Marshal Finch

Company: sMedia

Marshal Finch

sMedia

Oct 10, 2018

How data drives more VDP leads - and how to get there

As I got off the phone with a General Manager of the local dealership, I once again came across one of the biggest problems in Automotive marketing: everyone is guessing.

The dealer was convinced that the “Get price” button on a VDP (Vehicle Detail Page) is a winning Call-to-Action that converts ad traffic into website leads. They didn’t look into any data to justify the claim and were reluctant to run any tests.

The dealer simply went with their personal preference.

According to the research sMedia ran across more than 100 dealerships, the button “Get your best price” converted 2x more clicks than “Get Price.”

The dealer’s reluctance to rely on data to optimize VDP deprived them of valuable high-quality leads.

They are not an exception. Marketing teams rarely use data to optimize VDPs, wasting valuable ad traffic. They don’t know what Call-to-Action buttons drive more clicks, what verbiage and color convert more leads. Meanwhile, General Managers become lost in unactionable reports trying to justify high ad spend.
 

What does an inefficient website cost to the dealer?

It decreases the effectiveness of all ad spend. Numbers speak for themselves - the average conversion rate for a button click on a VDP is only 0.5%.

When your VDPs don’t convert, valuable website traffic becomes wasted. So do leads and potential sales.

Your VDPs deserve more credit.

They convert the highest quality leads that tend to close better.

While it might not occur to most dealers, data-backed VDP optimization strongly correlates with boosting sales. In addition to helping marketing teams and General Managers figure out the best course of action for just about anything, there are multiple advantages to data:

1) Maximize investment of all ad spent

Online and offline advertising are proven tactics among dealerships for driving traffic and gaining exposure. In 2016, automotive dealers in North America were projected to spend about 983 million U.S. dollars on advertising.

Ad effectiveness decreases if buyers don’t convert after landing on your VDPs. Data helps determine the best performing C-t-As and make the most out of costly traffic.

2) Turn your website into a powerful lead source

What happens when a buyer lands on your VDP? According to Google statistics, only 24% of buyers will be willing to fill in a form before purchasing a vehicle. They are often shy of the sales tactics.

Does it mean that 24% of dealership sales come from the website? For the vast majority, it’s nowhere near that number. Such discrepancy points to a strong website inefficiency in the industry which data helps to tackle.

3) Put ideas into actions

Most importantly, data sheds light on your digital performance for a precise marketing strategy.

As a dealer, making even the smallest changes can sometimes feel overwhelming. Data and A/B testing is a proven method for finding the truth. Stick to it and you will know exactly what works when it comes to running your website.

If it’s not measured, it didn’t happen

Despite the personal preference or expertise of your colleagues, data should be your go-to source of ideas when it comes to optimizing call-to-actions on your VDPs. Data is your most competent and reliable decision maker.

Here are just a few examples of how aggregating information from VDPs can influence your optimization decisions and, consequently, leads and sales.

1) Buttons “Lease or Finance Quote” and “Finance or Lease Quote” have an average CR of 4.47%, while popular among dealers buttons “Inquire Now” and “CONTACT US” result in CR of 0.32% and 0.21% accordingly.

Button Option

Option Group

Viewed count

Clicked Count

CR (clicked) %

CONTACT US

text_request-a-quote

9314

20

0.21

Inquire Now

text_request-a-quote

11956

58

0.49

Lease or Finance Quote

text_request-a-quote

13703

609

4.44

Finance or Lease Quote

text_request-a-quote

14794

667

4.51

2) When a dealership incentivizes customers to learn more with an expert, such buttons yield CR between 0.24% - 0.39%, while the “Learn more” option, which encourages customers to explore on their own, results in 1.44% CR.

Button Option

Option Group

Viewed count

Clicked Count

CR (clicked) %

Ask an Expert

text_learn-more

27777

68

0.24

Let our Experts Help

text_learn-more

21100

83

0.39

Learn More

text_learn-more

89398

1290

1.44

3) The seemingly attractive “Let us help” button reaches a maximum CR of 0.23%. Buttons “More information” and “More Info” perform 5x better with CR of 1.2% and 1.38% accordingly.

Button Option

Option Group

Viewed count

Clicked Count

CR (clicked) %

Let us help

text_request-information

19105

40

0.21

Get More Info

text_request-information

51618

285

0.55

Get More Details

text_request-information

167437

1862

1.11

More information

text_request-information

318046

3831

1.20

More info

text_request-information

21431

296

1.38

Always. Be. Optimizing.

By investing in data-backed optimization, you create more value for your customers and help them purchase their dream vehicle.

When you’ve gathered quantifiable evidence that your customers prefer certain button verbiage or color, you can begin the process of honing your strategies towards success, rather than deploying a campaign or design and hoping for the best.

With hard numbers backing your ideas, you can expect more walk-ins and sales coming from your website.

Marshal Finch

sMedia

CEO & Co-Founder

2100

2 Comments

Brandon Espinoza

Equinox Consulting

Oct 10, 2018  

Sounds and looks like the finance page needs to improve right? Anything to get more out of a dealers real estate online.

Marshal Finch

sMedia

Oct 10, 2018  

Lots of things need to improve on dealerships sites. The issue is most people are not using data to figure out what to improve. Finance form most people are willing to give up lots of info like SIN number etc but they didn't want to give their current employers name. Removing current employers name increase conversions by 40 percent.

Think of the content you 100 percent need and remove any content you dont need for your sales people to do their jobs. 

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