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D.R. Truth - ask him anything!

Discussion in 'Webinars, Broadcasts, Live Broadcast, Podcasts' started by Alex Snyder, Mar 16, 2018.

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  1. Alex Snyder

    Alex Snyder
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    Big thanks to @jon.berna@jon.berna for being a resource to the DealerRefresh community. Jon is sitting on loads of data across many places that allows him to tackle topics and questions that were only doable on a store by store basis within the most complex of spreadsheets.

    We are thinking of Jon as the Truth of DealerRefresh: D.R. Truth. And here's our first run of questions with him:



    Please throw your questions into this thread too.
     
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  3. Alex Snyder

    Alex Snyder
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    Here are some questions we did not get into in the video along with some asked by the Facebook audience:

    • Is there a situation that causes higher lead closing rates
    • Do the more cars you have in stock, or on your website, influence your online engagement? If inventory amount is changing, do the site stats move in accordance with those fluctuations?
    • Do you see a difference in the customer lifetime values by brand? Especially for brands like Toyota and Honda.
    @philipzelinger@philipzelinger asked:
    • Do you quantify ROI with attribution reports?

    @Tim Martell@Tim Martell asked:
    • Are you providing multi-attribution data with weighting on influencing channels to help dealers manage their ad spend more effectively?
     
  4. Alex Snyder

    Alex Snyder
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    And lastly, to get this thread rolling, I want to plug @jon.berna@jon.berna for the marketing connections he is making on Facebook. I HIGHLY recommend asking him about it.
     
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  5. Tim Martell

    Tim Martell
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    Hey Jon. Sorry to maybe mention a competitor, but I just want to have some greater context... Would you consider yourself a direct competitor to Claivoy? How does your product distinguish itself from something like Clarivoy?
     
  6. jon.berna

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    No I do not see them as a competitor. Clarivoy is trying to answer the question "How do I measure my marketing's performance" They are doing great work in this space and I applaud their effort and innovation!

    We at Driven Data are focused on doing 2 things.

    1. Provide enterprise analytics platform that integrations with all of the core software dealerships use on a universal architecture
    2. Connect our data to marketing to drive both loyalty and improve overall campaign performance through all marketing mediums
    The definition of our company is a customer data platform or CDP
     
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  7. jon.berna

    jon.berna
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    D.R. Truth

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    The short answer is yes. The correlation is 61% which means the strength of the association is high (anything greater than 50%). A correlation (good high level article here) goes from -1 to 1. There are other factors to consider. Inventory on the ground has a linear relationship with advertising expense, and although we are talking about engagement not traffic consider the cumulative effect marketing has on a customer reengaging on a website. Not all marketing drives subsequent sessions and more engagement but it definitely helps!

    [​IMG]
     
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  8. jon.berna

    jon.berna
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    D.R. Truth

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    Thanks Alex, shameless plug: We are really excited about this. We connect all of our customer data directly to your Facebook Ad account(s) (FB Custom Audiences). We are seeing match rates of 95% DMS sales, 90% DMS service and 88% CRM leads in an active status. More here
     
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  9. jon.berna

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    D.R. Truth

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    Real quick chart on the relationship between leads and sales and how it is a logarithmic function. This is non-showroom leads vs sales.

    [​IMG]
     
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  10. joe.pistell

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    Thanks for answering my question DR Truth, I've seen this correlation a lot, it's nice to see it in a study! ;-)

    100 units ... Avg Engagement = ~225
    200 units ... Avg Engagement = ~250
    400 units ... Avg Engagement = ~310
    800 units ... Avg Engagement = ~420


    Smaller Store Takeaways:
    • Marketing: Smaller stores without any inventory advantage (i.e. scarcity or Velocity) are doomed to attract grinder shoppers (who'll visit 3,4,5 stores)
    • Sales: What a bi-polar world you're in. You've got loyal hyper-local shoppers (who know your store's name), and then there's everyone else. They don't know your store, they're a friggin battle.

    Big Store Takeaways:
    • Marketing: You've got it all. A big ad budget, a deep product selection... the perfect setup for a 1stop sale.
    • Sales: Sales come easy here, even order takers will make a great living (if the GSM doesn't ax you ;-).

    To the victor goes the spoils... Big stores have sooooo many advantages. This is just the tip of the ice berg.
     
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  11. joe.pistell

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    Smaller stores are not doomed, they just have to be smart (& lucky too ;-)

    Look at the red box below. These stores are high-performance outliers. The shoppers on these websites are super interested. These dealers are CRUSHING their shopper engagement stats...
    upload_2018-3-19_9-14-15.png


    Jon, whats going on here?

    A quick look at the Variables that could swing these numbers:
    1. Small Markets? (big fish in small pond ;-)
    2. Franchise? (Jag vs Kia)
    3. Inventory Scarcity?
    4. Velocity dealer? (crushing the 'Gurus listings)
    5. Destination Dealer? (a long drive from major market)
    6. New/Used ratio highly skewed to used?
    7. etc..
    Ugh! Look at all the variables! But... If there are ANY attributes that a dealer has influence over (e.g. photos, new/used mix, scarcity, velocity, etc) that would be very helpful.

    thnx
    Joe
     
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