Sustainable business profitability is predicated on one of two things happening:

Profits are maintained by increasing revenue or decreasing costs or a combination of both of these strategies. In 2008, in an era of low consumer confidence and stagnant sales, it is more challenging to find success focusing only on increasing sales. Given the tighter market, more and more dealerships are taking a look at the bottom line and exploring how costs can be cut or managed. Cutting marketing budgets in slow times can be a mistake and can be at the expense of a loss in market share in the longer term. But maybe 2008 becomes a time for reallocating marketing expenses and recognizing the importance of Internet sales for dealerships.

In rethinking your marketing budget, my suggestion would be to start with an assessment of where you are spending your marketing dollars. Typically budgets are allocated to the following media:

Newspaper classifieds
Yellow pages
Radio
TV
Billboard
Direct mail
Website
Search engine marketing
Online car listings – AutoTrader, cars.com, eBay, etc.
Offline car listings – AutoTrader, AutoExtra, etc.
Turn-key Digital Pictures (taking pictures of your current inventory)
Newsletters
Automotive CRM software
Online classified listings – craigslist, kijiji
And as you actually quantify the dollars that are committed to these different marketing channels, consider how and why you started using these media in the first place. It used to be that newspapers and weekly local auto magazines were the primary way dealerships promoted their weekly inventories. Coupled with a yearly Yellow Pages commitment, buying television and radio spots, and maybe some direct mail or an occasional billboard, there weren’t many other ways to reach your local audience. Yet today, newspaper readership has declined, younger consumers seldom pick up a newspaper, TV viewership has changed, people look for local businesses through a Google search instead of picking up the Yellow Pages, and the way people buy cars has also changed.

Adoption of Internet tools over time has many times been an extension of an offline relationship, or tool that worked offline. Dealers migrated with AutoTrader as they transitioned from a primary magazine publisher/distributor to their online car listings. Relationships with Yellow Page advertising and newspaper advertising have migrated in similar ways. Every year, Internet usage sees double digit increases and people are spending more and more time online. As your options for Internet marketing for dealerships have significantly changed in the last couple of years and as consumer behavior has shifted, a fair question to ask is, does your marketing mix still make sense in 2008? And I would offer two different ways to make this assessment.

First, how much does each marketing channel cost? Are you able to track results from the different channels? What is your return on your investment? Are there cheaper tools out there that can deliver comparable results at a reduced cost? You may be surprised to find out that many times, the answer is yes.

Secondly, has the vendor done a good job of migrating their offline tool to a successful online tool? This can be a trickier question, but can yield true value if you can properly assess the answer.

Let’s look at these questions in a little more detail.

How much does each marketing channel cost?

NADA reported in 2007 that the average dealership spends $590 on advertising costs to sell each vehicle (NADA Industry Analysis Division). 88% of this is split among offline media. Dealerships continue to spend a disproportionate amount of their marketing budgets offline, in media that continue to see sharp decreases in their audience. Jonathan Miller, former CEO of AOL reports that ad spending online lags consumer activity online by a factor of 3 to 1. Said another way, advertisers should triple their online presence to keep up with the rate of consumer’s media consumption online.

How does your dealership compare to these national averages? And that isn’t the real question you should be asking. The real question is, what value are you getting from each of these media? Do you have systems in place to track the return from each of these media?

As an Internet software employee, I have an inherent bias in how I assess these numbers. But as an Internet enthusiast, I see the power of the tools available on the Internet, and the trackability of Internet marketing for dealerships, and it becomes harder and harder to justify the big offline marketing budgets that I still see at many dealers. If I were setting marketing budgets, at least 40% of my budget would be allocated to Internet advertising. Internet sales for dealerships continue to be more and more important every year. As more and more consumers start their vehicle search on the Internet, as more and more people use the Internet (including in the last few months, my 73 year old mother), and as more people spend more of their time on the Internet, it becomes a force that is hard to ignore.

Migrating marketing budgets from offline media to online media

Taking digital pictures of your car inventory, posting cars on online vehicle listing sites, such as AutoTrader, directory listings such as Yellow Pages, and online classified listings from your local newspaper are marketing programs that have migrated from the offline world to online.

A fair question to ask in this situation is, “How effective is this online program compared to online programs that began on the Internet, instead of in the offline world”. And as above, what value are you getting from each of these media? Brick and mortar companies can be guilty of shifting a brick and mortar mentality to their Internet presence, and as a result, not being as nimble and seamless as a company 100% Internet based. On the other hand, perhaps the expertise about the auto industry that they bring to the online environment outweighs any disadvantages they have when trying to operate on the Internet. Some questions you might consider:

Is your online classified listing on the local newspaper’s website as effective as a listing on craigslist?

When you search for a local company, do you go to Google or to YellowPages.com?

Are you getting high quality leads from the online vehicle listing services?

Does it still make sense to employ the services of a company who takes digital photos for car dealers, instead of leveraging the easy-to-use mobile, wireless Internet PDAs that are available today?

When looking at online marketing budgets, there are many ways to increase the visibility of your dealership and vehicle inventory. How much you spend can be a function of the number of vehicles you list online and where they are listed.

One final consideration. When deciding how to allocate your online marketing budget, consider the behavior of the online shopper. It will be different for different people. And most online listing sites allow people to specify the criteria that is important to them when searching for a vehicle in terms of manufacturer, year, make, model, price range, odometer reading, location of car, even color, accessories, etc. Some consumers will start with basic research, at sites such as kbb.com and edmunds.com to compare and contrast their choices. Some consumers will go directly to an online vehicle listing site, such as AutoTrader.com, eBay.com or kbb.com. Some consumers will go directly to your dealer website, because they are familiar with you locally. Some will start at a search engine, and type “used chevrolet cobalt, tampa” or “Chevrolet dealership, tampa, fl” or “Chevrolet cobalt, tampa”. Do you know how your customers are starting their search online? Is it easy for them to find you regardless of how they are starting their search? How much is it costing you to capture an online consumer for each of these methods? In the next article, we’ll take a look at how to ensure you are making it easy for consumers to find you online, regardless of how they begin their search (or go to autoxloo.com/landing) for some ideas on how to ensure consumers are finding you online.

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