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Archive for June, 2012

The Internet’s Role in Generating New Car Sales Leads

Posted on: June 29th, 2012 by credit

 

Car dealers should realize that as the automotive industry recovers, the market for new vehicles remains lively. A recent study done by J.D. Power showed that 77% of new car buyers use the Internet to help them in the car shopping process. The Internet has been a great contributing factor in making the competition in the industry livelier and tighter. Thus, car dealers need to be more aggressive in catching new car sales leads.

Based on the study, some of the factors that affect the generation of new car leads in the Internet are the age of the car shopper and customer loyalty. The study found that the likeliness of a car shopper to use the Internet to shop for cars decreases as the age increases. Car shoppers who are in their 30s and 40s are most likely to use the Internet to shop for cars while those who are aged above 70 years are unlikely to use the Internet to shop for cars. In terms of submitting an online request or turning into new car sales leads, the same age groups who are most likely to use the Internet for car shopping are also the ones who are most likely to submit an online request. Interestingly, car shoppers aged more than 70 years, together with those who are under 30 years old, are the groups who are unlikely to submit an online request.

The study also compared the likeliness of existing or loyal dealership customers to turn into new car sales leads with that of new customers. It would be easy to assume that those who have an existing relationship with a dealership would not be interested anymore to look at other options. However, the results showed that there is a considerable number of loyal customers who are still using the Internet for car shopping, although they are still less likely to submit an online request.

Car dealers should consider these trends well in automotive consumer behavior. To keep pace, they should use all available and possible online marketing strategies to generate more new car sales leads. Moreover, the study implies that car dealers need to take care of their existing customers as customer loyalty plays an important role in keeping a dealership alive. According to the study, the common reasons why new car buyers purchase from a certain dealership are their prior experience with it, recommended by friends, and the information they got from the Internet, which appears to be the most influential reason outside dealership experience.

Subprime Auto Leads: From Precarious To Profitable

Posted on: June 28th, 2012 by credit

As the economy grew more unstable, not only to consumers and buyers but to businesses and companies too, car dealerships also started losing opportunities as the demand for cars sharply declined due to various factors such as high gas prices and costs of car maintenance. Financial glitches in individuals have a parallel effect in the car dealership market and this is the reason why dealers started to look at the concept of subprime auto leads in a different light. What used to be a risky investment now turns out to be a profitable solution.

In a perfect world, car dealers will not be in favor of subprime auto leads because offering car loans to people with bad credit is a gamble. However, this thinking has been gradually losing its hold due to the rising number of individuals who are in a financially compromising status. This situation left car dealers thinking of another way to gain profit and found the answer by focusing on a new target market—people with bad credit. More often than not, these poor credit holders are ignored by financial institutions and car dealers because of their bad credit history. However, they are still capable of making payments and were once good credit holders. These leads are not as advantageous as normal leads but in a time where normal leads are difficult to come by, you need to be practical and convert subprime leads into sales. In addition, generating subprime auto leads are easier to manage now because of innovations in technology. You can effortlessly keep track and record all of your borrowers as well.

According to statistics, there are more people hitting a financial hiccup than people who are financially stable. This means that you have the power to tap into a greater target market by focusing your energy and services to the larger half of the fraction. By doing this, you will have more sales coming in through subprime auto leads than from normal leads which usually come from people with good credit records.

As a dealer, you have to consistently find ways and opportunities to gain profit even amid financial problems that may arise, be it an economic crisis or an increasing number of credit-challenged people. Think out of the box and come up with ideas that will turn what used to be uncertain investments into profitable alternatives such as generating special finance leads. Remember that a sale is always possible as long as you do not stop pursuing it. Moreover, big dealerships are still alive today despite the crisis mainly because of special finance leads.

Excellent Dealer Response: Key Element to Satisfy New Car Leads

Posted on: June 27th, 2012 by credit

One of the most important aspects in converting internet new car leads is your response to them. It doesn’t take a rocket scientist anymore to figure out that your response must be quick. Here are some facts to give you more concrete reasons why you should take your internet-generated leads seriously.

Response Time

Customer satisfaction is a vital element in keeping your leads and having consistent growth in sales. One way to achieve that is to have excellent responses to each query.

Based on a J.D. Power study, customers love receiving responses within an hour or less. In a 10-point scale, an 8.6 satisfaction rating was given by car shoppers to such response time. So far, dealers have been doing a great job responding to online queries almost all the time. The study also noted that car shoppers most likely buy from dealerships who responded to their queries.

Sufficient Information

Aside from being quick, satisfy your leads by giving them the information they have requested. In the study, a small percentage of the respondents said that some dealerships do respond but only answer with limited information. Apparently, this kind of response pushes customer satisfaction rating down. The study noted that some dealers only give limited information because they prefer disclosing more information when the new car lead visits their dealership.

According to the study, the information that leads often request for are the car price and the availability, features and specifications of a car model. Among these, the car price is the most requested information. It is therefore important to respond to your leads by providing them with the information they have requested for to win their satisfaction.

Other Contributing Factors

The study also showed that internet leads must be contacted immediately. The sales process or the lead conversion process does not start when the new car lead has visited your dealership. It starts at your first contact with them. This is also where you have the opportunity to establish good relationships with your prospects. In addition, sending the same sales staff to help a customer until the end of the purchase boosts customer satisfaction rating.

Customer Satisfaction

Why is customer satisfaction a big deal? You could only produce loyal customers when they are satisfied with you, your service, and your dealership. Loyal customers would keep coming back to you for future vehicle purchase, your services, and even recommend you to their network of influence. Moreover, satisfied and loyal customers would not turn to other options, giving you guaranteed sales. Keep in mind that good dealership and vehicle experience will result in customer loyalty. Thus, take care of new car leads well and always strive to meet their expectations.

Trigger Leads are Advantage, But Not All the Time

Posted on: June 26th, 2012 by credit

Trigger finance leads are information of people who have pulled out their credit reports from credit bureaus for the purpose of applying for a car loan. The very act of pulling out the credit report makes a person a trigger lead. Credit bureaus sell these leads to lenders and dealers but with only limited information. Typically, credit bureaus only provide the applicant’s name, telephone number, address, and some information relevant to the lender’s or dealer’s criteria.

If you noticed, only the telephone number of the applicant is provided by credit bureaus. They do not provide the mobile number and email address of the person. This what makes closing trigger leads highly competitive, but at the same time exciting. Your sales staffs would not have any other choice to reach the leads but to call them up—immediately. Otherwise, your competitors will get to them first. Your sales team, therefore, must be aggressive enough to get the attention of your trigger finance leads. If they get this right, you have a sure sale. However, trigger leads could also be nuisances in another perspective.

Remember that you’re not the only dealership who knows about trigger leads. Apparently, your competitors know about them too and they could be more aggressive than you are. The problem is when they try to get in the way while you try to convert your hard-earned leads into a sales. Think of this scenario: You are wondering why a prospect who has just called you and was so interested in your offer suddenly never called again. You would then find out that a competitor reached out to your prospect as they found out that he just pulled out his credit report. That would be devastating. So, how are you going to stop loosing your leads to your competitors who have become like almost experts in closing trigger leads?

One, talk to your leads upfront. Respond immediately after they have sent their query in. Warn them about other dealerships who might call them up and try to convince them to get their offers. In many cases, people blame lenders and dealers for giving out their information to other companies whom they haven’t talked to. You should avoid this from happening to you by informing your leads about such dealers and telling them not to entertain them.

Two, keep them interested even at your first contact with them. It is not that easy to do but you have to work toward making them satisfied with your offers that they would not want to consider other options. Lastly, be aggressive in closing your finance leads. Always keep in mind the various types of competitors you have around you. Train your sales department to be competitive in this area.

Basic Concepts in Internet Automotive Lead Generation

Posted on: June 25th, 2012 by credit

Leads internet generation is the process of acquiring sales leads through the use of various internet marketing strategies. Generating leads using the internet has grown in popularity and made the automotive industry more competitive, especially as it recovers from the recent recession. Here are some terms and concepts that are important to understand especially for new dealers who are just beginning to build their dealership’s presence online.

Blogs

Blogs are essential in online dealership marketing. Your dealership website should include a blog page where your visitors could find helpful information. The content of your blog must be informative rather than promotional. This means that although keeping a blog is part of your internet marketing strategy, its main purpose should not be to promote. Providing fresh, quality, genuine, and useful content for your visitors will build an image of your dealership that is trustworthy and credible. A dealership blog also helps a lot in driving more traffic to your site.

Keyword Research

This is an important skill to learn when marketing your dealership and generating leads online. Keyword research is done by using an online tool or software to find out what keywords are commonly keyed in by users in search engines. Once you obtained a list of these keywords, use them in your content—photos, videos, and articles—in your dealership website or blogs. The keywords and the content always have to be relevant to your business. Also, observe the regulations set by search engines in using most searched keywords in your content.

SEO

SEO or search engine optimization is the process of improving your dealership website’s visibility in search engine results pages, making it appear as one of the top results. The end result would be an increase in traffic as people see your website right away as one of their search results. Some of the techniques used are directory listing, link building, forum marketing, and anchor texts. SEO does not yield results overnight. Although you would have to invest time, money, and effort, you will eventually reap a rich harvest from your SEO campaign. This is one of the most important and basic leads internet generation techniques that you have to learn, and perhaps master, in order to firmly establish your online presence.

Landing Pages

Landing pages are where your visitors will be directed when they click on an ad or link. These are essential in winning your visitors and turning them into leads successfully. Landing pages do not have to be grand but they just need to be simple enough not to confuse your visitors and to effectively cause them to take action. Moreover, they have to be engaging so as not to lose your prospects who are already in the verge of turning into sales.

 
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