Yes. Additionally, it's just a matter of time before a good, custom Multi-Touch Attribution model is created for Google Analytics. There are options for such things, but it's not being taken advantage of by most. Automotive is simply sleeping on this level.
Evaluates the true cost per engagement and cost per lead by embedding Clarivoy's proprietary Multi-Touch Attribution model directly into Google Analytics so you no longer need to rely on Google’s last click attribution.
Last-touch attribution models, or Last Interaction models in Google Analytics, give the last channel the user clicked through 100% of the credit for the conversion. Conversely, a First-touch (First Interaction) model would give the first channel a user clicked through 100% of the credit for the conversion. For example, say a potential guest first clicks on a PPC ad, later clicks on your Facebook ad, and then the next day directly goes to your site and books a room. Using last-touch attribution, the direct channel is given credit for the booking; using first-touch attribution, only the PPC campaign is credited with the conversion. In both models, the Facebook ad is ignored completely, even though it played a part in the booking.
Using a multi-touch attribution model spreads credit over different channels depending on controls.. A multi-touch attribution model would give the PPC campaign, the Facebook Ad, and the Direct visit credit for the conversion. By creating a customized multi-touch attribution model to track conversions, marketers are better able to allocate their budgets and understand the paths guests take when booking.
So, if you were a dealer, and you are looking at marketing decisions, which specific methods would YOU use to make marketing decisions? What I'd like to hear, is which tools, platforms, and metrics would YOU use.
I completely agree there is more to marketing than just lead counts and "conversions", but I get pretty frustrated when people say this "full picture stuff", but don't provide actual solutions for HOW to measure your marketing based on the full picture!
The problem with the CRM data, and DMS data for that matter is "garbage in, garbage out". As a few of the commenters have said, a lot of the time it's a process problem, but it is also a data problem. You should absolutely be focusing on your prior transacted customers and then following up with prior inquires. It's a multi-step, multi-channel approach that can be overwhelming and ineffective when done incorrectly. The first step to your marketing needs to be a clean, intelligent database, and then structured and targeted messaging and segmenting from there.
Consumers are using more data than ever before, more sources, and less showroom visits. 86% show up in your showroom knowing what to buy. You can't rely on just one channel and bad data to make your marketing decisions.