By: Steve Lausch, Director of Product Marketing
For years, I’ve witnessed many businesses try to understand the best ways to monetize their efforts on Facebook. That search continues … but it’s getting easier.
As Facebook works its way deeper into society’s daily, digital behavior, it increasingly captures more individual data and, thus, creates more opportunity in ways dealers never dreamed of.
In the world of automotive retail, dealers are accustomed to branding themselves on Facebook, and perhaps even working images of inventory into basic Facebook ads; but with recent advances in Predictive Analytics, dealers are now able to sell cars on Facebook even before their online customers start shopping.
It becomes increasingly apparent that dealers can truly sell cars on Facebook, in this case at $0.11 per click.
The use of Predictive Analytics in marketing is certainly nothing new; but as marketers have evolved in their ability to harness the power of big data, businesses are better able to identify and target individual prospects not immediately on their radar.
Where this may have been difficult to accomplish in the past, businesses today (including auto dealerships) are able to leverage this data to prescribe delivery of highly-personalized, hyper-targeted campaigns.
In 2016, Forbes announced a major partnership with a predictive analytics platform for B2B marketing. Their goal is to gain deeper insight on the prospects viewing their ads and connect those engagements to individual buying cycles.
NEW Social Strategies for Auto Dealers
Dominion has recently released four, new strategies for driving real revenue from Facebook. These include:
- Predictive analytics social ads
- Fixed ops social ads
- Dynamic retargeting for Facebook
- Equity social ads (featuring integration with Dominion’s DealActivator)
With respect to Predictive Analytics, Dominion has partnered with multiple, world-class data resources to build a unique predictive advertising solution for Facebook. Targeting audiences likely to fall within six months of their next vehicle purchase, these ads show up as News Feed content, featuring the most likely pieces of inventory for each individual.
In a recent pilot, Dominion Digital Marketing invested less than $80 in a campaign using only predictive social ads on Facebook.
The campaign targeted audiences in the mature ownership segment of the customer life cycle. Even with this small investment, the dealer drove 750 social shoppers from Facebook to specific vehicle details pages (VDPs) on his website. This high quality traffic remained on his site for an average of 1 min, 13 sec.
It becomes increasingly apparent that dealers can sell cars on Facebook, in this case at $0.11 per click.
Interested in adding these new social ad solutions to your marketing strategy? Call us at 877.421.1040; we are ready to help you sell more cars on Facebook.