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Auto Finance Lead Generation Quality vs. Quantity

Posted on: February 10th, 2012 by credit

Thanks to the Internet, it is now rather easy for auto dealers to generate leads.  Since most consumers can already be found online, car businesses need not look far to locate their potential customers.  All car dealers have to do is use their websites and apply certain marketing strategies to attract the people who can bring them profit.

However, as easy as auto finance lead generation is, there are two factors that often make the process more complicated.  These factors are quality and quantity.  Both are important, but often one is sacrificed in favor of the other.  An auto dealer should aim to get both quality and quantity when generating or buying leads, and this can be made possible by utilizing more than one lead generation strategy.

Quality is relevant in an auto finance lead because this is what determines if a lead will convert into a sale or not.  Quality leads are basically those which a sales associate has the best chances of closing a deal with, and they can be purchased from reputable lead generators such as Approved Auto Leads.  Quality leads are real and qualified—this means that the customers are really seriously shopping for a vehicle and that they are found eligible for auto financing.  If the customers are serious shoppers and are qualified for a loan, they can surely increase the sales of the auto dealer.  On the contrary, junk leads are those which cannot be converted into sales.  The customers are either not qualified to buy a vehicle and receive financing, or they really are not potential customers.  These leads include those that claim that they have never submitted their application.

Quantity is also significant in lead generation.  Of course, the more leads there are, the more chances of selling there is.  If an auto dealer has 400 leads and all but 40% percent are junk leads, then at least it still has 160 quality leads to pursue.  If the dealer generated 1000 leads and only 20% are quality leads, there are still 200 leads that can be converted into sales.

Some lead generation techniques are able to get quality leads in small numbers, while others deliver leads in bulk though the quality is rather questionable.  There is no specific lead generation technique that can guarantee both quality and quantity to an auto dealer.  What should dealers do to make both factors count and increase sales in the process? The trick is to use several lead generation strategies—those that bring in the numbers and those that make each lead count.

To get more quality leads, a car dealer can use its own website to attract potential customers.  The addition of an online application form in the website would surely bring positive results in terms of generating leads.  To double or triple the quantity of leads, auto dealer can take advantage of subscription lists or directories to reach more consumers.  One technique should be complemented with the other to optimize the process of lead generation and make it most profitable.

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