Dealers continue increasing spend on their digital marketing, but don’t truly know what’s moving inventory. You cannot properly allocate your budget if you don’t know what is influencing a sale and what is not. Dealers need a way to identify behaviors and correlate them to the campaigns that are actually working to drive sales.
This week on Auto Marketing Now, Brian Pasch is joined by Len Short, Founder of Lotlinx, to talk about how you can capitalize on consumer engagement and turn your inventory faster.
Tracking engagement actions, or goal conversions, can help you indicate if a consumer is ready to head to the lot for a sale. There are six key goal conversions to keep an eye out for:
- Click to call
- Click to chat/text
- Click to fill out a lead form
- Payment calculator
- Trade-in calculator
- View incentive/coupon
These conversions should each be scored and valued based on how many are needed to sell a vehicle. With this information, you can set the goal and build a campaign designed to meet those conversion goals.
The VDPs that are not getting as much engagement can then be prioritized. Using this method, you can stop spending on the vehicles that are already getting a great deal of engagement and rework your budget to move the less-engaged VDPs off the lot. In other words, you can identify the vehicles that need the most help and advertise them rather than focusing on the cars that already get a lot of attention.
Lotlinx’s VIN View Optimizer enhances dealers’ marketing strategy by identifying the six key goal conversions, scoring each, and determining how many goals are needed to sell each car. The system also uses this information to identify vehicles that are not receiving as much engagement and works to dynamically advertise them. This helps dealers better spend their budget and move vehicles off the lot more quickly.
Anyone who viewed today’s show can have Lotlinx’s VIN View Optimizer set up for free!