Car dealerships often use several different metrics to measure marketing ROI. However, these metrics are only helpful if they are accurate. With the right call analytics software, you can track every inbound marketing call, attributing them to the specific channel/touchpoint, campaign (down to the ad creative level), or keyword for Paid Search traffic. This enables marketers to get an accurate, accurate, and complete picture of their marketing performance.
Increased Conversion Rates
In an industry where sales are often won or lost by inches, dealerships must maximize marketing ROI with every lead. This means providing an excellent customer experience that includes timely responses to questions and concerns. It also requires engaging prospective buyers in their preferred communications channels to build trust and keep them engaged. Call analytics for car dealers transcribe and analyze calls to reveal critical insights about what drives dealership conversion rates. This data allows businesses to optimize their marketing messages and improve the effectiveness of sales calls. For example, a dealership may discover that many callers want to receive service status updates via text message. They can then implement a system to provide these updates and reduce the number of inbound service calls. As a result, these efforts can boost customer satisfaction, improve retention rates, and ultimately increase revenue. Car dealerships can also use call tracking to identify the sources of their best and worst-performing marketing campaigns. They can then allocate more budget to those advertising venues that produce the most calls and leads and less to those that don’t perform well. In addition to boosting ROI, call tracking can help businesses better attribute online lead generation to specific marketing campaigns. This helps them get credit for every lead and allows them to focus their ad spending on those working.
Increased Customer Satisfaction
When automotive dealerships prioritize customer satisfaction, it often results in higher ROI. This is because car buyers conduct a lot of comparative research when shopping for vehicles, and they may choose a particular dealership over others if the business can satisfactorily answer their questions about vehicle models and pricing options. In the highly competitive automotive industry, high levels of customer satisfaction act as fuel that drives dealership growth and profitability. Dealerships that seek to improve their customer satisfaction can do so by implementing multiple strategies. For example, they can use data analytics tools to collect and analyze incoming calls to gain valuable insights and customer knowledge about the leads and customers calling their business. For example, call-tracking software can help businesses know which marketing campaigns and keywords are driving phone calls and what questions and concerns the leads and customers have when they call. This first-party data can help marketers and sales teams optimize their marketing strategies and customer service efforts for more significant ROI.
Additionally, dealerships can use call analytics tools to monitor key metrics such as first-call resolution rates to understand how satisfied their customers are with their services. This information can also inform the training of dealership customer service representatives so that the team can effectively address customer needs and provide a positive experience every time.
Increased Retention Rates
Car dealerships are a unique business, as their marketing and sales teams deal with many vehicles that vary by make and model. As a result, they face a more significant challenge when testing their marketing ROI than companies that sell one product. Fortunately, with the right tools, it is possible to test marketing ROI for your dealership by measuring the effectiveness of different campaigns. Call tracking lets you see which ads, keywords, and channels drive the most valuable calls. This lets you focus on your most profitable campaigns while reducing ineffective advertising dollars. Data analytics is becoming a game-changing force in the automotive industry, reshaping operations and decision-making processes. It can predict customer churn, create personalized marketing programs, and help with employee retention. In addition to the obvious benefits of reducing count, employee retention can boost overall dealership profitability. An automotive news website Automotive News study found that dealerships lose an average of $500,000 annually due to high turnover rates.
Increased Revenue
When car dealerships focus on increasing revenue, they must be careful not to sacrifice customer retention rates. Since new vehicle sales typically represent the highest ROI for a dealer, focusing solely on this segment may not work in the long run, particularly as the number of vehicles on the road continues to increase, and the average age of those cars continues to rise. This means moving away from one-size-fits-all marketing campaigns and strategies, favoring more personalized outreach to nurture leads, and providing a smoother, more personal experience during the in-dealership process. This could include digitized processes like virtuaDealers scans of ID at the dealership for easy document preparation and more. Dealers can also use call analytics to optimize their marketing spend and identify the best ads. This allows them to allocate more funds to the ad channels that are driving high levels of engagement and cut back on the ones that don’t perform as well.
Further, dealerships can use call analytics to identify the most frequently asked questions from prospective customers and respond accordingly. For example, suppose a dealership is getting many calls about directions to their offices. In that case, they can add this information to the homepage of their website to reduce the time staff members spend answering these inquiries over the phone. Similarly, if a dealership receives calls about pricing information, they can ensure their online pricing tools are precise and up-to-date.
