For those retailers digitally managing leads and tracking attribution, there’s a broad spread of options being employed. Believe it or not, more than a quarter of used car dealers are still using paper-based systems to manage leads. Built around a survey of more than 700 independent and franchised used car dealers and our annual Dealer Council meeting, the second-annual CarGurus One Voice Report examines the lead management challenge and how dealers are coping.
It was nearly impossible to have a conversation about the future of any industry in the UK in 2019 without mentioning Brexit. Despite that big, unknown headwind, UK car dealers are optimistic about 2020.
Built around a survey of more than 700 independent and franchised used car dealers and our annual Dealer Council meeting, the second-annual CarGurus One Voice Report examines the topics set to be key to car retailer performance in 2020.
Our previous blog covered the basics of attribution: what it is, the key terminology, and how it has developed as a barometer for digital marketing. However, it represents such a fundamental part of a dealership’s analysis of its online spend that it pays to examine the follow-up process—i.e. how to use the information you’ve gained to tweak your spending and generate the best return on investment.
For anyone unfamiliar with the term, marketing attribution modelling is a measure of the tangible impact a piece of publicity or communication has on your company’s bottom line. Very simply, if you’ve paid for something like an advertisement, attribution will tell you the monetary value of that particular initiative.
Put like that, it sounds simple. There are plenty of metrics for keeping tabs on whether or not various forms of publicity are earning their keep, but digital marketing is now so extensive that its best asset—trackability—can be extraordinarily tricky to keep up with. That’s where digital marketing attribution comes in: an easily observable lowdown of what does and doesn’t influence your customers’ decisions.
As with most digital initiatives, attribution models have developed rapidly, becoming more granular and providing superior insight over time, so even dealers well-versed in the technology may want to refresh their understanding. Read on to find out the difference between the now old-fashioned and the latest versions, and what each will do for your business.
At CarGurus, we’re working hard to give our dealers better tools to solve the challenge of attribution. We recently launched an update to our Dealer Dashboard that should make it easier for dealers to see which CarGurus leads bought a vehicle.
Lead details added to Removed Listing Activity section
The Removed Listing Activity section isn’t so much new as it is improved. This section lets dealers see their recently sold/removed listings, along with a breakdown of all the CarGurus leads and connections for those vehicles. What’s new is that we’ve added the details of those leads so it’s easier for dealers to tie a specific lead to the sale of a particular vehicle.
Your data is your most important sales resource
Closing a sale at your dealership is led by knowing your buyer, from preferences to budget, and more. Having those same data points for online shoppers is key to driving leads to your dealership.
Getting to know a potential car buyer in your dealership is easy. Talking, asking, listening, advising—it’s the car salesperson’s mantra.
Getting to know your online shoppers, though, can be an entirely different proposition.
- You can’t really talk to them one-on-one
- You can only ask limited questions
- Listening and advising isn’t as dynamic as a face-to-face conversation in a dealership
This may appear to paint a bleak picture for online lead generation and conversion, but it overlooks a simple yet powerful tool that also happens to be free of charge: Google Analytics.
Data is a window into buyer behaviour—use it to refine ads and drive sales
As a dealer, you should go beyond high-level metrics like Click Through Rate (CTR) to create a more rounded view of the path buyers travel to your website and the actions they take when they get there. As we discovered in our article on measuring data, the key data you need is surprisingly easy to find and analyse. In this piece, we’ll learn more about the valuable insights this data provides and how you can use it to attract more serious, sales-ready buyers.