A funnel describes marketing and sales opportunities because it is the widest at the top and narrowest at the bottom. This is an accurate representation because only a fraction of consumers who enter a sales funnel will become buyers.
At the top of the funnel, you find consumers exploring and learning about purchase options. These consumers respond to awareness-based marketing regarding vehicle features or comparisons. They are not typically focused on pricing but rather just learning about options.
In the middle of the funnel is where you find customers getting closer to a vehicle purchase. They are evaluating their options, including new versus used, and exploring specific units on consumer sites. These consumers have moved beyond general market awareness and vehicle feature interest and into evaluating what vehicle features meet their needs and what price range and financing options may best suit their budget. During this time, marketing and sales contacts with specific incentives or vehicles of interest-based marketing are effective.
Nearing the lower funnel
As you near the lower funnel, you will find consumers who are initiating the process with the intent to purchase. These consumers are visiting consumer shopping sites for used vehicle research as well as dealer websites. Used vehicle consumers are visiting Vehicle Detail Pages (VDPs) and viewing vehicle history reports. These lower funnel consumers are exploring trade-in values and trying to put together their vehicle sale and purchase plan.
There are many ways lower funnel opportunities interact with the automotive ecosystem. With improvements in digital retailing even when just one small part of the sales process is initiated prior to the consumer visiting the brick-and-mortar store, dealers have an opportunity to capture these lower-funnel consumers. Some effective examples include quick “sell your trade” links or prequalification links on web pages that allow consumers to obtain trade values/trade offers and, in some cases, to get full prequalification for loans. Often these digital retailing features are able to track and communicate to dealers about these lower funnel and fully engaged consumers.
Take advantage of lower funnel leads with digital retailing tools
As online digital retailing steps become more commonplace, dealers will find themselves leveraging these leads for sales. Utilizing effective, consumer-friendly, and secure functions that allow consumers to access or work through the components of a sale will maximize engagement. Keeping consumers tied to your website during the process can keep them working with your dealership processes.
To learn how Experian Automotive can help you gain lower funnel opportunities, contact Mike Costanzo.