Last-touch attribution is a flawed approach to measuring the effectiveness of your marketing spend.
In fact, shoppers navigate a complex journey from awareness to purchase, one that includes exposure to radio ads, display ads, OEM websites, content on third-party sites such as Cars.com, and many other sources. Dealers need to understand the impact of all those touch points to make wise marketing investments. A recently published case study from Cars.com and Clarivoy underscores this point.
Clarivoy provides proprietary software products that help businesses measure the return on their marketing spend. As discussed in a July 11 press release, in an April trial with Cars.com, more than 100 Cars.com dealer customers integrated the Clarivoy Multi-Touch Attribution solution into their Google Analytics software. The trial use of the Clarivoy solution revealed:
- Auto dealers using last-click attribution with Google Analytics are not able to accurately attribute the value of third-party sites such as Cars.com.
- On average, dealers who implemented the Clarivoy Multi-Touch Attribution solution saw conversions on their sites attributed to Cars.com increase by 37 percent – which equates to a 20 percent decrease in cost per lead after two months on the trial.
When dealers considered the conversions that occur directly on Cars.com, the results revealed an even greater disparity. The addition of Cars.com data, such as Cars.com leads and trackable walk-ins, to the multi-touch attribution model allowed one dealer to identify 11,390 conversion events that happened on the Cars.com site in addition to the original 103 reported by Google Analytics.
When dealers use the right tools, they win. They understand the real impact of multiple media (such as Cars.com) on consumer behavior. They make better informed marketing decisions. They are present where their customers are.