Not that I’m trying to sell you on how great the Internet can be as a marketing tool; I think we all realize its scope. My point is that when times tighten up, managing your marketing dollars is crucial. Get as many ups per dollar as you can; then make the absolute most of every up. The fact is that since 2004, the number of buyers that used newspaper classifieds to locate a used car has declined to under 30 percent. And, of that scant 30 percent of buyers, less than 5 percent said the newspaper led to their purchase.
Conversely, during that same period, the number of used car buyers who used the Internet to locate a used vehicle steadily rose to 71 percent. Of that 71 percent who shopped the Internet for a used vehicle, almost 30 percent said it led to their purchase. How’s that for a closing percentage? So to put it into perspective, 30 percent of the dollars I spend in print is sparking interest, but only 5 percent of those dollars are producing sales. My Internet dollar is generating three times the traffic and closing six times the business!
The overall point is that in these types of selling environments, it’s not a matter of throwing more money at the situation or pulling all ad dollars off the table. It’s a matter a sprinkling a few dollars where they are going to count the most, and that’s online. Find a company that can manage your online spending. You’ll enjoy the benefits, and not just now. This same strategy will be even more effective when this market turns around.