Working intimately with over 2,000 dealers, we’ve heard that October was an especially difficult month for most of you… which got us thinking about sharing some insights and strategies which we believe will help during down months.
Don't lose sight of your goals in a slowing market
When months become tough, dealers tend to tighten their belts. They cut back expenses, reduce marketing spend and ride it out until market conditions improve. It’s just a normal reaction.
Generally, in any down market, the total number of consumers in the market decreases, meaning there are fewer prospects to sell to. If every dealership was spending just as much on marketing, competition would be fierce for those fewer prospects. After all, you have the same amount of dollars chasing fewer consumers!
The silver lining
Dealerships don’t hold their marketing spend steady, they cut back! This opens up an important window for dealers to gain market share. Remember that market share is easier to gain in a down market since every dealer is spending less, which means your marketing dollar exerts more influence on the consumer. When you’ve gained that market share, you’ll most likely retain it for a long time.
We believe dealers who focus on converting more of their site visitors will out-perform their peers in any market. We recommend that dealerships spend a good portion of their marketing efforts in ensuring that they’re maximizing sales to consumers who are actively browsing their inventory.
Remember...It will ALWAYS be cheaper to convert consumers who have shown interest in what you sell than those who haven’t. Stick with that mindset and you’ll fare extremely well in any environment!
- In a down market, a window opens to gain market share cost effectively
- Greater focus/investment needed on increasing site traffic conversion rates
- When others cut back in marketing, stay the course
Get in touch with us to learn more
For more information on how you can start converting your previously interested customers into buyers, contact our Retargeting team today to see a live running campaign!