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Digital Marketing Vendors...How to Take the Blindfold Off

Managing up to 15 or more vendors can be a challenge...

LISTEN TO THIS SUMMARY HERE

Consider these 2023 NADA Data average dealership numbers from 2023:


  • Average Advertising Per New Vehicle Sold… $708

  • Total Advertising Expense for 2023... $528,000 per dealership

  • 72 % on Digital Marketing... $381,900 per dealership


The average dealership in 2023 spent close to $32,000 per month on Digital Marketing mediums.


The average dealership also was paying up to 15 or more different digital marketing vendors.


Some of these spends were effective… Some were not. The trick is to know which is which?


In the recent DealersEdge webinar, Ed French and Erich Black shared critical strategies for dealerships to optimize their digital marketing efforts and enhance overall profitability. Their comprehensive discussion covered various aspects of digital marketing, emphasizing the importance of a data-driven approach. Here are the three most important points they highlighted:


1. Why Digital Marketing Analysis is Vitally Important

Ed and Erich stressed the necessity of conducting thorough digital marketing analysis to understand which channels are most effective and profitable. They highlighted the need for dealerships to leverage tools like Google Analytics to track and analyze data from various marketing channels. By understanding the performance metrics, dealerships can identify which campaigns drive the most traffic and conversions, allowing for more informed decision-making. The speakers emphasized that digital marketing should not be a "set it and forget it" approach. Instead, it requires continuous monitoring and adjustment to ensure that marketing dollars are spent efficiently. This proactive approach helps in optimizing marketing budgets and maximizing return on investment.


2. Leveraging Technology for Improved Customer Engagement

The presenters underscored the role of technology in enhancing customer engagement and streamlining operations. They recommended the use of interactive digital tools, such as display ads, video ads, and social media platforms, to create engaging content that resonates with potential customers. Erich particularly pointed out the effectiveness of video ads on platforms like YouTube, noting that video content can significantly increase customer interest and engagement. Furthermore, they discussed the importance of ensuring that dealership websites are mobile-responsive and optimized for SEO to improve organic search performance. By leveraging technology, dealerships can provide a seamless and interactive customer experience, which is crucial for retaining customer interest and driving sales.


3. Embracing a Holistic View of Marketing Attribution

Ed and Erich emphasized the importance of using multi-channel attribution tools to get a comprehensive view of the customer journey. These tools help dealerships understand how different touchpoints contribute to a sale, allowing them to allocate marketing resources more effectively. They explained that traditional first-touch or last-touch attribution models are often insufficient, as they do not capture the full spectrum of customer interactions. Multi-touch attribution, on the other hand, provides insights into all the channels and interactions that influence a customer's decision, leading to more accurate ROI calculations and better marketing strategies. This holistic approach helps dealerships understand which marketing efforts are truly driving sales and where adjustments need to be made.


This resource underscores the importance of a strategic, data-driven approach to digital marketing in the dealership environment. By conducting thorough digital marketing analysis, leveraging technology for improved customer engagement, and adopting a holistic view of marketing attribution, dealerships can optimize their marketing efforts, improve customer experiences, and drive higher profitability. For those looking to delve deeper into these strategies, the complete webinar presentation offers extensive guidance and practical examples.



 

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