A successful online marketing strategy requires a strong grasp of online metrics associated with vehicle sales. These metrics have been established through comprehensive research completed by some the industry’s most respected researchers.
Closing Rate: The % of leads that are converted to sales.
Conversion Rate: The % of unique visitors to your website that are converted to leads.
Unique Visitors: Traffic to your website from a single IP that is counted only once and is not counted for subsequent visits.
Establishing Your Sales Objectives
A good website conversion rate for prime customer is approximately 2%.
A good website conversion rate for subprime customer is approximately 5%
Metric for Prime Customers / Sales objective 10 Vehicles:
Conversion Rate 2%
Closing Rate 10%
Traffic (Unique Visitors) 5000
Metric for Special Finance Customers / Sales objective 10 Vehicles:
Conversion Rate 5%
Closing Rate 10%
Traffic (Unique Visitors) 2000
In Canada, a single well established franchise site may receive a mean of 2,000 and 5,000 unique visitors a month. Many struggle to get past 5000 unique visitors. It depends on the market. A strong online strategy should target an average increase of 10 to 15% in unique visitors per year.
What we can learn from our metrics
If your sales objective is to sell 10 vehicles with leads generated from your website you can make the following assumptions:
If I can achieve a closing rate of 10% and a conversion rate of 2% than I will need 5000 unique visitors to my website to achieve my sales goal of 10 vehicles.
If I have 5000 Unique visitor and I have not sold 10 vehicles than my conversion rate or my closing rate or both have not been achieved.
How do I use this information to achieve my internet sales objectives?
If you have not achieved your established objective for your closing rate than, you must examine your sales process. Online leads can have a longer sales cycle and strong follow up is critical. Establish a process with a CRM (ILM) that is offers transparency and forces you sales staff to adhere to the established process.
Ask about Power Up an industry’s leading ILM.
If your website is not converting traffic into leads then the performance of your website must be reviewed. Your website conversion rate is the responsibility of your developer and will require their attention if it is not performing to your satisfaction.
EDealer’s next generation website is design to maximize your conversion rate.
Traffic (Unique Visitors)
Increasing Traffic to your website is an ongoing challenge that requires a short and long term strategy. Adding content, editing your meta-descriptions, setting up a “Pay Per Click” campaign and a off-page-optimization strategy are just some of the things your can do to increase traffic to your site.
EDealer knows how to drive traffic to your website and will introduce you to the newest method and technology available.
EDealer – Market Leader
EDealer has both the technology and the know-how achieve your online sales objectives.
Sell more vehicles by achieving your objectives for:
• Traffic to your website
• Converting traffic to leads
• Closing Rate / Converting Leads into Sales