by Jim Flint
The concept of common currency is such a great idea. Except that for the most part, people want their own currencies. Dealership employees want their own pay plans. 180 currencies are used in 195 countries across the world. And even Bitcoin is trying to establish a different currency at some level.
The common currency for marketing metrics for dealers could be CPM (cost per thousand impressions).
CPM’s a great level set, but there’s a reason why it hasn’t received widespread adoption and/or utilization. Like other Hulu and YouTube wannabes, Disney will deliver its own platform. In addition, ESPN, AT&T and Xfinity seem to be down an additional path to advise and sell you on over-the-top advertising.
On the other side, Amazon and Netflix are starting to crank out more content than ABC, CBS and Fox, and you’ve got to wonder if we’re coming together or fracturing at unprecedented levels?
With the inherent, instant, internet competition, don’t look for there to be a union of the masses anytime soon. We can watch what we want when we want on our phones. The cable box of the past is now the smartphone in our hands.
The common currency of marketing won’t be reliably available any sooner than when 16,000+ franchised dealers and 20,000 independent dealers across the US agree to the adoption of similar accounting standards and practices.
Don’t dream the impossible dream. Find someone that understands the VALUE of the advertising you buy and who’s able to share how to measure performance through results.
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