You put a lot of effort in your sales events. The planning, coordination, staffing and setup can be both costly and time consuming for you and the members of your team. As your marketing strategy becomes more and more targeted and you need to engage with your client base in a variety of ways, including social media, direct mail and targeted digital marketing, it can be hard to determine if all these efforts are paying off. To get a better sense of where you stand, Royal Auto Marketing has a few strategies to determine some key performance indicators such as ROI (return on investment) so you can maximize your marketing budget and make the most of your car dealer sales events.
Auto sales events work, especially when you have a tailored automotive marketing strategy. The sales event has been time tested and that’s why we keep having them, that’s why your competition has them and that’s why everyone from retail stores to grocery supercentres have door crashers. Even though the events are working, there is a way to find out if your events are worth the money put into them so you can fine tune your approach and maximize your profit.
Return on invest is the bread and butter for your marketing team. This calculation is a performance measurement that gives you an idea of how an investment has performed and ultimately, if it was worth it. These calculations are expressed as a percentage and easy to calculate using an online ROI calculator. The calculation doesn't have to be complicated and many online calculators are more intricate if you have the information to plug into them.
In addition to the ROI, you should be keeping track of other KPIs (Key Performance Indicators) such as attendees, respondents to surveys or self reported advertisement respondents. KPIs should be measurable and in your control. Setting a KPI such as “How much fun did people have?” is not a quantifiable way to judge your event’s success. Look for ways to measure (with numbers!) event outcomes. Ask customers to bring in a voucher from your targeted direct mail campaign to judge how people are responding. The key is to set up objectives prior to your sales event and track the results to get true knowledge of how your efforts are paying off.
Actively targeting your marketing campaigns and engaging your local clientele is key to the success of your sales event. While you’re investing in your marketing and sales objectives, have measurements in place to actively test your tactics. Be prepared to adjust your strategy and be flexible in the face of hard numbers. Ready to learn more about KPIs or need someone to help you plan your next sales event? Royal Auto Marketing can help guide your marketing efforts so you get the most out of your auto sales event. Automotive marketing can be a challenge. Trust the experts to help.