In Hollywood, an Academy Award® is more than just bragging rights, it can mean real revenue. The last two Best Picture winners, Green Book and The Shape of Water, saw increases of 121 percent and 171 percent respectively, in box office revenue the weekend after their nominations.
So what do Hollywood and the auto industry have in common? Much like the gold statue, third-party awards can dramatically influence how consumers view vehicles. As a matter of fact, 73% of car shoppers believe that Kelley Blue Book has the most trustworthy editorial content to aid in their purchase decisions.
Awards can make consumers more confident in their purchase and can sway them to choose a vehicle from your brand over the brand next-door. Following in true Oscar® winner fashion, dealerships should put these awards on display. Here are four tips to help leverage your inventory’s award-winning status to drive more value and sales:
1. Promote Awards Across All Channels
As a starting point, dealerships need to ensure consumers know about award wins. These wins provide another way to highlight a vehicle that has been on the market for a while or add another boost to a recently introduced vehicle. Conventional marketing suggests repetition is the key to having an idea stick in a consumer’s mind, so it’s important to remind consumers about award-winning vehicles multiple times. Cross-site promotion is crucial. While researching, consumers visit third-party, dealership and OEM sites. Dealerships should highlight awards in all areas, reinforcing the strength of the model or brand at every step of the car-buying journey.
2. Use Consistent Messaging to Build Credibility
After receiving awards, dealerships need to promote these accolades with strong and consistent messaging. If they misstate the award or what it means, dealerships risk losing public trust. Dealerships should look at their messaging from the consumer’s point-of-view. Is the messaging consistent and accurate? Do you have proof of claims? And, do you provide validation to the car shopper with links back to a third-party site for the award?
3. Differentiate Your Dealership with Brand Awards
An Oscar win can change everything – just ask Matt Damon. In 1998, Matt Damon was a relatively unknown actor but after receiving multiple Oscar nominations and a win for Best Screenplay, Matt became an A-List celebrity. Not only should dealers promote awards on specific vehicle listings, but they should also include them in overall messaging about the dealership online and in print. The individual awards can add up and help make your dealership the best and most trusted in the area.
4. Spotlight Awards in the Showroom
If someone takes home an Oscar, they are likely to display the award in their home or office. Dealers should do the same. Digital promotion is important, but the showroom and dealership lot remain the best place to showcase awards.
 Box Office Mojo
 2019 Awards and Accolades Pollfish Study. Cox Automotive Research & Market Intelligence. November 2019