3rd Party Leads: Can The Quality Be Improved?
– 78% shoppers use third-party sites for car shopping. (Autotrader)
– Dealers still depend on 3rd party providers for leads
– However, dealers hate bad leads and 56.8% dealers don’t trust their 3rd party lead provider (dealerrefresh)
In the end, everything sums up to just one metrics: ROI and if the lead quality can be improved without increasing the cost substantially. Most dealers today keep close track of ROI for various lead sources and choose leads accordingly. This creates an opportunity for lead providers to differentiate and increase sales as dealers are ready to pay a higher cost per lead if quality and consistency improve. In this article, we have listed ways in which 3rd party vendors can use Braango to improve lead quality and differentiate themselves from the market
Communicate via Text: Currently, most lead conversations between leads and providers are email based. With 98% open rate (vs 20% for email), texting is a far superior channel to engage a customer. Braango allows both 3rd party lead providers and dealers to engage customers via texting, increasing the odds of engaging and qualifying a lead.
Zero Latency: The odds of qualifying a lead in 5 minutes versus 30 minutes drop 21 times. The current definition of real-time lead for most dealers and 3rd party vendors is around sending a lead to dealer’s CRM or email. However, this adds latency wrt dealer checking the lead, assigning it to a sales rep and then sales rep contacting the lead. With Braango, leads are sent to cellphones of multiple reps within a dealership real-time so that 1st available rep can grab it and respond back.
Lead Follow Up: According to a Gartner study, 70% of leads are lost from poor follow-up. Braango allows 3rd party lead providers to send qualifying question/ response to a lead via SMS as soon as a lead is generated so that the lead feels engaged from the beginning.
Lead Scoring: According to a report by MarketingSherpa, 73 percent of all B2B leads are not sales-ready, increasing the importance of lead scoring. Braango allows 3rd party lead providers to capture key lead attributes like lead source, interests, response to qualifying question, response time etc to analyze and score a lead before selling it to a dealer(s).
Lead Analytics: Most lead providers lose track of a lead, once it is handed off to a dealer(s). Braango (based on approvals) allows 3rd party lead providers to log conversation between dealer and customer to analyze customer journey and lead quality. This, in turns, helps lead provider to evaluate lead quality from various sources and use that to price lead from a specific source.
Interested in knowing more about Braango? Contact us at email@example.com to know more about our Braango Enterprise product for 3rd party lead providers.