What Does this Mean for Automotive Marketers?
In October of 2020, Google released an updated version of Google Analytics, which they assert runs by a new Machine Learning algorithm. The update provides additional avenues to monitor and track new and crucial data trends, giving marketers a wider lens into online opportunities.
So, what do these changes mean for automotive marketers, and how can you use them to your advantage?
Here, we’ll explore the ins and outs of the update and give Outsell’s point of view on why the improvements impact automotive marketers overall.
Enhanced Trend Monitoring and Predictive Analytics
The key development in this new update is enhanced trend monitoring. The refreshed analytics can now automatically alert users to significant changes in their data by giving users predictive probability outcomes based on sets of data. Alongside this, Google added new predictive metrics that give users the power to forecast potential revenue, site visits, conversions and more.
For instance, say you’re measuring churn by looking at “total users” and “LTV” – Google’s new update forecasts and estimates what your average churn probability will be based on those two metrics.
Re-Organized and Centralized Reporting
Part of the new update gives users the ability to measure app and web interactions together, benchmarking conversion performance by channel through a centralized view. This allows users to monitor and track conversions from multiple apps like YouTube video views, Google Search, and Google Display campaigns, and channels such as traffic driven by your marketing vendor partners.
As part of this, the update simplifies and organizes reporting for users to identify marketing insights based on what area of the customer journey a consumer is most likely segmented in.
What this means for your Dealership?
What does this mean for automotive marketers? Many auto dealers only use Google Analytics to track website traffic and activity. With this new update – along with other existing Google Analytic capabilities – dealers are only scratching the surface of what is possible.
Overall, this new update gives automotive marketers more transparency and power to drive their marketing decisions. With the enhanced reporting and predictive analytics feature, automotive marketers gain a unique view into the impact their various marketing channels and initiatives have on customer acquisition and customer retention.
This “predictive power” helps automotive marketers anticipate future actions a consumer might take and can help them calculate churn and revenue probability to effectively influence dealership budgets.
Ultimately, this entire update not only gives automotive marketers further insights to anticipate future actions but empowers them with data to hold their marketing vendors and partners accountable. Therefore, it is crucial when choosing a marketing vendor to ensure the vendor includes detailed UTM tags that drive website traffic.
Don’t Miss Out
Google Analytics is a large beast, but it contains a wealth of insights automotive marketers just can’t ignore. With this newest update in mind, the power is in your hands: the question is, will your dealership make the most of it?