Before today, clicking on a dealership’s digital ad was a crapshoot. Whether a customer’s precious click would land on the right car with an actual offer was the gamble that rarely hit gold. Before today, everyone was gambling on digital marketing. Today, it is time to get lucky!
Driven Data connects inventory, operational metrics, incentive data, and customer data into one marketing and analytics platform. They have seen a lot of customers waste clicks. It has inspired a new approach to paid search and paid social. For the first-time dealerships can target their prior customers and leads with modern marketing.
FRIKTIONLESS technologies (FRIKINtech for short) was founded on the idea the fastest way to remove friction from car deals is to get everyone on the same page with the right numbers; quickly! By penciling a dealer’s entire inventory, every day, the customer can be given loan, lease and out the door numbers with the latest and most profitable programs without waiting.
When you power the advertising with actual lending programs and incentives, on the cars a dealer has in stock, the ads are 100% relevant. When the ad also lands someone on the exact vehicle with the exact offer that 100% relevance is multiplied. It results in awestruck customers who feel very lucky.
Jon Berna, CEO of Driven Data, and Alex Snyder, CEO of FRIKINtech, saw the partnership immediately. They saw the need and took action.
If you’re not fully comprehending what the point of this article is we’ll get to the point. Driven Data and FRIKINtech have partnered to deliver a whole new class of targeted, relevant, transparent advertising spanning SEM, Display, Social, and follow-up “nagging” through specialized retargeting.
Driven Data makes the click conversion and FRIKINtech makes the lead conversion.
Want in? Click here to see it in action.
Need more reasons? Keep reading.
According to the 2019 NADA Midyear Report, the automotive industry spends an average of $628 to sell each new car. Driven Data has been monitoring a 29.2% drop in lead closing rates since 2016. 6.29% was the national closing ratio on internet leads and at this point in 2019 internet leads are closing at 4.45%.
While car dealers continue to spend on methods to acquire more internet leads the quality of those leads is in decline. “Or are they?” asks Alex Snyder. “We have seen a 400% boost in customer engagement when a payment quote is sent in the first response to a fresh lead.”
Snyder continues “it looks like the quality of the internet lead is tied heavily to the quality of the dealer’s first response.”
Making sure good leads are not being wasted on bad response is a large focus for FRIKINtech; while Driven Data is on a mission to squash wasted ad spend on broad advertising strategies that are outdated.
“Connecting the data from dealership’s CRM and DMS allowed us to finally map the customer journey into marketing,” said Jon Berna. “This level of data integration lets us personalize the marketing experience to match where your prior customers, leads and new opportunities are in their lifecycle.”
How does this save money?
Berna continued, “When a customer purchases or services from a dealer, we automatically suppress them from being served ads. This reduces 10-15% of waste. In addition, our platform has a 150-fold cost reduction to reach your previous customers vs direct mail, with CPMs dropping to an average of $8-$10, compared to $1,500-$2,000 for mail.”
The Driven Data/FRIKINtech combination produced a 17% increase in first-party leads with a nice bump in sales for all dealers on the solutions in October 2019.
For all participating dealers, October was the best lead and second-best sales month for all of the dealers’ web properties. October typically comes in 8th place from a historical seasonal perspective.
Driven Data and FRIKINtech teamed-up to make sure dealers’ dollars are hitting the right customers with the relevant message at the right time and receiving the appropriate communication to fully convert. The crapshoot is over.