Learn about a new ROI feature for Auto Dealers using Facebook in this week’s Retail Resilient update!
Digital advertising for auto dealers is getting a boost! Facebook met with a pilot group of auto dealerships last week to discuss implementing a new ROI tool. Dealer Socket CRM Solution for Auto Dealers is now working with the social media site to help dealers track their true return on advertising dollars.
We are extremely excited about this news, and you should be too! Retail Resilient has a multitude of clients currently utilizing Dealer Socket as their CRM solution; the added value of including better ROI reporting through Facebook will be important for those dealers.
Currently the only CRM in the auto industry tracking influenced Facebook sales and sales attributed to Facebook is VINSolutions. Dealer Socket is bringing much-needed competition and innovation to dealerships implementing social media in their marketing plan.
If you currently use VIN Solutions you’ll want to take advantage of their onboard ROI reporting features.
Accessing your ROI with VIN Solutions
1. Log in to VIN Solutions
2. Go to the main dashboard
3. Go to “Insights”
4. Search for “lead source by ROI”
5. Add the filters needed to pull the report. Filters include:
- Month to date
- Group lead by source
Can I get a true match-back report for sales without VIN Solutions?
Yes! Simply upload a CSV file into Facebook and perform a match-back report to calculate sales attributed.
Why is this Important?
Digital advertising for auto dealers on social media is showing the highest ROI we’ve seen in the past four years, and numbers are only growing. Those numbers could skyrocket in 2021!
Most auto dealerships spend between $5000 and $8000 per month on social platforms, and yield a 10x return on that money. Those are incredible numbers; if your dealership is underperforming, you want to effectively monitor your ROI and fix any issues which arise.
Of course, fixing these issues is easier said than done. If your auto dealership is seeing poor numbers you have one of two problems:
- Your marketing partner isn’t spending your money on top performing Facebook Funnels
- You have a sales process issue
According to Gail Rubinstein, Retail Resilient’s CEO, in her 24 years in the auto industry, 80% of the time the issue is the sales process. Sales teams and BDC staff answering social media leads need word tracks, tools and resources to help handle appointment booking, tools and lessons in monitoring appointment show rate, and lessons in handling customer objections in order to close a sale.
It Doesn’t Have to be This Complicated!
These social selling updates can be intense, and sometimes a refresher lesson is in order. Retail Resilient is here to help, and we’re here to keep you updated with everything social. Check back in a week for our next weekly update, and until then, remember to sell more cars and make more money!