Last month, this article concentrating on traditional & digital advertising from BOC Partners founder Britain O’Connor originally appeared in an issue of New Jersey Auto Retailers/NJ Car Magazine. Before you get into part two, part one was posted earlier this week!
Back to your advertising budget.
Continuing with our example…
“Consider a common car shopping scenario: a consumer views a car manufacturer’s television spot or maybe one of yours or your competitor’s, then went on Google to research, clicks a text ad, ends up at your website, and does some virtual tire-kicking…”
The next month rolls around and you begin reviewing the prior month’s data. Your display ads pulled a couple thousand clicks, but accounted for zero online or phone leads. Your CPC/SEM campaign pulled only a couple hundred clicks at the same cost, but accounted for over 40 appointments made. So, you do the ‘wise’ thing and invest in what you ‘know’ works. Money is pulled out of display and put into CPC. The only problem: your data did not reflect the reality of your customers’ shopping patterns. You don’t know what you don’t know. Therefore, bad data in equals bad data out and your sales suffer two months later. Congratulations, you just poked yourself in the eye and didn’t even notice. As they say, a little bit of knowledge is a dangerous thing.
Imagine yourself on a fishing trip. Your line is off the starboard and you see a fish jump off the stern. You immediately real in the line and cast it to where you know the fish are. Five minutes later you spot one off the port. Real in the line and try and again. Next comes the forward, then starboard again. Diversity is the name of the game. In today’s world, no one approach will suffice. Budgets permitting, fish with 3 lines all at once. Check the bait and have some patience. Enough is enough. There is no such thing as a Digital Advertising Budget or a Traditional Advertising Budget. Your customers aren’t divided that way. Each and every marketing investment can be simply defined as a dollar spent to deliver a message to an individual in order to spur an action. You simply have 1 budget with 1 goal: selling cars. Be on the lookout for part three, the final part of the article, which contains Britain’s continuing thoughts on this scenario, as well as how to handle your advertising budget!