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It's All About the Show, Baby!!
- 1. It’s All About the Show, Baby! Speaker: David Metter
- 2. About David Metter • President, Automotive, HookLogic • CMO for a large, privately held dealer group for more than six years • Formerly, a GM, sales manager and one of the top Chrysler salesmen in the country • Leadership position at Autobase, a leading automotive CRM company • Frequent speaker at industry events including • Digital Dealer • Global Automotive Conference • JD Power Internet Automotive Roundtable
- 3. It’s All About the Show, Baby! Agenda • How To Identify Quality Leads • Processes For Handling Leads • How To Differentiate And Win • How To Identify The Highest Intent To Buy with Great Data • Q&A
- 4. What is your biggest challenge…. Is it?
- 5. What is your biggest challenge…. *Data courtesy of AutoUSA
- 6. What is your biggest challenge…. *Data courtesy of AutoUSA
- 7. What is your biggest challenge….
- 8. What is Lead to Show?
- 9. What is Lead to Show…. Give your staff more opportunities to close sales The simple math… • Take the total of your “shows” and divide it by the amount of leads • These numbers can be pulled from your CRM or ILM • More important that closing ratio Shows = 100 Leads = 500 Lead to Show = 20%
- 10. What is Show to Close?
- 11. What is Show to Close…. The simple math… • Take the total of your “solds” and divide it by the amount of shows • These numbers can be pulled from your CRM or ILM • More important that closing ratio Sold Units = 100 Shows = 150 Show to Close = 66%
- 12. How do you improve lead to show? Incentives Motivate customers to show up. Give your dealership more opportunities to close sales Tip Key Decisions so Customers… • Put your store on the test drive short list • Visit your dealership over competitors Which dealership should I go to? • Visit your dealership sooner Motivate Buying Behavior so Prospects…. • Walk in without prompting • Seek out sales staff • Enjoy a “feel good” buying experience that inspires loyalty
- 13. What you may not know about HookLogic.. Google-like bid engine Increase sales for vendors, new revenue for retailers
- 14. What you may not know about HookLogic.. Expedia Extras: Incentives to tip buying decisions Advanced behavioral targeting engine Campaigns increase sales 50% or more
- 15. What does Incentivizing a prospect do? The platform is designed to generate additional walk-in traffic that results in incremental sales, at an exceptional ROI. Prospects Touched by Prospects Who Visit Prospects Who Buy All of Your Marketing Your Showroom Before After HookLogic Incentive © 2011 HookLogic
- 16. Targeting capabilities Target the right incentives to the right customers • Provide different offers to different prospects to maximize ROI • Vary offers based on prospects preferences, value to your business or likelihood to purchase • Target offers based on: • Website behavior • Where visitors arrived from Incentive A • IP geo targeting • Marketing channel Incentive B • Lead data • …and more! No Incentive © 2011 HookLogic
- 17. Convert more website browsers into walk-ins Generate incremental leads for targeted follow up and understand which walk-ins are coming from your website. Implementation Strategy: • Offer “walk-in” incentive to website visitors demonstrating in-market shopping behavior • Prospects submit form to receive printable (Suburban – Web Overlay Unit) coupon Historic Performance Results: • 2-4% of users who see offer fill out form • 25-38% of coupon holders visit with a sales person (Lead to Show rate) • 55-85% of dealership visitors purchased a vehicle (Show to Close rate) • Cost per Sale: $115-$135 (Suburban- Printable Coupon) © 2011 HookLogic
- 18. Case Study: The Suburban Collection Program Goal: • Drive qualified leads to dealerships for test drives Implementation Strategy: • Target offers to dealer website visitors demonstrating in-market shopping behavior • Implement an overlay offering an incentive on key pages, like dealer inventory pages • Capture key customer data on overlay form; deliver incentive (gift card) after a test drive Performance Results: • Of all leads generated and offered incentive, nearly 37% Overlay Unit completed a test drive • Nearly 50% of incented leads who completed a test drive purchased a vehicle from The Suburban Collection “This has convinced the biggest skeptics, and proved that targeted incentives work. Originally, we were concerned that these might just be leads we would have already gotten. However, after reviewing site traffic, it was clear that the sales driven by HookLogic were incremental.” Printable Coupon -- Daniel Boismier, Internet Director, The Suburban Collection © 2011 HookLogic
- 19. But what about the rest of the leads… Target the right incentives to the right customers • Provide different offers to different prospects to maximize ROI • Vary offers based on prospects preferences, value to your business or likelihood to purchase • Target offers based on: • Website behavior • Where visitors arrived from Incentive A • IP geo targeting • Marketing channel Incentive B • Lead data • …and more! No Incentive © 2011 HookLogic
- 20. Processes for Handling Leads • FACT: People with higher lead scores buy at a higher rate • Active vs. Passive Lead Scoring • Incent these leads and ensure they buy from your dealership – not your competitor
- 21. Lead Scoring • Score leads from all sources • Sometimes third-party leads have higher close ratio than home-grown • Leads are covered from 1-10 based on likelihood to purchase • Factors taken into account: • Lead source • In-market timing • Past buying behaviors • Household demographic data
- 22. How to Identify the Highest Intent to Buy Source: Polk • “Cherry-picking” leads by source may allow quality leads to slip through • GOAL: Drive customers with higher leads scores to the showroom
- 23. Improve close rate of inbound leads Motivate action while lead is still hot – and stand out from the competition! Subject: Thank you gift from <Dealer Name> Implementation Strategy: • Automatically deliver incentives to inbound leads • Offer walk-in incentives to desirable segments • Target on lead score, lead source, geography, etc. • HookLogic handles delivery of optimized offer via email Historic Performance Results: • 15-20% of email recipients click to print coupon • 10-15% increase in overall close rate • Cost per Incremental Sale: $150-$200 (Example Automated Email) © 2011 HookLogic
- 24. Case Study: MileOne FINALIST Program Goal: • Drive “most likely to purchase” leads into dealership Implementation Strategy: • Ran AB test to see impact of targeted offers on vehicle sales • 50% of inbound leads with a Polk Lead score of 8-10 received $25 Gift Card offer via email • Compared results of both groups to see impact on sales • Pilot group of 12 dealerships over a two-month time period Performance Results: • 23% open and click rate (twice as high Mile One’s typical email open rate) • 29% of those who clicked through via email redeemed the incentive at the dealership • 20% lift in close rate • Incremental cost of less than $200 per vehicle • Generated $60,000 more in gross revenue than dealerships that were not included in the trail Sample email “Through working with Polk, we already had a scientific process to identify the online leads with the highest purchase intent. Adding HookLogic to the mix gave us a way to get these prospects into the dealership and turn them into buyers.” –MileOne © 2011 HookLogic
- 25. Lead Enhancement Option : Real-time market segmentation Form passes ADF Lead to HookLogic and Dealer HookLogic drops Customer Prints Coupon or incentive offer into Elects to have Code sent via Customer Email SMS to their Mobile Phone Customer clicks Link in Email to View Pre-Generated, Printable Coupon Coupon Data • Real-time passing of Leads allows for custom Offer targeting based upon multiple Lead variables (Model, Zip Code, Lead Score, etc.) System generates targeted Offer based upon Lead • HookLogic generates the proper Offer Coupon and passes Criteria; passes all related Coupon Data to customer. Coupon information to Dealer • Coupon ‘Views’ can be tracked • Unique Codes per each Customer protect against Fraud
- 26. HookLogic increases conversion of 3rd party leads Historic Results: • 15-20% of email recipients click to print coupon • 10-25% increase in overall close rate • Cost Per Incremental Sale: $125-$175
- 27. Partnering with the leading data providers… © 2011 HookLogic
- 28. Customers leave trails and footprints… TV © 2011 HookLogic
- 29. Target the right customer at the right time.. © 2011 HookLogic
- 30. How it works 1 Customer learns about incentive 2 Customer brings coupon to dealership Through new or existing marketing efforts: Seeks out a sales person to redeem coupon. Salesperson gets an easy intro and opportunity • Website to close sale. • Email • Direct Mail • Print Advertising • Telephone • Mobile • In Person New Prospects: • Fill out form to receive coupon code • Lead info sent to dealership in email & ADF feed 3 Sales person redeems coupon ADF FEED Existing Prospects: HookLogic delivers incentive. • Receive coupon codes in email or mail Targeted Incentive © 2011 HookLogic
- 31. Typical Results • Historic Performance Results: • 2-4% of visitors shown incentive offer fill out form • 15-25% of coupon holders visit with a sales manager • 25-40% of dealership visitors purchased a vehicle
- 32. Differentiate and Win • What goes into the internet lead process today? • How can you stand out and win more sales? Hi, thanks Hi, thanks for for visiting! visiting! Hi, thanks for visiting!
- 33. Dramatically improve the effectiveness of outbound marketing campaigns Typical Results: • Increase effectiveness by 15-30% • Received 2% Walk-in rate on recent Direct Mail Campaign
- 34. Examples of outbound marketing campaigns © 2011 HookLogic
- 35. Analytics that PROVE Positive ROI Measure Key Metrics • # of walk-ins by offer, dealership or marketing channel • % of prospects who see offer that take an incentive code • % of prospects with code that visit dealership / take action • Tie in with your sales data to analyze cost per sale Optimize Incentive Campaigns • Test multiple offers across a variety of channels • Optimize campaigns and offers to maximize ROI • Easily change offers on the fly / as needed (Web Based Reporting 24/7)
- 36. Historic Results Historic Performance Results: • 30% increase in overall show rate • 40% increase in overall close rate • Cost Per Incremental Sale: Under $90 • High level of customer engagement • Increased lead-to-show ratio • Higher show-to-close ratio • Strong sales close rate • Increased sales at low incremental cost • Revenue gains © 2011 HookLogic
- 37. …and that’s that! Thank you! David Metter President, Automotive HookLogic tel 877.707.0909 cell 443.802.8850 david.metter@hooklogic.com
Notas del editor
- Thank you for joining today’s presentation, “How to Beat Your Competition and Drive the Highest Quality Leads to Your Showroom” with David Metter.
- David is the President, Automotive for HookLogic.David has intimate knowledge of dealerships through his experiences beginning on the retail side where he was ranked as one of the top Chrysler salesmen in the country. His continued success allowed him to advance through the dealership organization chart to General Manager. These experiences have provided him with the knowledge of what information a dealership needs, how a dealership can best access that information, and in what format will allow them to analyze their daily sales and service needs execute accordingly. David also worked on the vendor side of the business with a leadership position at Autobase, a leading CRM Company. This position gave him a unique perspective on how to sell and support an automotive retail product. As a result of his success at Autobase, David was recruited and accepted a position with a large, privately held dealership group, where he was CMO for 6 yearsHe is a frequent speaker at industry invents including the Global Automotive Conference, JD Power and most recently, was a member of the “Best of the Best” panel at Digital Dealer
- So today’s we’re going to talking about beating your competition and driving the highest quality leads to your showroom. As you can see, we’ll be covering: (read agenda)
- What can you tell us about lead to show? Is it the same as “appointment to show?”
- What can you tell us about lead to show? Is it the same as “appointment to show?”
- So what is the best way to handle this type of lead?
- David, you mentioned lead scoring. Can you talk about your experiences with this?
- So does a higher lead score really represent a higher intent to purchase a vehicle?
- Teresa – ask about lead scoring
- Text under #2 should be blue, no? Also, can blue text throughout document be darker?
- Teresa will take this one
- With everything automated these days, and every dealership using similar CRM systems, how can you differentiate your dealership from your competitors’?
- Reinforces the message in remarketing piecesTypical program metrics for outbound campaignsTechnology fee (Jeff) only pay when cards are picked up – not for every form completion.So you’re only paying when a lead walks in your door and asks for that gift card!
- So once you’ve made that initial contact, how can you apply that process to subsequent campaigns?
- Note that rates are aggregate
- If you’re interested in learning about HookLogic’s solutions to drive more qualified traffic to your showroom, please contact me or visit www.hooklogic.com/auto. Thanks again…