The automotive industry has long been a leader in terms of advertising spend. By one estimate, automotive advertisers spent more than $16 billion combined on advertising last year. High-lifetime value customers are what most advertisers are searching for.
But while that money is theoretically supposed to drive sales, local dealers continue to find that their advertising spend lacks accountability, even as the spend shifts to digital. So how is it that local dealerships are without attribution metrics?
For starters, the majority of the advertising spend is supported by impressions, followed by clicks and, finally, leads. When you get down to the leads level, dealerships can find some clarity, but only if the lead converts to a sale. Still, two dynamics frustrate the ability of dealerships to turn leads into a useful advertising metric.
Read the full article, written by Semcasting’s General Manager of Auto Solutions Group, Michael Murphey, on Dealer Marketing Magazine.