How to Gain an Undeniable Advantage: Drive More Sales, Leads & Calls from Your Existing Website Traffic! (PART 15)


How to Gain an Undeniable Advantage: Drive More Sales, Leads & Calls from Your Existing Website Traffic! (PART 15)

TRANSCRIPT: All right so when we talk about the 61%. We talked about this it’s about messaging, it’s about reputation, it’s about pricing.

Today’s consumers are sensitive to price. So if you’ve got trust messaging on your website, if you’ve got a good overall reputation that is a compelling reason to buy from you. Some of you may remember great study done years ago by Paul Ken Cobalt okay, and they found in that study that if you provide the consumer with competitive price and a compelling reason to buy from you, 60% of people will stop shopping and give you a chance to earn their business.

That’s the 61%.

You’re providing them with competitive price, you priced to market, and the compelling reason to buy from you, you’ve got trust messaging on your website, you’ve got a good reputation. That means that we need to be market priced today on both new and used. See price matters to the 61%. When researching price Jumpstart and Ipsos just did a study. Ipsos Connect and Jumpstart just did a study when researching price consumers place a higher value on purchase price than on monthly payments or current deals and offers.

Now while they may, those things may generate leads for you it’s important that that raw price that they see online, your sale price is important. Now with market pricing you also need VDP’s, vehicle detail page views. Market pricing is irrelevant if you don’t get exposure to the market pricing. You don’t get the vehicle detail page views. But a vehicle detail page view strategy is ineffective if you’re showing MSRP or book pricing.

Now where you have market pricing in valid traffic, you should be able to get about five to six sales per every 1000 VDP’s you get to your website. Now, I’m not going to show you how. Again, this is not a Google analytics class. When we talk about pricing, believe or not the labels are important, okay. There are a lot pricing labels out there, MSRP, Book Price, Was and Is price, Price, E-price, Discounted price, Joe’s Price, Selling Price, Sale price, Final price these are prices that are out there.

Why I’m I showing you all of this, because I talked about that book earlier. The book, Predictably Irrational shows that people make decisions based on the available information and their purchase satisfaction increases when they know the WAS and the IS price, not just the IS price. So if its legal in your state, if its legal in your province or your country wherever you’re watching this from to show it was and it is, an MSRP and a selling price, you need to show it because their purchase satisfaction is going to increase when you have these.

Now when we talked about pricing, it’s important to understand your specials pages. For most dealers if your traffic is genuine your specials pages are in the top five most viewed on your website. They’re also, after the home page, almost the most, they’re often the most exited page on your website. Your specials pages are. Now think about this, why do people leave a page? Who would they exit a page at all?

They exit for a couple of reasons. One, they have everything they need. You give them everything they need on the page, they’re going to leave. The other reason that they’ll leave a page is that they need more than you have. So specials pages are about pricing, driving that 61% in the door, and lead generation, getting that 39% to complete a lead form. Now don’t over think this.

Now there are two rules of specials. One have them, have specials. Two make sure they convert. Those are the two rules of specials. There are some problems that we have out there today. We’ve got missing specials. We already saw this but sorry no new specials available this time please check back later. Those specials are missing from the website.

How about this, non-converting specials. These specials are fine. They’re really good discounts $5600 off MSRP, but I can’t convert. I have to click through view details in order to be able to submit a lead from this. So your specials need to convert. They also need to be special. New specials, new BMW specials it says. But the prices, as you can see, are MSRP. Now that can’t be special unless the S in MSRP stands for special with BMW.

If there are BMW dealers out that know if BMW’s changed that designation, you can let me know. All right so I’m not picking on anybody but I did want to make sure that you understand what we need for a specials.