Knowing that finding the exact equilibrium between marketing campaigns and incentive spending could be a tricky business for auto executives, JD Power and marketing analytics company MarketShare have teamed up to bring their support.
According to Thomas King, JD Power’s vice president of the Power Information Network, traditionally has been very hard sticking the right balance between the two categories reaching the proper mix of evaluation and final investment. According to MarketShare, around $3 to $5 goes to incentives for every buck spent on advertising, but the final mix can vary widely among automakers. “Both of those activities have the potential to help manufacturers sell more vehicles, but one of the challenges is how do you find the optimal mix between those two categories of spending,” commented King. JD Power and MarketShare will now bundle together data, tools and reporting from Power’s PIN and MarketShare’s DecisionCloud to mitigate the marketing/incentive effort in a drive to increase sales.
JD Power’s PIN (Power Information Network) is used by automakers to corroborate auto incentives with sales, pricing and incentives by having transaction data collected from dealerships easily available. MarketShare’s DecisionCloud has analytics at hand to further optimize promotional spending through marketing-mix modeling and cross-channel attribution, among others. The company says six carmakers, among them Ford, have used its tools to better direct their advertising and marketing efforts.
Via Automotive News