Injecting monthly payments into your paid search ads on Google and Bing drives 28% more lower funnel shoppers to contact your dealership. That’s the average lift we’re seeing from clients using our new Boost technology, which makes it easy to add lease and loan payments to your vehicle ads and vehicle pages.
Of course, capturing that kind of lift takes real technology, as advertising accurate payments can be quite complex. For instance, what payment do you include (lease, loan, or both)? Where do you get the terms? Do you show options? What if a customer wants to change terms? What if payments are not on your website? How do you make these ads legally compliant? When you think of how few proven ways exist to drive nearly one-third more traffic, taking the time to figure it out is worth it.
Three steps to Driving More SEM Traffic
Step One: Transparency Wins.
We can all agree that many consumers make their purchase decision from a list of vehicles that have monthly payments within their own perceived limits. The fact that payment transparency is driving 28% more conversions from potential buyers, is proof that consumers will choose dealers that give them this information up front.
Your technology should be able to:
- Reach into your F&I system and calculate your optimal payment for each model.
- Add lease and loan payments to your paid search ads, incorporating OEM incentives where applicable.
- Give consumers a range of options for financing or leasing at varying terms (from 24 months to 72 months, where applicable).
- Allow shoppers the option to customize their payment terms from your Search Results (SRP) or Vehicle Detail Pages (VDP). Remember, if you’re looking for a substantial lift in conversions, you need to consider the user experience on your pages.
Here’s an example of how to do it right:
A visitor is shown payments on the VDP that match what is displayed in the vehicle ad. When they click the “I want to buy/lease” button, they can customize term and payment options.
(Click images to enlarge)
Step Three: Target Effectively.
Products like ZipDriven from Showroom Logic can help you figure out where the sales are in your market and who may be beating you in the most opportune zip codes. Edmunds and KBB tools can easily identify the market price and can even show volume potential at different price points. Convert that price to payments, target the right zips and models, and create the right ad copy and conversion-optimized web pages. Then, watch the increase in shoppers to your dealership.
What zip code has the largest pool of buyers for specific vehicle models? Where are you being beaten by competitors? Where is there a realistic chance you can win those customers over? Which dealership is beating you and what payments are they advertising? What do industry standards like Edmunds or KBB show as the market price?
A Changing Landscape for Dealers
The bottom line is that consumers expect payment transparency. They can get this information for most other large purchases, and now they expect it when shopping for a vehicle. Dealerships are becoming too savvy with new technology to continue marketing the old way. Transparent pricing, data, and targeting tools are becoming more and more plentiful and making greater transparency possible. And it’s proven to be worth it for those who are willing to take the time and invest in the right marketing. Give it a try.