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Huge News - Facebook will no longer allow third-party data for targeting ads

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Dominion DMS
#42
Dominion DMS
#44
One factor to consider is while third party data providers have a larger network, Facebook has a considerable amount of data as well. It's only a short matter of time before they launch an alternative.

In the interim, dealers should think about how they will attract customers to their digital properties-- Facebook or web.

Players or content that can operate as "first party" will be critical to steal market share while everyone else is scrambling. We think virtual reality test drives will be one of the winning methods.
 
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#45
Our analysis of 2017 Driven Data's early adopter customers had the average monthly loyalty at 17%. (We define loyalty as anyone that has previously transacted that purchased divided by total sales)

This means 83% of customers dealerships are selling each month have never previously sold or serviced. Each month for the average dealer's database we see 500-1500 previously sold/serviced customers that we predict to be in market. To me it makes sense to start thinking like a SaaS business, prevent churn and increase the tailwind you have each month. I am all for dealerships establishing renewal professionals (again just like SaaS companies)

Think about it, the original sales person is probably gone and BDC reps are not typically skilled enough to drive loyalty.

1st party data (CRM + DMS) + predictions is the key to target your database on Facebook. Then follow that by having a process that is focused on renewals.

You don't need 3rd party data to do this...
 
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#46
jon.berna said:
Our analysis of 2017 Driven Data's early adopter customers had the average monthly loyalty at 17%. (We define loyalty as anyone that has previously transacted that purchased divided by total sales)

This means 83% of customers dealerships are selling each month have never previously sold or serviced. Each month for the average dealer's database we see 500-1500 previously sold/serviced customers that we predict to be in market. To me it makes sense to start thinking like a SaaS business, prevent churn and increase the tailwind you have each month. I am all for dealerships establishing renewal professionals (again just like SaaS companies)

Think about it, the original sales person is probably gone and BDC reps are not typically skilled enough to drive loyalty.

1st party data (CRM + DMS) + predictions is the key to target your database on Facebook. Then follow that by having a process that is focused on renewals.

You don't need 3rd party data to do this...
Click to expand...

And even if you want to market for conquest, you can still build look a like audiences using your DMS/CRM data...add to that offline attribution, you can then match clicks to sales in a 28 day window with profit per deal for a real ROI picture....all of which without partner data.
 
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#47
jon.berna said:
Our analysis of 2017 Driven Data's early adopter customers had the average monthly loyalty at 17%. (We define loyalty as anyone that has previously transacted that purchased divided by total sales)

This means 83% of customers dealerships are selling each month have never previously sold or serviced. Each month for the average dealer's database we see 500-1500 previously sold/serviced customers that we predict to be in market. To me it makes sense to start thinking like a SaaS business, prevent churn and increase the tailwind you have each month. I am all for dealerships establishing renewal professionals (again just like SaaS companies)

Think about it, the original sales person is probably gone and BDC reps are not typically skilled enough to drive loyalty.

1st party data (CRM + DMS) + predictions is the key to target your database on Facebook. Then follow that by having a process that is focused on renewals.

You don't need 3rd party data to do this...
Click to expand...

That's a strong statement Jon.
 
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#48
I was feeling strong I guess :)

Honestly Jeff I am just fired up because that data is screaming at me what to do. Plus, I see all of the sins in our business that caused this. Quite simply we ignore sales loyalty in marketing, process, pay plans and hiring choices.

Here is another way to look at it. The highest expressed metric is one where a customer chooses to do business with you twice. You have to do so much right over such a long time to achieve this and arguably every other up-stream metric impacts it.

In the last 2 months I have asked this exact question over 150 times:

"What percentage of total monthly sales have a prior relationship with the dealership?"

The average response from a dealership is 45%. The average response from an agency/marketer is 65%

This is why I am fired up
 
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#49
There are vendors out there who already partner with Oracle to create campaigns on FB utilizing their data, or at least one I can specifically think of. ;) ;) They match your inventory to in-market shoppers searching for a make/model that you currently have on your lot, and send them to your VDP - from the results I've seen, strong on VDP Clicks, longer time spent on your site and a significantly lower bounce rate.
 

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