Most dealerships are running digital marketing campaigns with multiple channels that include social media, pay-per-click advertising, display, retargeting, chat, video, etc. But many are still clueless about how many cars they actually sold as a result, and which bits of the marketing actually contributed to those sales. Enter attribution modeling.
Attribution modeling helps a dealer tie their marketing efforts directly to vehicles sold. Many current marketing campaigns attempt to infer vehicles are being sold via some form of equation regarding percentage of leads generated and/or SRP/VDP views. The problem with this assumption is that clients could be calling into a dealership, submitting form and chat leads and looking at tons of VDPs, but never making an actual purchase.
If a dealer wishes to determine how many cars they’ve actually sold from their marketing, they’ll need to choose a marketing vendor that features a direct attribution modeling channel. Then they will be in a position to make much more informed decisions about their marketing.
What are your thoughts on attribution modeling? How have you all pulled it off? Let me know in the comments below.