Typically, Automotive Dealers are split between two thoughts on website traffic:
- Any traffic is good traffic
- Only qualified prospects are valuable
Sure, you might have a mixture in your mind of how you value both and technically both can bring you equal results.
All traffic, might be a huge headache and at worst a waste of time.
Qualified traffic, is typically the preferred choice but getting them in-store is a pain point for dealers.
The Average Dealership Website Lead to Visitor (LTV) Conversion Rate is less than 2%
IHS Automotive Network tracks thousands of dealership websites for lead conversions and publishes the results monthly.
The Lead To Visit Conversion Rate (LTV) typically fluctuates between 1.4% and 2.1% - this poses a huge challenge for Auto Dealers, as this does not provide the quantity of first party leads necessary forcing dealers to invest in expensive marketing to drive more traffic to their websites or purchase leads from expensive third party sources increasing their overall marketing budget, cost per lead and cost per sale.
How do you increase your Lead To Visit Conversion Rate of driving qualified traffic in-store from your website without spending a lot of money on expensive third party sources- who are also selling those same exact leads you paid for to your direct competition??? ---> First Party Leads, use an Incentive Marketing System.
When it comes to putting a plan into action for your dealership website, one must take into consideration the many variables that come to play like: location, volume, typical customer personas, and of course budget.
By using the intice® Incentive Marketing Solution dealerships can increase their LTV by 50% to 100% or more effectively increasing the amount of high quality, first party website leads from their existing website traffic at a very low cost per lead and cost per sale. Providing an advertising R.O.I. (Return On Investment) much higher than most any other adversing solution, especially third party sources.
Use an Incentive Marketing System
Incentive Marketing architecture is a powerful tool for affecting behavior. If you wish to induce someone to take action, provide more effective ways in which they can do so- right from home base aka your website.
Attributes of a valid and reliable incentive system:
- intentionality- deliberately developed with the intention of influencing performance.
- externality- devised and administered by a professional third party.
- standardization- applied in a clearly defined manner that specifies, the nature, rules and specified rewards.
5 Best Practices Behind Choosing an Incentive
When it comes to the online purchase journey, it is the perfect key to encourage customers to take the next step in their buying process. Online incentive systems pose an attractive alternative to traditional offline programs because they save more money, allow dealers to have greater control and provide insightful data analytics behind the efforts.
If you wish to induce someone to take action, provide more ways in which they can do so.
2. Offer incentives that relate to your product or service
You’re not in the business of giving away vehicles or your service for free. You’re in business to sell your products and services for profit. Incentives should support that activity and not detract from it.
3. Choose an Incentive that is appropriate for the stage of the buying cycle
Our Premium Visa Incentive Offer will incentivize your customer to convert to a lead with a customized Twenty Five Dollar Prepaid Visa Card. It is enough of an incentive to encourage low-funnel shoppers, however insufficient to attract non-buyers. To receive the Visa Card your customers need to visit your showroom.
4. Keep it simple
Online visitors don’t want to be hassled, they want simple and easy when engaging digital experiences. If something is too complex or overwhelming they’ll just ignore it completely- yikes!
5. Prime an Exceptional In-Store Experience
Priming is what we call it when exposure to some thing influences the behavior of an individual later on, without that individual being aware that the first thing is guiding their behavior to a certain extent. "Primed" consumer behavior is influenced such that consumers act more cooperatively and have an increased sense of satisfaction. Giving the customer an incentive will absolutely prime the customer's in-store experience.
Pro Tip: utilize psychology for a positive brand experience.