Being able to measure more than just your results so that you can find the disconnect in your strategy is going to be key.
Dennis McGinn, founder and CEO of Rapid Recon, discusses vital metrics dealers should heed in the months ahead.
A dialed-in T2L store puts structures and disciplines in place to sell cars before they get stocked in.
Google Analytics is the gold standard for measuring website performance. The key metrics usually monitored are number of visitors or sessions, bounce rate and website conversion. Dealers have learned to ask the right questions and look out for the obvious problems.
The shift from traditional advertising to digital advertising continues to grow. Today, it’s common for 90% of a dealer’s budget to be spent on digital channels. Yet, it’s very difficult for most dealers to directly attribute phone calls, appointments and sales to that ad spend.
For a myriad of reasons, many managers don’t hold regular staff meetings. Good staff meetings can focus a team, energize employees and engage them in ways ad-hoc interactions don’t.
Measuring your dealership’s website traffic is a key factor in determining which digital marketing channels are profitable and which are not. With all of the various marketing options out there for your business, are you really sure that your dealership is measuring what truly matters most?
All metrics, regardless of what they say and how they are prepared for your consumption, require your brainpower, your experience and, ultimately, your good business judgement.
How much money are you spending to manage your time to line (T2L) — the days it takes to get cars from acquisition through recon to sales-ready status?
Time to line (T2L) is a must-have metric for every dealership, one a best-practices store cannot afford to do without or work from a guesstimate.
If certain job boards or channels do not result in quality candidates, this is a clear sign you should reallocate your budget to other, more successful sources.
Sometimes red is good and sometimes green is bad, which, in the end, only makes the digital universe harder to understand. This is especially true when it comes to a client who just wants to see green and forward movement.