...The 3-4x higher close rate comes from leads that are submitted through the platform when a "Buy Online" button is clicked vs. a "Get e-Price" or "Contact Us" button.
We typically see a conversion rate of 10% from click > checkout and of those people who complete the checkout, we see above 80% lead close rates(vehicle purchased and picked up or delivered).
This will help us all understand how many shoppers WANT a Digital Retailing experience....talk about your form completion rate (i.e. bought the car online).
Secondarily, for abandoned carts, talk about your lead gen rate.
I've worked for a small handful companies over a fairly long career as a 'vendor'. All of them were considered best-in-class and were, or grew to be, well established. I guaranteed that I would do what I said I'd do and that the company would do their job -- BUT 'guaranteeing' sales isn't anything most reputable vendors do, for many valid reasons.When an established vendor guarantees sales, can we please go through this level of mathematical scrutiny?
So this very similar to GM's Shop, Click, Drive, or Cox's MakeMyDeal, or Dealer Success' VirtualDeal - What differentiates your product @Michia Rohrssen?@JoePistell - here's the actual number breakdown of what the funnel looks like. Obviously these numbers will vary dealer to dealer, but these are rough averages of what we're seeing.
As you highlighted, there is a huge opportunity in the abandoned carts. We're actually working with a few all in one vendors(website/SEM/display) to notify them when a cart is abandoned so they can target those visitors with their advertising campaigns and help the dealers win even more sales.
Admittedly, those talks just opened a week ago so we'll see where it all goes, but the possibility excites me!
We have a demo video here, just click the giant play button.