How to Win the Price-Sensitive Customer
While experience is an increasingly important factor for consumers, the reality is that price still matters. Some shoppers are more flexible on price and will make their decision about where to shop based on experience or value provided, but others are highly focused on a specific number. They've crunched the numbers and landed on a specific one that fits their budget. When they're researching their vehicle, price- conscious shoppers are looking to find not only the right vehicle at their price point, but also the right dealership.
So how do you win over the price-sensitive customer? It's as easy as 1, 2, 3.
1. Target price-sensitive shoppers
Price-sensitive customers aren't going to take the same approach as other shoppers, who might get recommendations from friends, social media or third-party sites. Instead, they'll be out scouring the internet looking for the vehicle they want at the price they can afford. Create specific campaigns targeting these customers using ads and SEO to answer the questions they have about price ”and drive them to your website.
2. Provide realistic and transparent pricing on your website
Once they come to your website, make sure your pricing is customizable and transparent. Directing these customers from the ads to an online retailing solution with consistent, customizable pricing is key to converting these customers. They'll see how they can easily build the payment that works for them ”and when they walk into your dealership and realize the pricing is the same, it will build further trust.
3. Retarget shoppers with specific payments
Let's say a customer isn't quite convinced. If a shopper leaves your site after configuring a payment for a vehicle, entice them to come back by retargeting them with ads that not only feature their specific vehicle, but also a realistic payment that takes your localized settings into account. Create the ads so they link directly to the VDP for the particular vehicle they were looking at on your site. We've heard about the power of personalization, but personalizing and retargeting by price is even more powerful. Retargeted customers are three times more likely to click on your ad and four times more likely to convert.1
Buying a car is one of the biggest investments people will make. The question of "Can I afford this?" is always hovering over their head. Providing real-life payment information will turn that ambiguous question into an answered one. Having the power to retarget with that pricing gives both you and the consumer even more power.
1 CDK Business Intelligence, 2018