Top Three Tactics to Support Speed to Sale
Published: May 2024
Maintaining a healthy ‘speed to sale’ is essential to ensuring the highest possible profit per unit on each vehicle sold. As you’ll know, the younger your stock is, the more profitable it is. Bearing this in mind, we’ve developed three robust solutions tailored to swiftly and automatically market your stock to relevant audiences, ensuring optimal turnover and profitability.
1. SocialStock
If you are advertising your physical stock through social media channels, it’s essential to consider your placements, targeting, and segmentation to get maximum exposure in the first couple of weeks of its sales journey.
The most effective way to advertise stock on social media is through an automated feed that updates daily, and mirrors availability or price changes on your website. We receive stock feeds from website providers across the industry to populate inventory catalogues. Our ‘SocialStock’ ads (also known as Automotive Inventory ads) are dynamic, trackable, and can be used to target existing and conquest audiences.
While browsing a retailer’s website, Meta pixels can track consumer activity and be used to present relevant stock to customers via adverts on their social media channels following a website visit. Our remarketing SocialStock ads see a 91% average click engagement rate, encouraging unconverted visitors from all channels back to the retailer’s website.
2. Stock Alerts
Once you’ve captured the initial enquiry, now is the time to introduce something like our ‘Stock Alerts’ product, which surfaces new or reduced stock back to engaged prospects who haven’t yet placed an order.
Stock Alerts keep undecided car, van, or bike customers engaged. Whenever their enquiry hasn’t progressed to a sale after 7 days, the customer is auto-subscribed to receive ‘Stock Alert’ emails. These bespoke messages match the customer’s requirements using pre-set criteria from their initial enquiry. Paired with daily feeds from your website provider, our Stock Alert messages showcase the most up-to-date stock, images, and pricing and complement our SocialStock activity.
The results speak for themselves. Data from over 500 of our retailer clients shows that our Stock Alerts emails have a 60% open rate and a 23% click-through rate.
3. Aftersales Stock Alerts
Finally, aftersales. We know that the aftersales database is a potential gold-mine for the sales department, when customers are booked in for maintenance or repair and are most actively engaged with your business. So why not introduce Stock Alerts once you’ve got that service booking?
Presenting young stock back to customers with a service appointment, converting them into a buying mode before they come in. These emails contain details of vehicles which are similar to a customer’s current model but newer or with fewer miles and prompt a test drive appointment and vehicle valuation to encourage part-exchange. Potentially solve two problems simultaneously, turning your current stock and sourcing new stock in the same transaction.
What about Overage Stock?
If you have an overage stock problem, consider employing those same tactics. SocialStock enables retailers to segment older vehicles and give them as much exposure as possible. Similarly, any price adjustments will cause those older vehicles to be included in the Stock Alerts solution for Sales and Aftersales customers, resulting in additional exposure to suitable prospects.
These solutions are incredibly successful in helping our retailer clients manage their stock turn. So, if you need support with increasing exposure, get in touch with our team.
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