Steve White addresses the importance of understanding how your marketing efforts perform so that you can make accurate decisions and adjust your spend accordingly for the best ROI.
Per Wikipedia, a black hole is a region of spacetime exhibiting such strong gravitational effects that nothing – not even light – can escape from inside it. For many dealers, trying to make sense of the data provided by a vendor’s dashboard can be like trying to escape from a black hole. Most don’t understand what the data means and have to access ten or more portals to get a true holistic view of what’s going on in their digital marketing – ending up with what is essentially a black hole of data.
As a dealer, you are probably already overwhelmed with data. Even if you understand the metrics and analytics you see in your reports, my bet is that you would be hard-pressed to take all that information, combine it and create a report that makes sense and is accurate. Because the data is siloed, without a staff of individuals working on it full-time, it is almost impossible to then take that data and fractionalize it so that you can properly attribute credit across the multiple touch points and see the complete buyer’s journey.
Steve White discusses how getting accurate data into your CRM is the first step toward attribution.
When it comes to marketing attribution, there’s one vital activity that even the most advanced algorithms and technology cannot interpret – inaccurate human input. While no CRM system can provide you with accurate marketing attribution, it contains data that is invaluable to the process. Because getting accurate data into your CRM is the first step toward attribution, it’s simply a matter of garbage in and garbage out. If you have incorrect data entered, then incorrect actions can be taken based on that data. Your CRM is simply a starting point in the journey of piecing together Multi-Touch-Attribution so you can really answer that question; “is my marketing helping me sell more vehicles?”
Ultimately, no matter what story the offline and digital breadcrumbs tell about the customer’s journey, any customer that ends up in your showroom inevitably finds themselves in front of a salesperson. That salesperson enters the customer into the dealership’s CRM and upon first entering a customer, every CRM will ask a salesperson some version of “How did you hear about us?”
This industry-wide study serves to better understand the current state and usage of attribution in the retail automotive industry.
Study results will be used to help auto dealers better understand which marketing investments actually lead to vehicle sales
Columbus, OH (March 23, 2017) – Clarivoy, the auto industry’s leading provider of Multi-Touch Attribution, today announced the launch of an industry-wide study to better understand the current state and usage of attribution in the retail automotive industry.
“While Multi-Touch Attribution has been a big ‘buzzword’ lately, we think there is still a long way for us to go in educating dealers on its importance. The results of this study will help us gauge dealers’ baseline understanding of attribution, and their use of it, so that we as an industry can better help dealers understand and appreciate the dynamic and ever-changing customer journey that is not always accurately measured. Our end goal is that the results will help more dealers gain the knowledge to answer the question they have been asking themselves forever. ‘Is my investment helping me sell more vehicles?’” said Clarivoy CEO Steve White.
Auto dealers who wish to participate in the study can visit www.clarivoy.com/survey. Participants who complete the survey can register to receive an advanced copy of the study results and the chance to win one of several $100 Amazon Gift Cards.
Clarivoy CEO Steve White will help marketers answer the question they’ve been asking about their efforts forever, “Is my investment helping me sell more vehicles?”
[caption id="attachment_447" align="alignright" width="150"] Steve White, CEO & Founder of Clarivoy[/caption]
Clarivoy CEO Steve White will help marketers answer the question they’ve been asking about their efforts forever, “Is my investment helping me sell more vehicles?” at several upcoming speaking engagements over the next few months.
For as long as advertising has existed, businesses have struggled with connecting the dots between advertising dollars spent and the return on that investment. As technology has advanced, attribution models have developed and they have become much more precise and workable. However, until recently, attribution was simply based on reports from vendors and CRM sourcing which is largely either biased or unreliable. Every vendor report uses different metrics and attribution models. How can you compare apples to apples if one vendor uses last-click attribution, while another uses first-click? You can’t. The sad fact is that it will always be in a vendor’s best interest to choose the attribution model that best illustrates their solution’s performance -- not what is best for your dealership.