As dealership managers and marketers, it is imperative to regularly assess your progress and devise strategic plans for the future. With year-end fast approaching, now is the opportune moment to evaluate your dealership’s performance and make informed decisions based on data.
Data-Driven Decision Making
To begin with, prioritize data analysis. Gain a comprehensive understanding of the industry landscape before evaluating your internal strategies. Examine the sales of new and used vehicles compared to your local and national market. Additionally, identify any niche areas that require focused attention, such as fleet sales, electric vehicles, or service and parts.
Evaluating Your Current Marketing Plan
Your marketing plan plays a crucial role in achieving your goals. Assess its effectiveness through the following considerations:
Forecast and Budget Assessment
Do you have a forecast and advertising budget that ebbs and flows or are you doing the same thing month after month? It is crucial to ensure that your budget aligns with your goals and that you develop strategies that encompass all revenue streams. Also, review your co-op allocation to maximize the utilization of available funds and plan for future co-op allocations.
Thoroughly scrutinize the performance of your current marketing plan and its alignment with your objectives. Are your key performance indicators (KPIs) on par with industry benchmarks? If not, it is time to reallocate your budget and explore new channels. One often underestimated channel is organic traffic. Implement search engine optimization (SEO) techniques to optimize organic traffic and enhance your dealership’s online visibility. Evaluate your website’s organic traffic performance and identify areas that require improvement. Has organic session traffic shown consistent growth? If not, it’s a warning sign. Implementing effective SEO practices can reduce your reliance on paid campaigns and third-party services by improving organic rankings and driving more traffic to your website.
Consider the influence of consumer sentiment on your dealership, taking into account factors like economic recession risks, affordability concerns, and limited supply issues. Offer attractive discounts and incentives to customers, ensuring that your advertisements emphasize inventory availability and affordability.
Electric vehicles (EVs) are experiencing a surge in popularity, as is their market share. Make sure these vehicles are prominently showcased on your website, in your advertisements, and in your SEO efforts. Additionally, always prioritize merchandising your top-selling models.
Evaluate whether your vendors are proactive in keeping you informed about your key performance indicators, industry best practices, and relevant metrics. If they are not meeting expectations, it may be time to consider a change.
Competitive Analysis and Audit
When was the last time you conducted a self-assessment of your website or compared your social media presence with that of your competitors? It is vital to experience firsthand how you appear online in comparison to your rivals.
In summary, conducting a comprehensive evaluation of your dealership’s marketing strategy is crucial for ongoing success. Utilize data-driven insights, critically analyze your marketing plan, adapt to market trends, and ensure your online presence stands out in a competitive landscape. By undertaking these strategic assessments, you position your dealership for growth and profitability in the months to come.