Often the hardest thing for car dealers to do is get a true understanding of their marketing investment. What's working? What's not? Is it worth the money? Is there a return on investment? Ryan Gerardi tackles this concept on Driving Sales:
With more advertising channels comes more ways to reach potential consumers, but also more complicated analysis to determine if your investment is working. Effectively, your ability to attribute sales to specific marketing initiatives has evolved, but so too have the intricacies.
So where should savvy marketers start?
In marketing, attribution means the tracking of your marketing investment through each stage of path-to-purchase from creating awareness to driving traffic to close. Attribution allows you to understand which elements of your marketing mix were involved in the purchase decision process, and ideally, which were the most effective.