What's a "good" e-lead to sale conversion rate?

Whitney Medved
what is considered a healthy conversion rate of internet leads to sales? What is the first area to address if conversion seems less than it should be?
Craig Waikem
I had this exact question the other day... Our goal is 10% for under 60 days. For example, this month we have 800 new leads, and I count every sold for the month if our recent contact of the lead is under 60 days. 88 sold mtd / 800 leads = 8.8%. It also depends on the amount of dealer website leads vs 3rd party leads. You can close dealer website leads much easier (maybe 10-15%) vs 3rd party (5-10%). Our number one lead? Getting a credit application on our site! We close 20-30% month in month out when someone applies on our site. Easiest way to improve? 1. Provide a quote 2. Quick Response 3. Phone Skills
Whitney Medved
Thanks Craig, great tips. So I guess my next question is what are some reasonable expectations for lead count-- how many leads SHOULD your own website be generating, what tends to be your greatest lead source, how many 3rd party vendors are you even working with, and when you count that 800 are you combining brands (if you have more than one) new & used, etc?
Larry Doremus Jr.
Whitney! Long time, no see! You should expect a 85% close rate on ALL leads. If not, you are doing something wrong. All kidding aside, Craig is pretty spot on. I do have a question for you, Craig. How many credit apps are you getting in a month and how are you encouraging them on your site? We only get about 3-5 credit apps a month from our site.
Dennis Galbraith
Great discussion! I love Craig's point about looking at close ratios for different lead classifications. Some are more expensive to obtain (directly or through SEM into the site). Some are a higher close ratio. Each must be evaluated on their own level of value. The team should be evaluated relative to benchmarks for each type of lead. A 10% close ratio might be great for leads from the manufacturer yet poor for finance leads.
Craig Waikem
We encourage the credit 24/7. On the phone and in every email template. It's not plastered through the site as much as I would like. I just tell the team, if you guys can get them to fill out a credit app, it will save the customer time and double your closing rate. About 5-8% of our leads are credit applications. THX Dennis, I have had some good training!

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