I started selling cars in 2012, and a lot has changed since then from a consumer behavior standpoint... but one thing hasn't. The dealer's obsession with more leads. Sure... more opportunities to do business are great, but processing and answering them with a rigorous follow-up schedule is expensive and can be fruitless.
A while back, many vendors came out with products designed to engage customers and capture their information... oftentimes with techniques like dangling the golden "trade value" or "soft pull preapproval" carrot in front of the customer to get the lead. Heaven forbid we run into one of the "do you want $500 more dollars off your trade" exit intent popups on the website, but dealers still use them.
Customers are savvier now and are filling out these forms at a rate much lower than in previous years... because they are getting the data they want, and they are smart enough to understand their information is the currency... but it doesn't make them anymore / less likely to buy a car.
The data says:
- Most low intent leads don't answer the phone or respond
- To continue to pressure customers with high-touch follow-up strategies on low intent forms is internally inefficient (and costly)
- Thank you pages and dead ends in the digital process slow down deals - you have to reengage the customer if your human response takes longer than 10 minutes
So... what's the point? Should we focus on quality transactional interactions instead?
Are low intent forms even worth it... Or should CTA's lead the customer somewhere more meaningful?
Is there still a place in the dealers' digital strategy for old-fashioned short-form lead gen as part of a higher-funnel marketing strategy?
Would love to know your thoughts!
A while back, many vendors came out with products designed to engage customers and capture their information... oftentimes with techniques like dangling the golden "trade value" or "soft pull preapproval" carrot in front of the customer to get the lead. Heaven forbid we run into one of the "do you want $500 more dollars off your trade" exit intent popups on the website, but dealers still use them.
Customers are savvier now and are filling out these forms at a rate much lower than in previous years... because they are getting the data they want, and they are smart enough to understand their information is the currency... but it doesn't make them anymore / less likely to buy a car.
The data says:
- Most low intent leads don't answer the phone or respond
- To continue to pressure customers with high-touch follow-up strategies on low intent forms is internally inefficient (and costly)
- Thank you pages and dead ends in the digital process slow down deals - you have to reengage the customer if your human response takes longer than 10 minutes
So... what's the point? Should we focus on quality transactional interactions instead?
Are low intent forms even worth it... Or should CTA's lead the customer somewhere more meaningful?
Is there still a place in the dealers' digital strategy for old-fashioned short-form lead gen as part of a higher-funnel marketing strategy?
Would love to know your thoughts!
