As automotive advertisers, we all have our preferences and partialities, and so our preconceived leanings often influence our decisions – for better or worse. However, preconceptions should never play a part when deciding on an advertising strategy. As 2016 nears its end and budgets and marketing calendars are planned for automotive advertising in 2017, automotive dealers and agencies alike should use Evidence Based Advertising as the foundation for planning.
To limit bad ROI, Evidence Based Advertising relies heavily on verifiable data and transparency to guide organizations toward sound decisions about their ad spends.
Preparing a 2017 budget and strategy requires companies to assemble advertising channels that will sell units and yield the best data to continuously grow market share and increase ROI. The simplest and most effective way to choose your channels is to use Evidence Based Advertising.
3 Components of Evidence Based Advertising
Evidenced Based Automotive Advertising in 2017 uses Measurable, Observable, Repeatable data to analyze and assess the channels that make up an advertising program and rate their three meaningful components:
1. Efficacy: What is the return? What are the tangible results? Do they meet their goals and objectives across all targeted departments? Are the campaign’s ROI claims supported by measurable, observable, repeatable data?
2. Efficiency: What are the quantifiable, measurable results metrics? i.e. Did the return meet the reasonable, pre-established schedule? Goals are meaningless without a deadline. Fifty units in three months is galactically different than 50 in one year. Was the Cost Per Acquisition in line with or better than industry norms? Were response rates in line with or better than industry norms? What were the measurable demographics of responders? Are you achieving optimal reach and frequency with your target customers and shoppers per dollar spent within the campaign deadlines?
3. Evidence: Evidence Based Advertising means accountability and results that are verified through straight-line, transparent tracking via multiple online and offline channels from campaign launch through every response, sale and delivery. Key Performance Indicators, analytics and insights are always available via easy-to-use reporting platforms in formats that are clear and easy to understand.
Devising a Plan
Evidence Based Advertising is a clear, scientific way to make crucial planning and buying decisions for your client or dealership.
Many channels have characteristics of Evidence Based Advertising already baked into their foundation, e.g. direct mail, email, phone tracking, retargeting, behavioral marketing, and lead capture strategies for your website.
But you have to make sense of these hundreds or even thousands of metrics. The key component to avoid information overload and make better planning decisions is the ability to compile the data from all these channels and assess the overall ROI in an easy to understand format. Choosing the best evidence based strategies for your budget allows you to create unstoppable momentum and offers indisputable transparent proof of what’s working and giving you the most return – and what’s not.
Smart dealers and agencies are embracing the advantages of Evidence Based Advertising and the data analytics it offers to invest in advertising and marketing strategies with the best immediate and long term ROI, while weeding out inefficient and underperforming programs that waste time and money.
Take your automotive digital marketing to new levels and achieve your goals with using Evidence Based Advertising.