Is Geofencing right for your store?
Although geofencing technology has been around for some time now the retail automotive industry has been slow to understand let alone embrace it. In a post from July of 2015, Automotive News stated; "Geofencing is a key strategy for big retailers such as Target. But only about 10 percent of auto dealers use it." Simply put, geofencing allows a business to create a digital fence around a competing dealer and aimed at individuals who are leaving that dealership after browsing for a vehicle. Sounds great to many, but is it the magic bullet to grab those additional sales?
Investing in any new tool or marketing plan will only be as effective as your existing process and management allows. If you could pull in 50 more leads per month is there any guarantee that your team would close more sales? Would those leads be worked the same way your current leads are, which is possibly to say say, ineffectively? Data and analytics powerhouse String Automotive estimates that upwards of 81% of car dealers have less than a 50% market share in the 15 mile radius of their dealership. If you aren't maximizing your penetration in your own backyard should you be spending money to target the dealer across town in hopes that someone on their showroom may see your banner ad and decide to buy from you? Many times our ego drives us to reach for our competitors business however often it is far less expensive and requires less effort to simply capture a bigger share of your own PMA. In the end the decision is up to the individual dealer however, from on top of our anthill it looks like the best bet is to own your yard, then set out to take over the world!
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