Whitepapers

11-Point Marketing Checklist for Dealerships of Any Size Dealing with fewer vehicles on the lot – and consequently fewer available OEM incentives – it's easy to understand why some dealers are considering pumping the brakes on their dealership marketing efforts. But as these shortages fuel fierce competition among dealers, it's more important than ever that rooftops of all sizes continue engaging their customers to proactively promote customer retention and nurture future vehicle sales. Plus, as some short-sighted dealers are pulling back their marketing efforts, proactive dealers have the opportunity to capitalize on this misstep and conquest new customers. Regardless of how many units your sales staff is moving monthly or the size of your team, efficiently and effectively marketing your dealership in 2022 means rethinking old marketing strategies in favor of modern, data-driven practices. For dealerships of any size, developing a data-driven approach to dealership marketing starts with checking off important boxes from planning their process to putting it into practice. What is Your Dealership's Greatest Need Right Now? 1. Determine Your Needs & Strategy While dealership size is certainly a key factor to how marketing strategies should be developed, even similarly sized dealerships can have vastly different customer bases. Start by basing your marketing strategy on a diverse set of factors such as: ̆ Comprehensive Performance Metrics Look for ways to integrate data from your dealership's tools, as well as factors like cost accounting, labor cost, inventory, pricing and more to analyze comprehensive metrics like your per-sale profit and marketing ROI. ̆ The Competition Determine how your dealership is performing compared to the competition. Look for opportunities to assess where you stand in relation to the top 5-10 dealers in your market, as well as the top performers in your region. ̆ Your Target Customers Your customers expect very specific things from your dealership's experience – understanding what sets your dealership apart and drives those customers to come back means you can tailor your marketing approach to their needs. Look to dealership marketing technology to understand your existing portfolio and craft a strategy that meets their unique wants and needs. ̆ S.M.A.R.T. Goals & Objectives While every dealership's specific success metrics will differ, ensure you're building your strategy and measuring your efforts with relevant and S.M.A.R.T (simple, measurable, attainable, relevant and timely) KPIs in mind. OEM incentive spend was down 57% year-over-year in January 2022. TrueCar North American light vehicle sales declined 4% year-over-year in January, with the monthly SAAR dipping from 19.1 to 18.4m units in 2022. IHS Markit

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