You’re spending your dealership’s money on paid search so let’s talk about attribution. What does it mean? Why is it important?
By definition, attribution in marketing is “The process of identifying a set of user actions that contribute in some manner to a desired outcome.” To put it simply, how did the money you spent on paid search lead to a sale?
Attribution is important so that your paid search specialist knows where to spend your hard earned money to make your dealership more money in return.
Dealer eProcess has a few tools that help us to know where we should be spending, but our favorite is CARoi! Let’s talk briefly about CARoi and some of our best practices. CARoi is a DMS attribution tool that connects what is happening on Google, Bing, Facebook, etc. and ties it to your website and then to a vehicle sale. We are able to see what areas are spending the most money, where sales are happening, and even areas where money is being spent but sales are not happening. This tool is great because it really pinpoints areas of success and ones that need improvement.
This data is all clearly laid out in our CARoi sales heatmap. Your strategist will look at the map and compare a few months to one another and if we see an area where a lot of money is being spent resulting in few sales, we might exclude that area or put a negative bid adjustment on the area to avoid spending money for no return. On the other hand, we may see areas with several sales and not much spend on paid search, so we can target that area more aggressively and hopefully end up with even more sales!
We are constantly looking at the data provided by CARoi to make adjustments to areas where we are spending and platforms we are spending on. A great example of this is one of our long time dealers working out of Nevada. With CARoi we were able to see that while Bing was not getting quite as many sales as Google and even had a higher CPA, the sales were actually more profitable from Bing leads as opposed to Google leads. This let us know that we could spend a little more money on Bing and make the dealership even more profit per sale for a lower CPC than Google!
Sign up for CARoi today and let Dealer eProcess make sure you are spending every available advertising dollar in the best way possible!