I'm a big fan of putting the power of targeting in the hands of the dealer. We're not one of those who believe that we know best about our clients' market, demographics, and customers and we try to put our expertise in social and search to play with their understanding of the area and their business to guide us to success.
The improved sourcing, data collection, and extraction of information about the markets gives us and dealers the ability to dive much deeper than ever before into understanding where and how to market.
We know the tactics. You know your area. Now, let's allow the data to enter the mix and we should have a winning combination.
We're starting to get pretty enamored with companies like String Automotive. After sitting on a few customer calls during their market analysis meetings, we've learned so much about how to spend the money and where to focus it. It has opened my eyes to this "third wheel" in a way that I never imagined. Perhaps there is more to data than just what we know mixed with what our clients' know.
Keep in mind, we are not a reseller for String Automotive and I don't want this to turn into a love fest, but I do want to highlight the importance of going much further into the numbers than I've ever imagined. That's the beauty of analytics mixed with DMS data mixed with everything else at our disposal (Polk, Experian, DMV - the data sources go on and on).
Regardless of whether you use us, String, or any vendor out there, I strongly encourage you to start going further with the numbers. For example, by cross-referencing your advertising spend by zip code with your own buyer data and comparing that to DMV data, you can see where the opportunities lie. Let's say you sold 5 Altimas last month in a zip code. This might sound great for some dealers, but what if there were 13 total sold last month based upon DMV data and you're the closest dealership to the zip code. Wouldn't that be disappointing? Shouldn't you either adjust your marketing message, your advertising styles, or your budget to try to make up the difference and start dominating in that area?
The data is cleaner than it's ever been, but the methods of analyzing the data have remained stagnant. It's companies like String that have opened our eyes to the possibility that we can make smarter decisions by letting the numbers guide us.