Budget Busters, Spotlight Stealers, Orphans: Detect & Move Your Problem VINs
Did you know that it is possible to instantly categorize the VINs on your lot … and use this information to maximize your digital ad spend, speed up inventory turn, and increase margins? All you need is the VIN View Optimizer™, a complimentary digital marketing tool from LotLinx. The VIN View Optimizer gives you the ability to analyze your inventory and traffic sources and decide on the best marketing action to take on a VIN-by-VIN basis.
At LotLinx, we’ve used the VIN View Optimizer to analyze data from hundreds of dealers and have identified seven VIN profiles that you likely have on your lot right now.
7 VIN Profiles:
- “Orphans” – These are the VINs on your lot that have no VDP views. That’s zero, zip, nada. Maybe the Orphans are some off-brand, used VINs. Perhaps they are VINs that just recently hit your lot. You need new and used campaigns to directly target these VINs or they’ll never get a new home.
- Barely Viewed VINs – They’ve gotten less than 30 VDP views and have been sitting on your lot for more than 45 days, eating into your profit margins. A direct campaign can work wonders to bring in shoppers ready to buy.
- “Margin Risk” VINs – These are the VINs that have significant paid VDP views compared to the vehicle price. For instance, the 2016 Corvette with over 660 VDP views from search engine marketing! You’re shelling out money, but it’s not generating a return on investment (ROI). You need to assess the traffic sources to separate who sends you tire clickers and who sends you qualified shoppers.
- Budget Busters – These VINs steal all the budget within a campaign – like the Honda Odyssey that is being marketing with a branded-terms campaign. With “Odyssey” as a broad-match keyword and no negative filters, you’re paying for clicks from everywhere … including poetry enthusiasts who want to read Homer’s Odyssey in the original Greek!
- “Spotlight Stealers” – These VINs get significant views on third-party sites, but aren’t really worth the ad spend. A good example is a 2006 Volkswagen Jetta that is selling for $6000, but gets 560 VDP views on a third-party site. Do you really want to spend 10% or 15% of your budget to sell a single used car? Cancel that service and start allocating your budget to VIN-specific campaigns.
- “Right to Win” VINs – These are the vehicles you are known for, and you get strong search engine optimization (SEO) results and direct traffic to your site. If one of these VINs is on your lot for under 45 days, don’t sweat it! If it breaks over 45 days, supplement your marketing with a VIN-specific campaign to boost additional views.
- “Just Right” VINs – These VINs are getting approximately 30 VDP views each and are selling in under 45 days. Keep an eye on them, but as long as they keep rolling off your lot, don’t spend extra effort on them.
VIN-Specific Marketing Made Easy
With the VIN View Optimizer™, you can finally get clear profiles of all the cars on your lot on a VIN-by-VIN basis. You’ll be able to see at a glance which cars are exceeding the optimal VIN view threshold and therefore wasting your digital ad budget, and which cars would benefit from targeted marketing.