As retailers, we tend to think about our websites in terms of what we can offer to the public. We use our websites to give visitors information, and to entice them for action. But what about what our websites can do for us? What important information can we gain from our websites? And how can we act on that? How can auto retailers acquire more high value users that will buy their cars?
In a recent study by Experian Automotive, a new marketing attribution metric was introduced. It’s called HVU, which stands for High Value Users. It’s a metric that identifies key behavioral patterns on your dealership website. Patterns that according to the study led to a 14% transaction rate.
Generally speaking, the behavioral patterns of High Value Users include:
- Visits your dealership website more than three times
- Spends at least six minutes on the website overall
- Views at least eight pages
- Views at least one Vehicle Detail Page (VDP)
Engagement Trumps Leads
The irony of High Value Users is that unlike most BDC leads, these website visitors are not as prone to filling out online forms or calling into the dealership. They tend to show up in the store, ready to do business. As Matt Kolodziej says in the video below:
“High values are just not filling out forms and appearing in metrics that advertising campaigns are typically judged by.”
Kolodziej is the Director of Analytics and Search at Experian Automotive. He and his team led the aforementioned Sales Attribution Study, which has been referenced here on AutoConverse multiple times. You can also view the study results on Experian’s blog.
Earlier this month, Matt met with us for a live web chat on the subject, alongside Julie Lawton, Director of Partner Channels at Experian. The discussion included why it’s important to identify these users, and how you can actually go about doing so.
Where Do High Value Users Come From?
Being able to see which users on your website are more likely to buy is a nice insight. But knowing how they arrived there is even more valuable. Did they arrive organically, and if so then from which keyword searches. Are they there because of Paid Search Ads? If so, were those Branded Search Ads, or New Make Model Keyword Campaigns? Maybe they arrive because of a third-party listing sites?
Most likely, they reached your site due to two or more factors or sources. Identifying the HVUs becomes an effective tool in determining how your advertising dollars are at work.
It’s Not About Turning People into Data
Referring to potential customers as HVUs may seem impersonal. After all, sales, especially automotive sales, is about establishing personal relationships to develop business. With that in mind, it’s important to note that using data to understand your audience isn’t about turning people into data, it’s about turning data into something you can use to better connect with people.
It’s about turning data into something you can use to better connect with the right people.
The idea of Meeting Users Where They Are has become something of an axion for big business and tech. Still, finding ways to do that can be a challenge for smaller, local companies such as dealerships.
Understanding the behavioral tendencies of High Value Users gives you the opportunity to identify them. By identifying them, you now have the ability to know what brought them there. And when you know this, then you will know where to shift more of your advertising dollars and efforts.
About this Video and Podcast
The video above is is the original live streamed webinar that was conducted in January 2019. The webinar was the third installment of the PPC Hacks Webinar Series by Experian Automotive.
The podcast was derived from this webinar, and features an edited version of the complete conversation. The episode was featured on the AutoConverse Podcast, titled, The data behind the metric that identifies car buyers.
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