ADM serves Car Dealers, Automotive Marketing Pros and Internet Sales Managers
As you continue to develop and experiment with your digital marketing presence, the most important thing to take in to consideration is determining how to measure success. There is not a clear cut definitive answer on how to achieve that goal. However, without taking the time to look at your stats, you will never know which approaches are working best.
One way to measure your internet marketing success is by using Google Analytics. You can also analyze your Total Unique Visitors. Are they increasing or decreasing? Where are they coming from? You can also look at pay per click advertising, organic search results, direct visitors, and referral visitors coming from your social media sites. Also don't overlook the obvious, such as tracking the total amount of phone calls generated from phone numbers listed on your dealership's website. All of this information will prove to be tremendously useful to you in developing and honing your overall strategy.
Another way to measure success is to take a look at how many visitors you are converting into leads. This is your Lead to Visitor Ratio or LTV. To measure your website's LTV, take your total leads generated by the total amount of unique visitors. This LTV ratio is widely under utilized by the automotive industry. The reason for the underutilization of looking at the LTV as a success metric is because in general dealerships get very low conversions from their websites. According to Dataium, the LTV for dealerships is currently 1.69%.
The fact of the matter is that clearly that dealership websites are historically bad at conversion. This issue has given rise to the 3rd party lead providers. These companies build successful companies on the fact that they can convert better than dealership websites and they then sell these leads to dealerships. Many, if not most, of these 3rd party providers don't just exclusively sell leads to one dealership. Unfortunately, they resell the leads as many times as there are dealers out there who are still willing to pay for these leads. Since dealership web sites simply do not generate enough leads, dealer are forced to acquire these 3rd Party Leads.
There has been a transition away from the 3rd party leads in recent years because of the poor quality by some providers. The trend is to increase the conversion rates on dealership websites by generating organic leads (often referred to as "first party leads"). Organic leads have always proven to be the highest quality leads available to a dealership. Because of this fact, the use of LTV Ratio should be a key factor in determining the success of all digital marketing strategies.
To be a successful car dealership today, it is important to have a few key items in place. You will need good content, a well designed website, a blog with engaging content and an interactive social media strategy. However, the bottom line is that it is all about conversion. As a dealership you need to care about the conversion from website visitor into leads, then leads to showroom visitors and then finally from showroom visitor to sales.
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