“I know half of my advertising budget is wasted — I just don’t know which half.” – Henry Ford
Long before the Internet brought the promise of measurability, automotive industry icon Henry Ford quipped about the effectiveness of his advertising and the complexity of measuring results.
The end of a single-source era
Though CRM systems and customer surveys encourage dealerships to track a single point of influence, single-source sales simply don’t exist.
Email leads, phone calls, chat contacts and direct URL referrals to a dealership’s website represent some of the critical metrics for measuring value, but they only tell part of the story. It’s time to acknowledge there’s no single metric that encompasses the multiple points of contact during the sales process. Rather, a good strategy is to move to three or four types of connected metrics that better reflect your customers’ path to purchase. With this shift in perspective, dealerships have an opportunity to understand trends and attribute in-store activities appropriately. Relying on simplistic measures to define a complex process — one that navigates from online behaviors to in-store activities — can be problematic.
Learn more about the changing metrics landscape in our new ebook, The 7 Digital Sins of Attribution.