Trader Interactive shares best practices and lead generation strategies
This article originally appeared in the October edition of Powersports Business and was written by Gillian Luce, AVP of Recreation Marketing for Trader Interactive.
As buyers become more informed and market conditions continue to change, dealers are facing a more competitive landscape in the online space. For the most sales success, many dealers are embracing smart, data-driven strategies that not only attract attention but also convert hard leads into certified sales. Two key areas to focus on are how you merchandise your listings and the tools you use to enhance their visibility.
Today’s market demands focus on lead generation
A recent survey by Cycle Trader unveils a positive consumer outlook in the face of economic uncertainty, with 67 percent anticipating stability or improvement. On the flip side, 33 percent foresee a possible downturn, but this hasn’t stopped them from spending. Only 17 percent refrained from making purchases, mainly due to financial limitations. Almost 66 percent of those looking to buy their next motorcycle are confident that the entire process, from consideration to purchase, will be completed in less than three months.
This showcases a strong determination to move forward. What does this mean for dealers? It’s crucial to implement a robust lead generation strategy to attract buyers and swiftly guide them through the buying process, as they are ready to act quickly on their research and purchase journey. To help, we’ve identified the strategies used by the top-performing dealers in the Cycle Trader marketplace.
5 proven strategies for online sales success
1. Use high-quality images
A picture is worth a thousand words, but in the world of online sales, it can be worth much more. Cycle Trader’s marketplace data revealed that from January to July 2024, dealers who included five or more photos in their listings saw a 101 percent increase in daily connections per listing compared to those with fewer than five photos. High-quality images draw attention and build trust with potential buyers, giving them a better sense of the vehicle’s condition and features.
2. Always include transparent pricing
Buyers are sticking to a budget, and with the help of online tools, they can easily browse listings that match their price range. It’s important to make sure your listings that fit their criteria show up in these searches. Dealers on our platform have found great success by following this approach. In fact, listings that provide pricing information receive 185 percent more daily connections per listing compared to those without. Being upfront about pricing not only sets clear expectations but also helps weed out less serious inquiries, allowing your sales team to focus on leads that have a higher chance of converting.
3. Include all relevant details
A well-written description that doesn’t leave any details out is crucial for online listings. Dealers with comprehensive descriptions in their listings experienced a 565 percent increase in daily connections per listing compared to those with vague or no descriptions. A detailed description should cover the vehicle’s condition, any modifications, service history, and unique selling points. This information helps potential buyers make informed decisions and encourages them to reach out for more information.
4. Use lead enrichment tools
Lead enrichment tools can be beneficial, but dealers must have a solid strategy in place to fully utilize them. Recent data from the first half of 2024 indicated a 22 percent decrease in daily connections per listing for dealers who implemented lead enrichment on Cycle Trader, compared to those who did not. This highlights the importance of using these tools effectively to maintain a steady process. Dealers should assess the tools they are using and ensure that they are in line with their overall lead generation strategy.
5. Leveraging off- and on-lot lookups
When it comes to staying competitive with pricing, conducting thorough research is crucial. For Cycle Trader dealers, this involves evaluating their pricing in comparison to other dealers in their market and adjusting accordingly. Dealers who took advantage of Off-Lot Lookup to determine the average market price for specific units based on Cycle Trader marketplace options experienced a 92 percent increase in daily connections per listing. Similarly, those who used On-Lot Lookups to gauge their inventory’s demand against the DMA average saw a 10 percent increase.
The powersports market is constantly evolving, and dealers who adapt to these changes by implementing data-driven strategies are more likely to succeed. By focusing on high-quality images, transparent pricing, detailed descriptions, and the strategic use of lead generation tools, dealers can significantly enhance their online presence and attract more serious buyers. As the industry continues to change, staying informed and flexible will be key to long-term success.