You Can’t Cut Your Way to Market Share Growth
It’s a flattening vehicle market – I get it – but, you simply cannot cut your way to market share growth. Of course, you also can’t keep throwing money at some shiny marketing widget just because everyone claims it’s the coolest thing ever.
For dealers with questionable (or especially no) tracking and measurement of their digital marketing spend, the desire to make deep and painful budget cuts as the market softens will always win over any rational thinking about what it takes to conquest sales and grow share.
(Yes, you can and should work to grow share in any market, but especially in a soft or down market.)
Before digital marketing was a thing, dealers often said “I know half my advertising is working; I just don’t know which half.” Then, digital marketing brought with it the ability to track and measure virtually every interaction with a prospect – up to and including the sale – and promising to give dealers real insight into their advertising spend.
Yet today, most dealers will tell you that they know half their digital marketing is working; they just don’t know which half.