Does your digital marketing serve the sole purpose of spending yourOEM Co-Op budget?
Initially, you felt you were helping out your dealership. But it turns out you have no idea if the $10,000 you spend every month is helping attract customers and sell cars.
We get it — you want to maintain your OEM marketing co-op budget. However, to do so you need to spend it all. Every month. Sometimes, this means letting your digital spend go places (let's be honest) it probably shouldn't. Don't think of it as a necessary evil — it's time to think of your wasted spend as an opportunity.
1. Track your digital spend
Did you know that the average dealership wastes around $4,000 per month on ineffective digital marketing. That's $48,000 a year.
“Half the money I spend on advertising is wasted; the trouble is I don't know which half.” — John Wanamaker
Figure out which half! Find a solution that can help you attribute sales to your digital marketing spend. We'll give you a hint — some solutions use google analytics to do this for your dealership. This way, you'll know which efforts are paying off.
2. Optimize and reallocate digital spend
Once you've discovered which efforts of your digital spend are helping move cars — optimize those efforts. Put more of your OEM co-op budget toward these initiatives and reap the rewards. Where's the budget coming from? Not only should your solution's use of google analytics tell you your profitable initiatives, but they'll tell you your losers as well.
Reallocate the spend and use your solution to provide further attribution. This will help you hone in on the true winners of your digital marketing. Then you can push these winning initiatives to their full potential.
Trust us — your inventory will never be so low.
3. Keep OEM Co-Op budget
By reallocating your dealership's digital marketing spend, you're still going to use the entire OEM co- op budget. It will just be allocated differently to more beneficial digital marketing initiatives. In the world we live in, deficits rarely benefit those who fail to spend them.
Here's a pro-tip: Share the findings from the solution you've enlisted with your OEM's marketing department. Break down why and where you've moved digital spend and show the attribution provided from your enlisted solution. You might just end up with a larger budget.
Even if you don't, you'll be moving far more cars off-the-lot while seeing first-hand where your digital marketing spend is helping.
How does your dealership stack up?
Are you interested in learning how much of your dealership's marketing spend is being wasted and more importantly — where it should go? Allow Wizely to run an Automotive Analytics Assessment and learn where to keep spending, where to stop and so much more.