DEALERS – It’s time to put your digital marketing budget on a Diet! However, you might be surprised to learn what you should be cutting from your “diet” and what you can now actually “enjoy.”
As I get older, I’m always trying to do the best I can to make sure I eat right. So imagine my surprise when I learned that I can actually enjoy bacon and make it a regular part of my diet plan, AND learn that it’s actually good for me? And while we’re at it, let’s throw butter into the conversation. For years, I substituted butter with margarines and low-fat this and that, when in fact, it turns out that REAL butter is actually much better for me.
Big companies have been trying to influence my eating habits and purchase decisions with catchy slogans and claims that it’s the “healthy choice” and that their product is better for me. But, when you look at the data, the facts clearly show traditional, natural products that most consumers really enjoy (and prefer over substitutes), actually benefit me just as much, if not better. Sound familiar?
As I look at the changing landscape of digital marketing spend, I’m reminded that my new paleo diet has many similarities with where we are in our industry and the interesting choices we face regarding how we should best spend our ad dollars.
In my conversations with dealers all over the country, Attribution has become a big topic of conversation, and a common theme of my discussions is their desire to reduce waste in advertising for 2017 and beyond. Third-party publisher sites like Autotrader.com, Cars.com, Kelley Blue Book, CarGurus and others, usually stand out on your list of digital marketing investments due to the size of your monthly investment with them. However, the most common mistake dealers are making is targeting and/or reducing their investment with these third-party publisher partners.
As an industry, we still try to measure the performance of our marketing investments in terms of leads, clicks and visitors. And since only a very small percentage of customers actually submit a lead from these publisher sites, the sourcing reports in your CRM give you completely misleading information.
Measuring your digital performance using your CRM sourcing report is like stepping onto a scale that’s lying to you! You think you’re losing weight, but you’re not really getting any healthier.
Having completed over 2,000 studies for dealers all across the country, analyzing over 7.5 million consumer transactions, the data is clear. The data we’ve captured, using the dealer’s actual DMS transactions as the baseline, provides surprising insights as to:
- How consumers engage with these third-party sites prior to purchasing or servicing their vehicle
- The overall size and influence of the third-party audience
- How many of these consumers that are truly “new” or “acquired” customers for Dealers each month
Don’t be distracted by colored bicycles, catchy slogans and fancy graphics and dashboards that attempt to distract you from getting answers to the simple, straightforward questions you’ve been asking for years when it comes to your advertising investments:
How many cars did I sell and how much money did I make?
If you’d like to measure performance based in terms of dollars and cents and the actual transactions.., not clicks, impressions, or the number of visitors you receive, CLICK HERE to analyze your data and request an attribution study.
Start your new Digital Diet plan today, by eliminating the real “fat” in your marketing budget and start enjoying the benefits of a new “healthier” plan that actually delivers the results you’re looking for – more sales and a higher return on your investment.
And besides, who doesn’t love bacon, right?