers, the New Product Ratio (NPR). The specialty auto parts industry thrives on new products and innovation. For retailers, warehouse distributors (WDs), manufacturers, and automobile dealers selling aftermarket products, new products are one of the best opportunities to grow sales. They create excitement among consumers and for brick and mortar retailers they help drive store traffic. For online marketers, new products increase organic search web traffic and bring in new visitors....

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Trend 18: Where Consumers Find Information on Engine Parts, by Age Group

Today we are going to look at some of our own research to give you an idea of where enthusiasts go to find information about engine parts. We will also look at how certain age groups tend to visit different outlets to find their answers. As a part of our own syndicated Hedges & Company research, we sought to find out where enthusiasts find information about engine components. We surveyed 2,768 enthusiasts and asked them where they tend to look for information. Their choices were the following: mail order catalog, social media sites, garage, independent shop, blogs, chain parts...

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eBay and 3 Predictions for the Automotive Aftermarket

The online giant eBay is growing and evolving with both consumers and merchants in mind. It’s now more than an online auction site and “the world’s online marketplace.” It has evolved into sales platforms and technologies, through its many subsidiaries, supporting both online and offline retail sales. There’s a solution for large online retailers as well as “mom and pop” local retailers. Today, eBay’s mission is to take the “e” out of “ecommerce” and support commerce at all levels through all channels. Shopping anytime, anywhere is eBay’s new vision. Here are our predictions for eBay and the automotive aftermarket....

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4 Things Wrong With Your Social Media Strategy

4 Things Wrong With Your Social Media Strategy

Are you making these common mistakes with your social media strategy? Mistake 1: Assuming that consumers follow you to have a “relationship.” Most don’t. The vast majority of consumers follow brands on social media to get discounts. Only two out of ten consumers follow brands to have a relationship (these are the hard-core evangelists that really like a brand) and eight out of ten really want a deal. Many brands with social media sites spend a lot of time trying to build relationships with their followers but a lot of these marketers are actually spinning their wheels. To maximize...

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Trend 49: The Economy And Auto Parts Sales: Personal Income

retail sales and personal income

Retail sales of auto parts and accessories are influenced by many things in the economy. One component of our sales forecasting model at Hedges & Company is personal income, so for today’s trend we look at how that affects retail sales of auto parts. This chart shows the change in auto parts sales (red line) and the change in personal income (blue line) from one year ago. There’s a rather obvious similarity between changes in personal income and auto parts sales, dating back to the beginning of 2003. Auto parts sales bottomed out in late 2009 and it lines...

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5 Secrets About Social Media and The Auto Parts Buying Process

Google automotive

Facebook, Twitter and other social media sites play a huge role in the everyday lives of millions, but do they influence the buying decisions of automotive enthusiasts and automotive DIY consumers? Here are some facts to keep in mind. 1). Enthusiasts don’t rely heavily on social media interaction when making buying decisions. While millions of auto enthusiasts participate in social media with their friends, far fewer enthusiasts use it to make buying decisions on parts and accessories. 2). Enthusiasts use ‘old-fashioned’ social media to help the buying decision process. In Hedges & Company’s BuyerZoom market research, covering thousands of...

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New Automotive Market Research Reports Available for Purchase

New Automotive Market Research Reports Available for Purchase

New automotive aftermarket market research reports are now available for purchase online, direct from Hedges & Company’s new Market Research Store. These marketing research reports are based on consumer perceptions and opinion data, gathered after inviting over 100,000 automotive enthusiasts to participate in a market research survey, and include data never-before reported in the automotive aftermarket. These new research reports fall into two categories. BuyerZoom™ research reports are part-specific and analyze how enthusiast consumers shop for specific products including gaskets, camshafts, cylinder heads, carburetors, engine blocks, intake manifolds, valve springs, valves, rocker arms, pistons, lifters, crankshafts and more. The...

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Turn Earn Calculation and GMROI to Manage Inventory

gmroi turn earn

The Turn/Earn Index and Gross Margin Return on Inventory (GMROI) are two simple ways to help manage your inventory and run your business. Want to know what GMROI means? Read on! Turn-Earn Index definition Turn-Earn Index defined: Turn and earn is a ratio that analyzes inventory turnover and gross margin. To calculate multiply inventory turns by gross margin percentage. Using the Turn Earn Index to manage inventory If you’re a purchasing manager or accountant you may want to justify selling of stocking a SKU (stock keeping unit) with the Turn/Earn Index. Also known as the Turn/Earn calculation or Turn/Earn...

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