Ed Brooks Sr. Refresher
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I read, with a great interest, a post on DMNews.com Marketers’ Twisted Cross-Channel Attribution [Infographic]. At one point it was stated “…almost one quarter of marketers (23%) still give the first or last touchpoint all of the credit.”
I added the emphasis on the word ‘still’ because the article was published in October 2014. Many verticals have moved beyond this sort of attribution, but my sense is that isn’t the case at most dealerships.
Question ONE: Do you give give the last touchpoint all of the credit for a sale?
Why is this? Perhaps it is because car dealers are one of the only B2C verticals that have embraced CRM systems. I am a huge fan of CRMs and I can’t imagine running modern dealership without one. But there is one glaring shortcoming; In a world where consumers average 24 sources of influence (touchpoints), most CRMs allow for one “source” to be assigned credit.
Knowing this shortcoming exists we can start looking at other methods of evaluating attribution and influence. As I wrote in “We are being beaten by socks. SOCKS!”
Let’s start with the fact that they are employing advanced attribution analytics. They understand that many of their customers are ‘multichannel’, using multiple sources to do their research. Because of this fact, the sock guys aren’t just relying on Google Analytics. Google Analytics does a great job on one very specific task – looking the performance of one particular channel out of many used; your website. Now remember the sock guys don’t sell the majority of their socks using ecommerce from their website (just like most car dealers don’t sell most of their cars using ecommerce from their website), the website is just one channel out of many used. They want, no, they need to see the big picture.
QUESTION TWO: Is this a problem?
QUESTION THREE: Is there is a solution?
Click here to comment over on the dealer forums [over 15 comments already]