At TRFFK, we talk about budgets a lot. We spend time with our dealers to understand their business objectives and work out how we can best allocate their digital marketing budget so it meets those goals. Internally, we are constantly discussing how different channels are performing, while testing to see what is working best. We are also always looking to capitalize on consumer trends to optimize campaigns in real-time. Which brings us to on-the-spot budget changes… We take our dealers’ opinions very seriously, but it is crucial that we are able to make decisions and changes by the moment, so we thought we would explain the top reasons why that would happen:
1) Search is demand driven, pure and simple. If the demand is not there, then we need to create demand through Display. For example, there may be a new car launch or a compelling OEM campaign which the dealer can really surge, so we want to get aggressive on the campaign to push sales. Consumer demand shifts daily (and sometimes even hour-to-hour) so we want to respond to that in real-time in order to capitalize on the opportunities increased Search demand provides.
2) While we have deep expertise across Search, Display, and Social, we are always looking at emerging channels and believe it’s valuable to experiment with these a little. For example, a more progressive consumer might be consuming media on online radio, and it’s important that we continue to reach consumers in the places they are turning up.
3) When it comes to digital marketing, timeliness is everything. How consumers search for vehicles and interact with media changes throughout the seasons, so we need to adapt dealers’ campaigns to that.
4) Then there’s cost efficiency. If we see an opportunity to reach consumers in a very cost effective manner, we want to take advantage of that real-time opportunity to acquire media consumers and generate those savings.
5) Finally, it boils down to trust. Just like you trust your financial broker to make on-the-fly decisions that will benefit your portfolio, we aim to build relationships with our dealers where they trust us enough to make some of these decisions on their behalf. After all, if we are making rapid budget allocation changes, it means we are on-the-ball, responsive, and working hard on your behalf!