Eliminating Digital Marketing Waste Part 2: Improving Efficiency
You know what’s worse than wasting digital marketing spend? Telling your boss that you haven’t fixed it yet.
As the people who are responsible for driving VDP traffic and bringing qualified buyers to your dealership’s front door, a big part of your success hinges on the performance of your digital marketing.
Previously in Part 1: Measuring Effectiveness, we identified some common ways to uncover areas of digital marketing waste including: audience targeting, ineffective channels, redundancy and attribution models.
In this second installment of our two-part series, let’s look at a few ways we can reallocate those reclaimed marketing dollars to improve campaign efficiency, get more interest in your vehicles and ultimately drive more sales.
Finding and testing new advertising channels
To paraphrase my good friend Albert Einstein, “The definition of insanity is to do the same thing over and over again and expect different results”. Unfortunately, we have found dealership Marketing Managers and General Managers do this all too often when it comes to their advertising channels.
Remember, the platforms and channels that are driving sales today may not always remain viable. By experimenting with a percentage of your budget, you will likely find new sources that dramatically outperform traditional ones.
Optimize your ad creative to buyer segments
One of the most overlooked parts of digital marketing is the actual ad creative. Considering that all your competitors have the ability to use the same digital channels, the creative message may be the only way to really differentiate yourself.
By investing your funds into targeted messages, such as promoting leasing to Millennials, you will be able to improve the results of your advertising spend. Additionally, exploring the use of dynamic inventory ad creative will help you to show the most relevant ad to every user.
Leverage automation and programmatic methods
One of the easiest ways to gain results is to leverage computers to do the complex number crunching required to optimize advertising. As a company who builds its reputation on programmatic advertising, we understand the importance of automation. What we also realize is that most marketers don’t have time to crunch the numbers themselves.
Today’s advertising platforms should do this legwork for you and automatically bring you optimized results. These systems analyze a person’s online browsing behavior and automatically deliver real-time targeted advertising — resulting in highly qualified traffic to your VDPs.
By taking the time to experiment, measure and automate, you can increase the effectiveness of your advertising, driving more car shoppers to your VDPs and ultimately increasing your sales.
