One of the most important elements of any marketing plan is the ability to track the effectiveness of new initiatives.
The ability to compare conversions prior to and following changes in an email or direct mail campaign can indicate whether you are receiving an adequate return on your marketing investment. One of the most valuable methods for determining ROI is closed loop analytics, which provides key metrics of marketing initiatives.
In most inbound marketing strategies, analytics play a critical role. However in an email or direct mail campaign, automotive closed loop analytics can provide insights that can springboard your marketing to new levels of success.
The metrics of automotive closed loop analytics can measure a variety of results including website visits, showroom visits and purchases. Depending on the granularity of your metrics, you may also be able to determine specific characteristics of these interactions like age group, income, or level of enthusiasm.
Comparing the results from before and after an email or direct mail campaign can help you identify the most important components of your new initiatives and expand them, including:
- Long-term results—Automotive closed loop analytics can provide results throughout the lifetime of your company. Once you have implemented an analytics system that integrates your email or direct mail campaigns with your CRM system, you can continuously receive insights. As your needs or objectives evolve, you can modify the resolution of your analytics to help identify the most lucrative consumer markets.
- Agile system—Most closed loop systems are easily modified to allow virtually immediate results from an email campaign. If you would like to know how many people clicked on a Call-to-Action (CTA) in the latest batch of emails, then you only need to click a button. This type of responsiveness may require additional investment up front, but the data available can help make your dealership a success for years to come.
- Identify key marketing ideas—One of the most elusive objectives in any marketing strategy is identifying the marketing message that is most effective. Automotive closed loop analytics can instantly identify those components and help you understand why they are so successful. For example you may find lifetime service options are a key to maintaining customer relationships which bolster sales.
- Unique metrics—Measuring ROI on direct mail has been difficult in the past, but with the use of new techniques like showroom controls or dedicated phone lines, you can accurately measure how effective your new initiative is. Using a phone number exclusively for direct mail responses and coupons with RFID tags can indicate the precise number of reactions with a relatively low cost.
Inbound marketing strategies are designed to coax consumers who are already interested in purchasing a car find your business and make a purchase. With the aid of automotive closed loop analytics, you can refine your marketing strategy to identify those consumers who are most likely to lead to a sale.