Do You Have The Power To Know What You’re Losing?

 

 | By David Metter

The number of automotive reports dealership managers receive in a typical month drastically differs from the number of reports that empower them to take immediate action based on sales data only hours old. It’s as if dealers in today’s world have to excavate through mountains of analytical ruins in hopes of uncovering a single data-driven insight that may or may not impact their sales goals. Not to mention the hurricanes and natural disasters that have further obstructed an industry in its ninth month of national decline.

Auto marketing leader, Brian Pasch recently compiled a list of all the individual reports General Managers running a franchise dealership could typically get each month. “For auto dealers, the count is over 20 reports! All separate. All with different metrics. Lots of data, not many actionable insights,” says Pasch.

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The overarching problem with most reports is that they only show one perspective of a much more dimensional, much more compelling story. A lot of vendors and their unique reporting methods tend to be biased in how they present results. In other words, they focus on what they’re helping your dealership win - whether it’s more clicks, more website traffic, or more leads.

But what about all the other pieces needed to complete the story? What about all the sales opportunities you didn’t win? What about the customers in your CRM your salespeople didn’t close? What about the active leads in your system you’re wasting time, money and effort chasing when in reality, they’ve already purchased from somewhere else? Wouldn’t having that knowledge save a lot of wasted energy and marketing dollars? Wouldn’t it be helpful to know as of yesterday how many sales you lost, which competitors you lost them to, and the reason why you lost them?

Furthermore, dealers need systematic visibility into the true outcomes of in-store customer interactions. We can’t solely rely on CRM data as it can be subject to human error. So the question is, does a report exist that accurately depicts the end result of every living, breathing, human-to-human exchange that physically takes place in your showroom? Did those personal interactions result in a vehicle sold or was the opportunity lost?

AdWeek published the following statement addressing this same issue:

“Over the past 20 years, analytics for digital ad measurement have focused on digital results (including web traffic, ecommerce conversion and data collection). But even though we live in an Amazon world, 92% of commerce still happens in physical brick-and-mortar locations, so measuring digital impact is nowhere near sufficient.”

For every digital action, there should be an equal and opposite reaction. What I mean by that is that all aspects of your digital marketing should strictly be evaluated based on their effectiveness or ineffectiveness of increasing vehicle sales that occur in the showroom. What we need now more than ever is a way to accurately discern if the money we’re spending on our digital marketing AND our in-store processes results in a closed sale or an opportunity down the drain. Those are the numbers dealers need to zero-in on to know the absolute best way to spend their marketing budget moving forward.

But wait! The good news is that a report currently exists that is capable of all of these things and more. This particular report defines attribution in a way this industry has never seen before. I will openly admit, there are few aspects of this tool that others out there have the potential to imitate. However, their numbers are based on 90-day old data, not near real-time sales match data. They also don’t provide a 360-degree view of your lost sales tied to a specific salesperson, lead or traffic source, model, or top competing dealer or brand in your market (all in one single report). How do you put a price on THAT?

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