Your Ultimate “Buzz Word” Glossary

As the automotive industry rises to the digital occasion, there are a lot of buzz words that get thrown around- machine learning for your internet sales, conquesting your competitors, or perfecting the sales funnel.  But do dealerships actually know what the terms mean and how to implement these solutions for automotive lead capture?  Here’s your ultimate guide to the new buzz words tossed around in the automotive industry:

Machine Learning: Machine learning is a type of artificial intelligence where computer systems can teach themselves as new data comes in.   In human language, this means that machine learning systems can learn about your website visitors in real time and understand their behavior and habits to dynamically populate the website with the most relevant information for the visitors. A system like this can optimize your website with little staff time and management and can act as your savvy digital salesman.

Conquest Marketing: Conquest Marketing is customer acquisition in some shape or form. Some argue that it’s taking away a customer from another dealership and some say that it’s bringing back a customer long lost in your CRM files. Either way, conquest marketing is a marketing strategy that will get your dealership more engaged customers.

Geo-fencing: Geo-fencing allows you to pick a geographical location and draw a virtual “fence” around the area for sophisticated targeting.  For dealerships, geo-targeting allows for more personal, relevant messages and offers to local website visitors versus website visitors that may be browsing from afar.

Retargeting: Retargeting, also known as remarketing, can be understood as marketing to website visitors who have already visited your dealership site.  Retargeting is important because it reminds the website visitor of your dealership in subtle ways.  However, with retargeting comes a lot of conversion-less clicks.  Without implementing a conversion optimization plan, your retargeting can get expensive with very little ROI.

Sales Funnel: The sales funnel refers to your entire sales process- from digital to reality.  The sales funnel includes everything from the lead forms to the CRM, from the follow up to the lead nurturing.  A proper sales funnel will include many different pieces that will work together to capture more leads for the sales team to follow up immediately and bring into the showroom for test driving and purchasing.

Not sure how to incorporate these into your digital plan?  Contact us for a free consultation and we’ll make sure you fully understand these buzz words and how they affect your dealership every single day.

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