When’s the last time you had a solid, worthwhile conversation with each of your vendors? It’s something worth thinking about. If nothing else, recent events may have spurred some conversations and forced dealerships of all shapes and sizes around the country to take a closer look at some of their vendors.
The second quarter of 2020 is not starting the way anyone in the industry anticipated just a couple of months ago. While most of the American population is at home, it’s not all bad news. With more and more people working from home, there’s more online traffic than ever and more online search volume than ever. This means that your dealership has more of an opportunity to set itself apart than ever.
In the midst of more and more Americans separating themselves from the outside, comes the fact that the world doesn’t stop turning. Though a lot of the country has been asked to keep ‘social distance’ from one another, it doesn’t necessarily mean that work stops. After this past weekend, a good majority of America is cooped up their homes, isolated from friends and family, many being asked to work remotely.
Have you caught the CPO wave? CPO vehicles are seeing an 8% YOY gain and a Cox Automotive Data Point suggests that nearly 216K sales were made last month. Almost all sources, including Edmunds agree that CPO sales are projected to increase in 2020.
Your DMS and/or CRM are repositories of customers that have already placed their trust in you and from whom you should be able to get more service or sales business in the future. You should be keeping those customers informed of specials on an ongoing basis with regular touches.
Be proactive about telling your prospects why they should buy from you. Many consumers are researching or thinking about the idea of purchasing a vehicle for three to six months prior to pulling the trigger; 78% of them don’t know where they will buy within 3 months of their purchase(1) . You need to use that time to influence their decision and regularly remind them of your brand.
Shoppers have fundamentally changed how they consume advertising because they have fundamentally changed where they consume media. The online communities where consumers spend an ever increasing amount of time is where you need to deliver your advertising. Consumers are doing their research in these discovery platforms, such as Google, craigslist, YouTube, Facebook Marketplace, letgo and OfferUp, mostly on their mobile devices. They are also spending large amounts of time in online channels like Facebook and Instagram. You must get your advertising on those platforms and ensure your site is mobile friendly to deliver your values and branding to those consumers.
If you’re interested in growing your business, you’re likely already asking yourself how you can market better tomorrow than you did today. Whether you’re having a good month/quarter/year or a bad one, you should be looking at what you can do better. Today, we’re seeing the most success for dealers that are following these five key strategies. If you follow these and learn to reach your audience where they are, you will succeed.
It is no secret that Google.com dominates the search engine market share. Regularly hovering around 85% to 89% of all monthly searches performed in the U.S., having a solid Google Ads campaign setup is crucial to your online advertising success.