With its latest release, the String Dealer Positioning System now provides dealers with an easy way to track market share of new and used vehicle sales every month. See right away where your best conquest opportunities lie and what your customers are cross-shopping.
We normally don't make a practice of blogging about every new feature here at String, but we're so excited about the latest feature in our new analytics product that we just had to share.
Why rely on guesswork when planning your conquesting? Why turn to gut feelings when determining how well you sold in your backyard – or in your competitor's? Numbers don't lie, and the Dealer Positioning System (DPS) provides the sales data you need to stand on solid ground when evaluating past performance and shaping future campaigns.
Monthly Market Share Calculated on Demand
Waiting for your OEM to send sales performance stats – which you have to make readable – is not an ideal situation when you have to make advertising and strategy decisions on the fly.
The DPS allows you to check up to three months' worth of vehicle sales on an interactive map centered around your dealership. We partner with Experian to provide registration data that goes beyond what your OEM sends you.
Organized by zip code, the data tells you exactly what percentage of new cars from your make were purchased at your dealership, as well as the percentage of used car sales you put on the board:
Now you have a way to track the growth of your market share for both new and used cars in any area near your dealership. Armed with that data, you can make better decisions on your advertising's effectiveness and spot new opportunities for expansion.
Curious to see if the mailers you sent to particular zip codes paid off? Look at your market share month-over-month to see if those extra sales are part of a general rising tide, or if your messaging worked.
And don't forget that the DPS allows you to look at your website traffic on the same map. If you see a rise in direct and branded traffic, but no growth in sales, then the problem may lie with your web content rather than your mailers.
Suddenly, identifying leaks in your marketing funnel becomes a whole lot simpler.
Know What Your Customers Are Cross-Shopping
It's no secret that buyers compare several different makes before setting their sights on a vehicle. Aggressive dealers wait until that moment in the purchase process to conquest beyond their OEM, but it's largely driven by instinct rather than data.
The DPS leverages insights from Dataium to tell you what other makes your customers are cross-shopping, and how many vehicles from those manufacturers were purchased:
So, instead of relying on your gut to tell you that your best bet is to go after Honda shoppers, you can see right away if that's the right target audience to conquest.
Google Analytics Goals Got You Down?
Also included in this latest release of the String DPS is the ability to pull web conversions from your Google Analytics data – even if they're not configured within GA itself!
Normally, after configuring goals in GA for your dealership, you would have to wait a few weeks before you have enough conversion data to start making informed decisions. But with our product, we can instantly apply conversions to your existing web stats to tell you how each digital channel performed over the past six months.
Get Started Today
When you're ready to stop the guessing game and start making smarter moves, sign up for a String DPS demo! Get your market share, web traffic, and conversion data in a simple, clean, and engaging tool.