I have written about the influence of Jim Lecinski’s book “Winning The Zero Moment of Truth” and the data that confirms that consumers are actively researching online during the Zero Moment of Truth prior to contacting a local car dealer.
This first contact, called the First Moment of Truth (FMOT), can be elusive for car dealers. Whether a consumer makes initial contact by phone, a website lead form, or a chat session getting the consumer to come in for a test drive does not happen without considerable effort.
Internet BDC employees know the truth better than most. A lead submitted can take numerous calls or emails to make contact. Lead to show ratios are unpredictable and can vary based on the BDC agent. I won’t even start to go into the other challenges that include fake phone numbers and names!
So I have some great news. What if you could increase those lead to show ratios? What would that be worth to your pay plan or monthly profits?
I’m not talking about introducing BDC phone scripts, training, recording and inspection of lead/phone processes. That should be standard operating procedure at your store and if it not the case, get help!
Consider that the contacts that come through your website are based on previously committed marketing costs. Anything that improves lead to show ratios should stand on its own merits. What is it worth to get someone from behind their computer into your store? Is it worth $25 to you?
Our consulting team has been exploring this question and have been very pleased with the data and results from a new product strategy from HookLogic. Behind this great product is the passion and BDC/Internet experience of Jeff Kershner who many know through his DealerRefresh.com community website.
Jeff helped develop this product over the past three years while working at the Younger Automotive Group and the end product is just fantastic. The product uses targeted incentives to get consumers to show up for a test drive. Research has shown that the test-drive is an important “step” in a car purchase so the dealer who gets the test drive is most likely to win the sale.
So, by using gift card incentives, Hooklogic technology increases Lead to Show ratios significantly. One way this is done is by IMPROVING your lead forms with the option to receive a gift card, normally $25 in value, to stores like Starbucks, Home Depot, or even an Amex gift card.
When you visit their website, you will see that they practice what they preach. The image on the right is an enhanced lead form using the HookLogic technology. This product is called “Web to Show”.
The second part of the strategy is to filter and score UNSOLD LEADS, which we all have, and offer these leads a reason to come in for a test drive if they score properly. This product is called “Lead to Show”. Considering that many dealers buy third party leads, this scoring and activation can “data mine” great prospects without the tedium of calling everyone.
Reports show an average increase of 5-7% closing ratio on 3rd party leads alone. The case studies, which Jeff can share with you, are impressive.
If you have not tried a seamless incentive program for your dealership, you are missing another opportunity to distinguish yourself during the Automotive Zero Moment of Truth (ZMOT). If you are heading out to DMSC or NADA, you should schedule a demo with Jeff and his team.
You can reach Jeff via email at: email@example.com and it would be a mistake not to get a webinar demo if you are not attending NADA. Snooze you lose! You can read more at http://www.leadtoshow.com
I’ve known Jeff for a number of years and last year I was pleased to present him with the Lighthouse Award for his passion and contributions to the Automotive Industry via DealerRefresh.
I am not a partner or equity stakeholder in HookLogic nor have I accepted commissions for referrals for this product. I am sharing this product because the PCG Consulting team has found this to be a great product to recommend to dealers.
Brian Pasch, CEO
PCG Digital Marketing
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