The Power of Vehicle-Centric Metrics in Your Dealership's Marketing Strategy
To effectively navigate the ever-changing automotive marketing landscape, dealerships need to leverage data-driven marketing strategies. This means dealerships need to use vehicle-centric marketing metrics to gain a deeper understanding of their campaign performance, costs, return on investment, and customer engagement. These metrics serve as the foundation for maximizing sales and profitability in a dynamic market. In this article, we explore the importance of incorporating these vehicle-centric metrics into your dealership's marketing strategy using VIN IQ, a powerful marketing analytics and ad platform integration solution.
Performance Metrics
Key vehicle-centric performance metrics that are the basis for measuring campaign success include Total VINs Exposed, Total VDP Views, and Total Unique Visitors that each campaign delivered. The connection between the latter two metrics is important because it breaks down how many vehicles each visitor looked at after they entered your website from a particular marketing campaign. This can help to distill the quality of traffic that your campaigns are driving.
Cost Metrics
By using metrics such as Cost Per Sold VIN and Cost Per Vehicle Details Page (VDP) View, dealerships can calculate the marketing campaign expense associated with selling a specific vehicle and which campaigns are delivering the best value. These types of metrics also give dealerships the data they need to strategically reallocate their marketing budget to impact sales and maximize profits.
Return on Investment Metrics
Determining the ROI of marketing campaigns is crucial for evaluating their effectiveness. VIN IQ offers a variety of ROI metrics, with one of the most important ROI metrics being Return on $1 Ad Spend which measures the average revenue generated per dollar spent on each campaign. This metric enables dealerships to gauge the financial impact of their marketing efforts and identify the campaigns that deliver the highest returns. By focusing on ROI-driven strategies, dealerships can ensure their marketing spend is allocated to the most profitable campaigns.
Engagement Metrics
Engagement is a vital aspect of a successful marketing strategy. VIN IQ's engagement metrics, such as Total Return Visitors from Other Sources, can provide valuable insights into the quality of traffic each campaign is driving to your dealership’s website. This metric highlights the number of visitors who return to the dealership's website from sources other than the initial marketing campaign. A higher number of return visitors from other sources indicates the campaign's effectiveness in reaching quality shoppers interested in your inventory while also creating lasting brand engagement. The number of Return Visitors from Other Sources can signify that visitors are organically returning to the website or possibly present an opportunity for a remarketing strategy depending on the results.
By leveraging VIN IQ's comprehensive analysis of website traffic and campaign performance at the vehicle level, dealerships gain valuable insights into performance, costs, ROI, and customer engagement. Armed with these metrics, dealerships can make informed decisions, allocate their marketing budgets more effectively, and drive sales growth. Embrace the power of vehicle-centric metrics and revolutionize your dealership's marketing strategy with VIN IQ.
