Dealers have access to a tremendous amount of OEM and third-party data that can make their marketing efforts more effective. There is, however, a wide gap between this data and a dealer’s actual marketing strategy. This has a direct impact on what vehicles you put your ad focus on, and how much money you spend.
Right now, most dealers still advertise using a shotgun approach, rather than targeting vehicles that are important to driving their market share upward or their profitability forward.
The bottom line: It no longer makes sense to advertise EVERY car on your lot within a 50 mile radius of your dealership. If you understand your market share for each vehicle, you can create a precise online marketing program to advertise your most profitable cars in your most targeted zip codes.
I will be speaking on this topic at Digital Dealer 19 on Tuesday, October 6th at 1:30 pm in the Bronze 4 room at the Bally Hotel.
In my presentation I’ll show you how to use these data sources to create precision-focused online advertising campaigns that increase your market share and decrease your costs.
Here are the three things you’ll take away from my session:
- Targeting every vehicle on your lot is not the most efficient way to invest your advertising dollars.
- There are new tools and techniques that can be used to determine your market share for each vehicle in your surrounding in zip codes.
- Focusing your online advertising on specific vehicles can increase your market share and profitability.
I’ll use real dealership data (from volunteers, of course) and drill down to a zip code level, taking a closer look at where these dealers are losing or gaining market share. Ultimately, I’ll show you a new way to focus your online advertising resources more effectively so you can maximize your ROI and market share.
The shotgun approach is dead. This targeted approach is the new way to advertise.
See you then!