Scott Pechstein: No Thanks, I'm just looking
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The document discusses how consumers often say "I'm just looking" when visiting dealerships. It notes that more consumer research is now done online. It provides tips for dealerships on how to better engage with consumers who say they are just looking, such as asking more open-ended questions, emphasizing vehicle options, and offering test drives. The document also recommends that dealerships explore using text messaging to communicate with consumers as texting is more popular than calling among most demographics.
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Scott Pechstein: No Thanks, I'm just looking
- 1. No Thanks, I'm just looking with Scott Pechstein Page 38
- 2. No thanks, I’m just looking Scott Pechstein Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com
- 3. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. • What “I’m just looking” really means • How it relates to online behavior • Best Practices to increases sales opportunities • Give you consumers the option to Text Overview
- 4. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. How do you respond to “I’m Just Looking”
- 5. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. • “I’m “just selling.” • “Your time is valuable. Let me point you in the right direction” • Avoid the “yes or no” question. • Are you looking for a new or used car? • Are you looking for a car or a truck? “I’m Just Looking”
- 6. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. • Two Key Reasons • Avoidance of being sold right now (key is RIGHT NOW) • Legitimate fact finding visit • The Reality • Dealership visits are down • More fact finding is conducted online Why are they saying “I’m Just Looking”
- 7. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. • Industry Influences Purchase behaviors continue to change More research done online Brand Parity Merging of Brands Less Loyal Consumers Product Parity Increased Marketing spend Industry Quality Awards Improved Content Website, Inventory Research Ratings and Reviews
- 8. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. • New car buyers spend 11.5 hours online • (R.L.Polk/AutoTrader.com Automotive Buyer Influence Study) • 37% of shoppers enter market without a specific brand in mind • (Compete Vehicle Cross Shopping Analysis, July 2012) • 59% of consumers don’t decide which vehicle to buy until final week • (JDP 2012 New Auto Shopper Study) • New-vehicle shoppers consider an average of 3.3 vehicles • (JDP 2013 Avoider Study) • Baby Boomers only visit 1.9 dealers. All generations want to avoid salespeople in the future • (AutoTrader Next Generation Car Buyer Study) Industry Studies
- 9. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. Where’s the Funnel? From Funnel…to Funnel Cake The buying funnel isn’t dead, just different.
- 10. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. Dealership brand is featured • Test drive, vehicle features, professional walk around • Sales Consultant = Vehicle Consultant • Who, how, what? Consumers offered personalized vehicle presentation • New, used, CPO / models, trims, colors, optional equipment Dealership Advantages
- 11. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Less visits = more burden on the internet lead process to drive visits Based on their dealership experience, in the future they will avoid salespeople: 56% Gen Y 49% Gen X 37% Baby Boomers Dealership Experience (AutoTrader.com Next Generation Car Buyer Study Sept 2013) Copyright (c) 2014 Autobytel Inc.
- 12. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. • What demographics and buying behavior trends do we know about this consumer? • How committed are they to my brand? • Do we stop at price or do we start asking questions? Online Experience
- 13. Where are shoppers Buying Over 6 million Autobytel internet leads sent to Polk annually Polk matches leads to State Registration data for all 50 states TPL close rates are 18 to 25% Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc.
- 14. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. Leaving sales on the table Dealer had a 10% close rate but lost at least 7 additional sales Dealer Name Number of Leads Total Purchased Purch Assigned Dealer Purch. Assigned Dealer- Make Model Year Purch Other Dealer Purch. Other Dealer - Make Model Year Purch Unknown Dealer – Make Model Year Anytown VW 40 11 4 6 1 Anytown VW VOLKSWAGEN | PASSAT | 2014 Anytown VW VOLKSWAGEN | JETTA | 2014 Anytown VW VOLKSWAGEN | BEETLE | 2013 Anytown VW VOLKSWAGEN | JETTA | 2012 Main Ford FORD | FUSION | 2014 Village Nissan TOYOTA | COROLLA | 2012 Main Used FORD | FUSION | 2011 Other VW VOLKSWAGEN | PASSAT | 2014 Main Hyundai HYUNDAI | GENESIS COUPE | 2011 Another VW VOLKSWAGEN | BEETLE | 2013 CHEVROLET | S TRUCK | 1996 Purchases based on 1 month of leads and up to 3 months registration period Lead Date Period: MARCH 2014 Sales Match Period: Lead Date + 90
- 15. Copyright (c) 2014 Autobytel Inc. • Bought Used – any make •44.17% Submitted a New Car Purchase Request New to Used Defection
- 16. Copyright (c) 2014 Autobytel Inc. Why Buy from Me 1 Vehicle of Interest 2 Alternative Vehicle(s) 1 New & 1 Used 3 Quick response times and continuous follow up are key. Traditional Best Practices
- 17. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. Why buy from me 2 Vehicle of interest 3 One size fits all does not work – emphasis needs to vary for each deal! Internet Best Practices Alternative vehicle(s) 4 All used options 5 Why Buy Brand 1
- 18. Copyright (c) 2014 Autobytel Inc. How do I engage the consumer? • Phone Challenges How many times do I call? At different times? Do I sell the car or the appointment? • Email Challenges Automated responses and how often? Do they seem like auto responses? Do I offer pricing? Internet Leads (“Just Looking” Equivalent)
- 19. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. Communicate Differently • Reinforce the brand. • Mention various trims and similar models. • Explain CPO / used inventory (all models). In Review
- 20. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. Explore New Opportunities • Texting • Virtual Showrooms (With audio interaction) The Road Ahead
- 21. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Why Mobile? Copyright (c) 2014 Autobytel Inc.
- 22. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. • It’s not just Millennials • Note the income levels and prime demographics Who’s Texting
- 23. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. Click to call is very popular on smartphones… Call Volume vs. Text Volume …But note how text volume out paces call volume in all age groups 21 to 1 12 to 1 7 to 1 5 to 1 3 to 1
- 24. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. Not Far from the Truth
- 25. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. • Text adoption is growing 98% of text messages are read (vs. 22% emails, 29% tweets and 12% Facebook posts). (Frost & Sullivan 2010, Slick Text) • Character limits lead to conversation • Consultative approach leads to conversion Two way dialogue • Ability to respond to consumers on the lot Your lot and others 49% of automotive smartphone users made a purchase related to that interaction (The xAd/Telmetrics Mobile Path to Purchase Study) Get Ready to Text
- 26. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. Get Ready to Text
- 27. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. Recent Text Message Cases = Multi-Million $$$ Settlements: • Lithia Motors - $2.5 million class-action settlement (Between $175 and $500/phone number) • Twentieth Century Fox - $16 million class-action settlement ($200/ phone number) • Simon & Schuster - $10 million class-action settlement ($175/ phone number) • Timberland Company - $7 million class-action settlement ($150/ phone number) Tough TCPA Regulations
- 28. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. What if This Happened? $1,500 $1,500 $1,500 $1,500
- 29. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. • Communication should be logged and saved (legal compliance) • Hierarchy rules in place to hide phone numbers • Opt-in consents and opt-out STOPS must be managed and stored • Should load easily into CRM Text Gateway (LMS for Text)
- 30. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. • The traditional buying funnel has changed • Allow consumers to communicate with you the way they prefer! Higher engagement with more efficient communication Capture the high % that leave without filling out a lead form • Avoid “just looking” – while at your website / your virtual lot. Summary
- 31. Scott Pechstein | Autobytel | Vice President Sales | Scottp@autobytel.com l Copyright (c) 2014 Autobytel Inc. Today it is not about generating more leads… It is about generating more engagements (conversations) that lead to more sales. “I’m Just Looking”
- 32. Contact Info Scott Pechstein Autobytel Inc. Vice President, Sales Text me! (949) 278-8618 Scottp@autobytel.com
Editor's Notes
- Autobytel has been working with R.L.Polk for over 3 years to ensure the quality of our core leads product. This is just one of many processes, some proprietary to Autobytel, that we have in place to monitor and ensure we deliver quality leads and in fact we have encouraged many of our fellow competitors to put similar initiatives in place for our industry. We also use Neustar applications as part of our quality process. Using state vehicle registration data, Polk analyzes 100% of the leads sold each year by Autobytel to our dealer and manufacturer customers (over 5.1M in 2013) We use the resulting data to ensure and improve the quality of our internal lead generation activities, which accounts for over 70% of our total lead volume, and for the 30% we purchase from our trusted partners. We ensure consumer privacy by only reviewing aggregate data. As a subset of this data, we can also see the crossover between Brands and New and Used, for example. We even drill down to the dealer level to help our member dealers better understand where they are losing sales in their local market.