FRIKINtech Service Drive Equity Mining Stats from December

Alex Snyder

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May 1, 2006
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Now that we have some time on our SERVICEiQ product I'm ready to put some preliminary stats out in public. I also predict these will be the WORST we'll ever do on this product because we have only utilized a single delivery channel to date: texting. As I type, our engineering team is putting the final touches on email. And this email will be worth another thread! It has such a cool angle that I know the DealerRefresh crowd will like to hear the thoughts behind it.

We also are not taking full credit for a number of the activities customers are doing in our system. We are not tracking if they change their location, what rebates they select, if they update their trade data, nor are we tracking when they change their credit rating in our reporting :egads: Why is that? We've been heavily concentrated on getting the customers to get into the system (AKA deliverability) via compliant texting and building out a certified CDK integration. Both are about to hit a phase where we can concentrate on better tracking.

So, with that, here are the WORST stats we should ever see when Mining the Service Drive with live-Equity offers:

  • In December, SERVICEiQ generated 66 brand spanking new leads out of their service drive on average. This includes stores like @BillKVMotorCo's who were only live from December 30th, and he attributed 3 sales to it in the first week!
  • One quarter of the people who opted-in for our texted equity offer became HIGHLY engaged shoppers. These are people who had a high volume of activity in our system and touched specific buttons like "I want to buy this car" or "I want a trade appraisal." Keep in mind we are not yet tracking other significant areas of high interest, so I anticipate this number climbing.
  • After scrubbing for internal work, fleet, prior sold date (when available), we run each RO through an equity-eligibility algorithm and text those eligible customers an opt-in message. Nearly 14% of those customers, in December, opted-in for the offer text. That means SERVICEiQ texting engaged 15x better than traditional email marketing and 30x more than direct mail. This is more than double what traditional text marketing does. And 84% of those customers went on to become brand spanking new leads.
With the coming enhancements: another communication channel, better tracking, and raising levels of new car inventory I believe December of 2021 will be the worst stats month we ever see on SERVICEiQ.

Just wanted to document/share.
 
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Dec 19, 2018
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In December, SERVICEiQ generated 66 brand spanking new leads out of their service drive on average. This includes stores like @BillKVMotorCo's who were only live from December 30th, and he attributed 3 sales to it in the first week!
I can confirm that these were completely fresh leads as well. We had no active deals working with any of these customers. We currently have several still working.