Auditing your RV dealerships marketing budget has never been more important than it is now.
If you want to be one of the RV dealerships that stay around and don’t get bought out by a giant like Camping World, then you have to make sure your marketing and sales processes are lean and efficient.
As you look at auditing your RV dealerships marketing budget, there are a couple things to keep in mind.
The whole purpose of our marketing is to create a conversation and customer lead for our sales team.
This means our billboards, TV commercials, radio ads, digital ads, etc, are all designed to create a conversation with our sales team and our customers.
So when we look at our marketing budget and where we have our dollars allocated, we have to keep at the top of our mind, “how many conversations did this marketing avenue create?”.
This is important to keep in mind because say our monthly marketing budget looks like this:
- Billboards – $1000
- Radio Ads – $1000
- Local TV ads – $5000
- Online Ads – $500
With this outlined marketing budget your RV dealership would be spending $7500 a month to start a conversation with your sales team and your customer.
The next piece of the puzzle is understanding how many conversations these marketing avenues create.
So for example, say you track the conversations and it looks something like this:
- Billboards started 100 conversations. ($10 per lead)
- Radio Ads started 75 conversations. ($13 per lead)
- Local TV Ads started 300 conversations. ($16 per lead)
- Online Ads started 100 conversations. ($5 per lead)
If the numbers look like this when tracking the conversations and breaking down your budget it won’t be hard to see how your RV dealership could get more efficient.
If your RV dealerships marketing audit produce similar results to the numbers above then it would make sense to adjust your budget.
Think about it.
We will never sell a RV without starting a conversation with our sales team and our customers.
So the main objective in your marketing should be to start that conversation.
If it cost you $5 a lead to start a conversation using your online ads, while it takes $10+ to create a conversation with a radio, TV ad, or billboard, then to create a lean marketing process we would adjust our budget and put more into our online ads.
Sometimes this is hard because it is harder to track the ROI of our TV ads, radio commercials, and billboards.
Without having a solid process and asking every buyer, “What piece of our marketing brought you to our dealership” it gets hard to track.
The good thing about online ads is the date is right in front of you.
With online ads you can see how much it cost to get the click back to your website.
Next you should track how many of those clicks turn into an internet lead, so you can track online ROI.
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Auditing your RV dealerships marketing budget like outlined above is very important.
When your competition are giants like Camping World, it is impossible to go head on head with your marketing budget.
The only way to sustain against a giant is to have leaner marketing and sales processes.
So don’t make the mistake of never auditing your RV dealerships marketing budget because it could be the reason your dealership gets bought out.