New analysis of the digital marketing activity of hundreds of automotive retailers has shown that prospects are more than twice as likely to convert to a sale if they have seen a targeted social media advert from the dealer, relevant to their initial website visit.
TekCor4 evaluated over 600,000 leads secured by UK motor retailers in the first five months of the year and identified an average enquiry-to-sale conversion rate of 42.3% among those who were retargeted with a tailored targeted social ad from the dealer before making a purchase; more than double the 20.1% average conversion rate.
Using social channels gives conversions a “significant incremental boost”
“The growing number of car buyers using social media in the discovery phase is reflective of the wider adoption of technology throughout the sales pipeline,” comments Jeremy Evans, Director, Marketing Services for TekCor4 including Marketing Delivery.
“We already know that automated digital marketing improves engagement, lead generation and conversions, and it is evident that remarketing via social channels is now giving conversions a significant incremental boost. Retailers need to be proactive in meeting customers where they are conducting research, and this is increasingly becoming on their phones and via social media.”
VoiceBox’s SocialStock tool can automatically create and place personalised stock advertisements on social platforms, drawing from a retailer’s website stock management system. The tool targets consumers’ Meta feeds with vehicle stock adverts based on specific conquest audience criteria, or through remarketing tracking pixels to reach customers who have previously visited the website and looked at specific vehicles.