![]() Here's what you need to do to get to a 10-15% close rate assuming 100 leads.ĥ0% appointment set rate with the 60 people contactedĥ0% appointment show rate with the 30 people you set appointments withĬustomers visiting 1.2 dealerships before purchasing? = 10-15% close rate OEM Brand Site leads: 13-15% close rate (can be volitle based on lead volume)ĭealer Website leads new cars: 18-20% close rateĬlose rate goal all sources: 12.5% close rate Keep in mind, your lead mixture might be very different therefore your close rate goals should be also different.ģrd party leads new cars: 5-7% close rate How many cars did we sell that can be attributed (direct or assisted) back to a lead provider?Īlas, Here's my opinion on benchmarks for closing rates by lead source with a sample lead volume of 100 leads and lead mixture as follows. Did we change our website conversion strategy during that time frame?Ĥ. If you changed your radius or desired lead limits then you need to account for that change in your performance benchmarks.ģ. If you have a direct/retail partnership with that provider, it usually trumps your OEMs ability to purchase from that provider which changes the lead mix you might receive. Did we make any changes with our lead purchasing preferences or advertising strategies during that time frame? For example, many OEMs have third party lead programs where they purchase leads from several auto lead providers and then you receive them as source "OEM Digital Lead" Chances are your OEM is buying from the same lead sources you may be doing business with or investigating. Did we make any changes in the way we responded to leads (qualitative, better responses and quantitative, more responses) during that time frame?Ģ. How many cars did we sell by each source and during a certain time frame?ġ. ![]() Map plot it out using Googles free tool or another free tool, like example included.ģ. Where did the leads come from, by source? literally, on a map. How many leads did we get from each source? What is our lead mix by source, by month?Ģ. What was the source of the leads? hint: The Keebler elf factory is not a lead source and does not exist.ġ. Pulling 2018, or a year, or whatever larger sample size/timeframe of data.Ģ. To find your own benchmarks, start by asking yourself some of the following questions: I challenge you to find your own benchmarks. Industry benchmarks are like best practices. "Thanks, but what are good industry benchmarks" - said every dealer ever. If you do not hit your goal, consider investing in dealership processes or more resources to respond to leads. If you exceed your goal, consider investing more in that lead source. Your goals should be different based on the lead source mix and time of purchase or resolution. Even though everyone sold more cars, close rate went down drastically.Ĭlose rate % should be your desired variable return on investment by lead source/mix broken out by new/used. For example, during cash for clunkers we saw sales and lead volume both go up, but not at the same velocity. ![]() ![]() Since close rate is simply a numerator and a denominator made up of lead volume and sales it can easily be F*#*ed with. Do any of you speak to New and Used as completely separate Goals or do most of you still have a singular Goal that you target for the entire Lead Bucket? Thanks fellers! I have some stores at 13/18% and some at 7/20% with variations in the volume ratio of New to Used as well. We have a higher Used closing rate than New which I'm sure is normal. Where I'm struggling a bit is where that breakout is, and where that Goal is, between New and Used. Lead still is Good, but just Lost at that point.ģ5% Appointment Set (typically needs a 60% or higher contact rate)Ħ0% Shown Appointments Sold (may be sold on be-back) That number comes from considering any lead with a name and one working contact path as Good even if they never reply in the 120 days of our follow-up. I would be interested in knowing what this community's 2019 goals are which also would need your definition of what a Bad lead is.ġ5% Lead to Close rate goal (sold in timeframe) Lead source mix, Lead type (New or Used) mix, Sold in Timeframe vs From Leads, and what your store counts as a Bad lead all contribute to a wide range of close rates on web leads. If there was ever a question that invited a landslide of caveats in my 18 years in this industry it would have to be "What is your close rate?". ![]()
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