Today’s buyer often starts their journey on third-party sites. These marketplaces get loads of traffic, with 78% of new vehicle buyers visiting at least two of these websites on their buying journey, according to Cox Automotive’s 2020 Car Buyer Journey study.
It’s true – you’ve got to have a presence on these third-party sites, but smart marketers should ask: Are you getting everything out of the investment that you should?
By calculating your return on investment (ROI) you can be sure the investment in these third-party sites is working for you. If not, it’s likely time to right-size it.
Spending your entire marketing budget on third-party sites is like putting all your eggs in one basket. An effective marketing strategy includes a mix of multi-channel tactics.
There are two big reasons why third-party selling platforms aren’t working hard enough for you.
- You’re building their brand instead of your own. When you market on third-party seller packages, you’re investing in that site’s brand, not your own. It’s critical to be where the buyer is, so you do need some presence on these sites, but be careful not to overspend here. You may want to consider downgrading your package and place some of your marketing spend on your own brand-building.
When you advertise your brand online, you’re creating a connection with the buyer and sharing what sets your brand apart. Remember, you want them to think of you before they think of the marketplace. Down the line that brand loyalty helps grow repeat business and other parts of your business, too, like service. - You’re giving away your leads. When you’re overdependent on a third-party seller, you’re giving your leads to them– just handing that golden ticket right over.
Plus, you’re positioned right next to your competitors on these sites, potentially losing customers to the dealer down the street. Keep these qualified leads in your own funnel.
A successful marketing plan is diverse, captures leads across a variety of channels. With AutoSweet’s inventory marketing services, you can keep your leads and build your own brand, creating a connection with your customer that can last a lifetime.
