“The ability to ask the right question is more than half the battle of finding the answer”
(Thomas J. Watson)
The digital environment that you work in is a complex one. There’s plenty of moving parts and even more metrics to measure those moving parts. It’s easy to get swept away in the numbers and miss out on getting a clear picture of how your dealership is performing. Here’s some questions to help you break through the clutter and get your finger back on the pulse.
Where Are Our Leads Coming From?
Are they coming from your website? Google ads? Third party websites? Tracking where your leads come from gives you an understanding of where your customers are spending their time and gives you an idea of where to focus more effort and marketing dollars. Don’t have a strategy yet? No problem. Start tracking now and develop a plan as you start seeing insights from your data.
Where Are Our Calls Coming From?
Just like with leads, you probably know how many calls you received today or this week but not necessarily WHERE they came from. By tracking your call sources you can start channeling your resources to those ads, websites and campaigns that are generating the most calls for you. For an added layer of insight, think about recording your calls. You can learn a lot about your customer’s habits, wants and needs by listening to them.
What Are Our Conversion Rates?
When you think of conversion, don’t just think about sales. A great start would be to track the prospect to lead conversion rate. To do this you can look at the number of visitors to your website and then gauge how many of them fill out one of your forms. From there you can track form entries (lead submissions) to sales. You can track additional conversions once you have the basics down.
How Are Our Campaigns Performing?
Are you currently running a campaign (or several) at your dealership? If you answered yes, you need to know how they are performing. A good first step is to set a basic goal for the campaign – positive return on investment. Track how much money (time is also money) was spent on the campaign and then determine how much money was brought in. If you spent more than you made, it’s time to ditch that campaign.
What experiments are we trying?
The lifeblood of any successful business is innovation. In the digital environment this is doubly important. Make sure to experiment on a regular basis and then track the progress. An experiment could be a new campaign idea, a new product/service, or maybe a new process. You will never discover the next big idea if you don’t try new things.
Now that you have some ideas on questions to ask, make sure that you give your team adequate time to provide this information and make sure that it’s provided to you on a regular basis. Giving one or more team members ownership of the data is a good way to promote accountability.