Today at the Collision conference in Toronto, sMedia is launching Vroomance – the world’s largest car marketplace that aggregates more vehicles than all other car marketplaces combined. Vroomance provides the most accurate, up-to-date market data on 16 million vehicles, while the second closest car search engine gives access to only 4.5 million cars.
Spring is right around the corner, and you know what that means for dealers – vehicle sales season is coming up.
March is traditionally the biggest month of the year for car sales. In the US, vehicle sales plummeted in March 2018 compared to the previous year (according to Statista).
A Lookalike Audience is a way to reach new buyers who are likely to be interested in your VDPs because they are similar to your best existing customers on Facebook.
Facebook Lookalike campaigns attract buyers of socio-economic status and behaviours similar to your current engaged VDP shoppers.
So, why should dealers bother with Facebook Lookalike audiences?
The Automotive industry is no stranger to digital advertising.
Both US and Canadian markets are continuously increasing investment in digital advertising and marketing. eMarketer experts forecast consistent growth in digital ad spending for Automotive through 2020.
In traditional dealership advertising – whether it’ radio, TV, newspaper or direct email – GMs usually use one metric to evaluate ROI (return on investment): how many people come through the door.
When dealerships adopt online marketing, they lose focus in vanity metrics that have little to no correlation with sales. Marketers start chasing traffic spikes, bounce rate, time on page, or a number of clicks and hit the wall with advertising campaigns. They target wide segments of unqualified traffic for low engagement at a high cost.
Ad spend becomes a liability rather than an investment.
In the previous blog post on VDP optimization, we took a close look at a seemingly attractive “Test Drive” button group and how well such buttons actually convert leads.
Spoiler alert: “Test Drive” buttons don’t yield high conversion rates.
Another popular type of buttons visitors often encounter on dealers’ websites are Finance buttons. In this post, we will take a closer look at which Finance buttons have the highest chance of converting your visitors into warm leads.
Purchasing a car used to be a lot simpler for both – the customer and the dealer.
A customer would visit different lots and test-drive multiple vehicles, giving a salesperson the opportunity to gauge purchase intent. A salesperson would ask a customer for contact information before they leave and re-engage later with a warm prospect.
Now, customers prefer to do most of their research and consideration online.
Many dealers we speak with tend to overlook the potential of their websites.
By not converting interested buyers into leads, marketing managers in dealerships are simply wasting costly ad traffic.
The antidote to a low-converting website lays in putting your data to work.