Okay - this gets exciting so follow me here...
Over the past few months, we have been talking about "Building the Ultimate Attribution Engine”. As part of that story, we introduced our new Purchase Analysis Reports powered by IHS Automotive, driven by Polk.
Over the next few months, we are going to break down sales data by OEMs, vendor partners, and marketing campaigns. Drawing the line between digital marketing and a sale in the showroom has always been blurry..until now. You are about to see why HookLogic is used by so many dealerships and manufacturer programs.
The data and results in the below "info-ish-graphic" represents the real results for 193 dealerships using HookLogic's Web2Show feature and are on the Dealer.com website platform. There's quite a bit of information included so lets break it down, starting from the top and moving our way to the bottom.
Before we get started - I would like to point out that we have partnered with Polk to help acquire and validate the lead close rates for our customers. This is provided by matching all leads to Polk’s census of vehicle registrations for actual close rates of all new and used vehicles purchased by the consumer submitting the lead. You can’t get any better than the data Polk provides.
Starting from the top, you see "Leads Generated". During the months of January 2013 – June 2013 HookLogic Web2Show generated 29,577 leads for dealers on the Dealer.com platform. Of the 29,577 incentivized vehicle shoppers, 9,814 customers walked into a dealership during this time frame to test drive a vehicle. Of the total amount of leads submitted, 1 in 3 showed up at the dealership for a 33% Lead to Show rate.
Now lets get to the final result - A SALE!
Of the 9,814 incentivized customers that walked into this group of 193 dealers for a test drive, 6,320 or 65% Purchased a Vehicle between 1/1/13 – 6/30/13.
Let's agree, HookLogic nor any other marketing / lead generating feature has a direct correspondence to how well your sales floor can close deals. However, let's consider this - J.D. Power studies show that consumers are now visiting LESS than 2 dealerships before purchase. That equates to a 50% show to close ratio on average by default. This group of dealers are closing Web2Show incentivized "shows" at 65%.
What's your dealers overall showroom or show to close ratio?
A better question might be - what's your dealers Lead to Show Rate?Because without shows, you sell...very little.
Let's be real, most dealers anymore do a good job at closing the customer once they show. How can you not, if on average consumers are visiting Less than 2 dealers before purchase? In todays world, it truly comes down to your dealers Show Rate. Whether it be from a lead originating from your dealers website form, 3rd Party Lead Provider, Online Chat or HookLogic Web2Show - if you can get more in-market shoppers to Show Up, you're going to sell more vehicles.
Dealers using HookLogic's suite of features get MORE in-market shoppers to SHOW!
BTW - quick math for you internet managers that measure your Lead to Close/Sold, the closing ratio on Web2Show Leads generated from this group of dealers was 21%.
Note: HookLogic has been recently added to the Dealer.comCertified Provider Program. In addition to expedited installation and training, this will provide you with integrated reporting in your dealer dashboard. HookLogic’s Web2Show and Lead2Show solutions can be added in the Marketing Upgrade Center or by clicking here.