Don’t you wish you could categorize your internet leads from serious buyers versus curious shoppers? Would you spend more money trying to capture a buyer who wants a car in 72 hours, over a shopper who doesn’t want to buy for 35 days?
Converting an Internet lead into a sale can feel like a high risk poker game, treating everyone the same with a hope and a prayer that the lead actually responds or calls you back. The more leads you are faced with as the days, weeks, months move along, the more frustrated and exasperated the process becomes, with no clear rhyme or reason on who and why leads become buyers. Most Internet departments have a lack of concern for leads if they have not responded in 3 days. What happens to that lead? Was he a buyer? Did he buy elsewhere? Why didn’t he respond? Was it lack of effort? The questions can be endless.
The truth of the matter, from a data perspective, is the more data you acquire (leads) the more accurately you should be able to predict the outcome of your efforts. In 2015, dealerships are looking for new ways of managing Internet leads more efficiently and with less frustration and more conversions.
Big Data now has companies who provide automated systems to help dealers, an automated system that can predict, categorize and score the leads, using buyer intensity formulas. Helping appointment setters, Internet Managers and E-Commerce Directors become more successful with converting leads into showroom sales.
Dealers spend upwards of $30-50,000 dollars a month to mass market their inventory, in hopes that the 3rd party vendors will throw them some very expensive leads, so, what the internet department does with those leads and a high lead conversion rate is extremely important. Trusting an automated system, which does not fail, or take sick days, or smoke breaks is imperative in order to drive the customers into your showroom. For most Owners and GM’s, that helps them fall asleep at night, knowing a system is in place for lead conversion, and customer conversations!
Here are 3 ways the system will help increase conversions from your digital spending:
A small word for such an amazing feature, determine the target audience who buys at your dealership, plus a breakdown of each buyers profile, to help tell a story about each individual. What are the top 3 makes this person has considered? What type of websites has this shopper been browsing? What price range from top to bottom is being considered? What is her buying time frame? 2 days? Or 20 days? How many days has she been in the market? What was her last activity date? Is this person a previous customer? Do they have equity? What is the value of their trade?
By taking a deeper look at an internet lead, or an in-depth analysis, the system should be able to gather similarities of buyers, and deliver a more relevant message to the shopper, for a higher conversion, and a higher gross profit per individual sale.
Each customer is given an Intensity score, for a more laser focused approach of what and how frequently to deliver messages. A relevant message according to the time frame for buying, such as a 72 hour buyer would be targeted with a more aggressive offer than a 25 day buyer.
Let’s face it, Dealers spend too much money on trying to get leads, for them to sit idle and never be conquered and brought into the showroom.
According to Forbes, 71% percent of leads are wasted, because they are never followed up on. “Businesses are scraping for incremental increases in marketing yields, close ratios, and leverage through technology, yet overlooking a gaping black hole that exists somewhere between their marketing and sales teams. Companies don’t respond fast enough to leads. In fact, they take 46 hours and 53 minutes to pick up the phone and respond to a lead. And the sales rep who does call, only makes 1.3 call attempts before giving up and moving on. “
“The Internet is shortening our attention spans, but sales teams still have absolutely no idea how fast they need to respond to online inquiries to be effective and they don’t have the technology to help them do it.”
“Our own in-house research shows only 27% of leads ever get contacted.”
Most Internet departments don’t have time to analyze leads, as well as categorize them, and score them. This must be done on the fly as the leads are parsed, and a multi-channel campaign must be initiated immediately, and completely.
Selling more and making a higher gross profit is the end result of using big data, in the formula. These days it is not the quality of the sales team, it is “the strategy game that is in place to open the flood gate to lead conversion”, using logic and strategy that only big data can supply. Embrace data, it is the key to not only shopper conversion, but also shopper conversations.