Everything from professional sports teams to retail stores to news organizations are using analytics to gather data, measure performance, and make decisions that will influence their bottom line. Even Netflix uses analytics to determine which movies it will drop into the queue of a given subscriber.
A car dealership shouldn’t be any different. In fact, the nature of a car dealership’s business should place it at the forefront of analytics use. Here are just a few ways that analytics can help your car dealership.
Are You Making the Most of Your Dealership’s Data?
Get a detailed measurement of your online marketing efforts.
Analytics can be used to see a page-by-page breakdown of how your online listings are performing. Which listings are generating the most traffic? What details are online shoppers most interested in? Analytics can answer these questions to help you shape your online marketing efforts accordingly.
Learn which models in your inventory are performing — and which ones aren’t.
Different models sell better in different markets and car dealerships can use analytics to identify which models are moving off their lot and which ones are taking up valuable space. This information can be used to invest in the right kind of inventory for your dealership’s demographic.
Calculate the impact of discounting on your bottom line.
Discounting can help you sell a car, but at what expense to your bottom line? An analytical report can pinpoint which types of discounts are beneficial and which ones are leaving your profit margin in the dust.
Improve your time to market.
The right analytics can track the average time it takes for a vehicle to get online and help dealerships better manage their inventory.
Know your cost per click.
Dealerships can use analytics to find out the average number of Vehicle Details Pages viewed as it correlates to the number of leads generated to help you better understand your true cost per click and how you should allocate your online investments.
Get Analytics from MAX Digital
MAX Digital provides powerful analytics to help car dealerships optimize their online marketing and merchandising efforts to maximize sales and profit margins. Schedule a demonstration today to see how our analytics platform can change the way you do business.