How to Define What a “High Value” Lead is to Your Dealership
High Value - Low Value
It should come as no surprise that all leads are not created equal. Of course, that’s not to say that one lead is “good” while another is “bad”. They’re all valuable, but they are not of the same value at the same point in time. Some are merely warm, while others are ready to convert right now. Obviously, you want to focus on high-value leads right now, while nurturing those who are not quite ready to become customers. How do you determine which are the highest-value leads, though? Your website lead tools can help as well!
IT'S ALL ABOUT INTENT
One of the most critical measures of lead value is intent. What does that mean, though? Here’s an example. Suppose someone searches for Kawasaki ATVs through Google. Chances are good that they’re looking for information about the various models available. They’re still in the discovery stages, learning about the various options out there that may suit their needs, riding style, terrain to be covered, and budget. There’s a lot of value to be gained in having this information available for them on your website, but it is unlikely that they will convert quickly into a customer.
Now, compare that with someone who searches for “Powersports equipment dealer near me”. Based on their search query alone, they are ready to buy. They’re not looking for information about ATVs or watercraft. They’re not comparing models. They are searching for a dealership, and for most people, that’s the step immediately preceding a purchase. So, this showcases their intent – they intend to buy, and they want to do so quickly. Within the searches, your website lead tools can be a determination to capture high, warm & cold leads.
Those with the highest intent are the highest value leads, but they represent only a fraction of your customer base. So, you’ll need to know how to determine the value of those other leads. Thankfully, if you’re using your database correctly and engaging in data-driven marketing, then you know exactly where each prospect is in the sales funnel. And that’s really what this comes down to – knowing where your various leads are in the buying process.
Those who are closest to the end – to whom you’ve provided free information, guides, comparisons, and the like – are much closer to conversion than those who have just discovered that they want an ATV or those who are just now beginning to think about buying a motorcycle.
So, by keeping your database accurate and tracking the progress of your leads through the funnel, you can automatically assign value based on their position. Including the use of your website lead tools can help capture that information to keep the database information updated.