How V12 Signals Has Revolutionized Car Sales
4x the Sales Conversion Rate of other Automotive Lead Data
Undoubtedly, mobile has become an integral part of the car buying journey, but are you ready for an innovative technology that will disrupt and enhance your marketing program? It is now possible to target actual, in-market consumers with 1-to-1 relationship marketing while they are in the final stages of their car buying decision.
What does that mean for the consumer? More relevant offers designed around their needs. What does it mean for the dealer? More sales. Furthermore, recent research validates that the sales cycle is longer than often believed providing the dealer with a greater opportunity to engage the prospect, establish trust and get the sale.
What do we already know? Google cites that at least 72% of dealer visits do not result in an immediate car purchase, with many consumers shopping across multiple dealers. In addition:
- 78% of customers who visit your showroom buy a vehicle somewhere
- 72% of customers tell their salesperson they are “just looking” at the initial greeting
- 82% of smartphone users turn to their phone to influence a purchase decision while in a store thereby sharing their location and mobile ID.
What have we learned only recently? Prospects visit 3.8 dealerships on average contrary to 1.4 times according to the gospel of Google. Furthermore, over 40% of prospects buy a vehicle 90-120 days from their original dealer visit. What does that mean for the dealer? There is more time to effectively target and conquest prospects from competing stores.
Automotive Sales Challenge
The biggest challenge for automotive marketers is identifying these in-market consumers and converting them into customers. In today’s competitive auto industry, marketers have implemented many different ways to understand and measure their current and potential consumer base. However, marketers need better ways to identify consumers during the “Zero Moment of Truth,” which is when a car shopper is expressing active purchase intent by visiting a lot.
Unlike traditional mobile marketing, which only targets the device, V12 Data has developed a proprietary mobile solution called V12 Signals, which targets the actual consumer during the crucial 48-72 hour period when they’re making a buying decision. With V12 Signals, you know which of your customers and prospects are visiting competing dealerships and which dealerships consumers are using for service.
The solution uses mobile location device data to identify highly qualified prospects segmented by dealer brand visited, vehicle brand owned, distance calculations from neighbor dealerships, and more. Automotive marketers are provided with daily leads of consumers who have visited a dealer’s lot within the previous 24 – 48 hours. Each lead includes name and address and is often enhanced with additional demographic, vehicle, and contact data.
V12 Signals Delivers High Sales Conversions and Precise Insights Into Timing
We partnered with industry leading organizations to track, monitor, and validate the value of V12 Signals Leads. The National Study revealed the following results:
- Digital Leads to a VDP (Vehicle Detail Page) convert at 1.9%
- A market leading data source estimates purchase behavior of 4.6% over 120 days
Signals shoppers convert at 4x the sales conversion rate within 120 days of their first on lot dealer visit compared to other lead automotive data
We observed that the consideration and purchase phase lasts up to 120 days as displayed in our sales report analysis, allowing marketers to reach consumers at the right time with the right message.
Specific Use Cases
- Dealer Visit Signal – Conquest: A person visiting a competing dealership within a specified radius of a dealership. V12 Signals can identify over 3 million people annually visiting a competitor brand dealership.
- Dealer Visit Signal – Loyalty: A person visiting a common brand dealership within a specified radius of a dealership. V12 Signals can identify over 1 million people annually visiting a dealership of the same brand.
- Service Signal: A person visiting a dealership for service within a specified radius of a dealership. Signals Leads represent over 1.5 million people annually visiting a dealership for service. This indicates an opportunity to create service segments by dealership brand.
- Insurance Signal: A person visiting a dealership which indicates a possible auto insurance change. V12 Signals can identify over 4 million people annually visiting a dealership in search of a new car.
Originally posted on V12 Data
As Director of Marketing for V12 Data, Larisa has a deep understanding of today’s data-driven marketing environment, including key components such as Right Time Marketing, Data Quality, Business Intelligence, and Data-as-a-Service (DaaS).