If your website analytics show that 44% of traffic exits your page after visiting a VDP, you know that the user didn’t find what they were looking for. So, what do you do? You take steps like reviewing 300,000 actual sales records to identify the best-selling preowned cars in the market.
The result? Changes in inventory can achieve 67 more car sales in that month.
A Cleveland-based Honda dealer signed with Advance 360 in 2015. During March of 2016, the dealer added used car dynamic inventory SEM to supplement traditional new car SEM. During the first eight months, the dealership saw tremendous lift.
- 325 TOTAL LEADS (form fills and calls)
- 15% average internet closing ratio
- 49 cars sold
- $112,161 gross profit
You achieved 1,000 calls in your BDC. Do you know how many of them were initiated in your VDPs? You got 50 test drives last week. How many can you expect to move on to negotiate and buy? Last month your dealership sold 200 cars. Of those new purchasers, how many will transition into regular maintenance programs with your service department?
If you can readily find this information or can call these numbers to mind, congratulations, you are better than most. If not, you have a distance to go, but can rapidly make improvements on how you view your sales funnel and ultimately, can influence new buyers.
Your sales funnel, path to conversion or decision journey: these synonyms all describe the natural events that occur in order to generate a sale. It looks something like this:
- 1000 people visit your website, which generated 4,500 VDP views.
- Of those VDP views, 1.25% initiate contact.
- Of those that contact, 50% make an appointment.
- Of those, 25% will perform a test drive, and
- Of those, 50% will buy from your dealership.
Do you know and understand how each of these points along the funnel can be amplified or improved? If you know the conversion metrics, you are better than most. If you’ve identified ways to optimize your VDP’s for more points of contact, you are in the top 2%. Use what you know to generate more sales!
For more on this topic and to download a funnel worksheet, click here.
Our market research team routinely analyzes trends in automobile purchasing, identifying where people are buying, what they are buying and from whom they are buying. We use this research to locate your customers wherever they are online and deliver targeted messages to them. The auto buying process is no longer linear. We use data to find auto intenders online based on of their online behaviors, and are able to deliver targeted messaging directly to them across multiple channels, delivering the right message to the right customer.