Offer reactions in 2023

Marketing works when you hit the right customer at the right time with the right message. In 2023, many curious customers out there wanted to dive into what they could do next with their cars.

We processed millions of repair orders, leases nearing expiration, loans in search of equity, credit union deals labeled as cash deals, and actual cash deals in 2023. On the heels of that processing, we sent over a million equity offers via email and over a million equity offers via text message. Mailed postcards did not break 1 million because we lead with a digital experience first. Mail is optional for dealers at FRIKINtech.

44% of all emails were opened, and 13% of those opened emails clicked the offer to engage with a personalized landing experience. This is significantly higher than traditional email campaigns, blasts, and even 1:1 messages!

With a strict double opt-in procedure, 11% of all text messages went fully through to engage with their personalized landing experience. National texting campaigns typically generate a 3% opt-in rate, so dealers can expect better results from their local markets.

Customers not using the dealership service department engaged more with the emails, while service customers had higher opt-in rates with texts.

Vehicle purchases and acquisitions occurred at an equal rate across email and texts. By incorporating a strategy that includes texting equity offers, dealers greatly increase their return on investment.

Mail tracking is done through QR code scans. Although we do hear from dealers that customers walk in with the postcard, we do not rely on that for reporting purposes. QR code scans represented 4% of all mail sent and have continued to trend up since launching the mail product halfway into 2023. 4% is also the lead rate, four times higher than traditional mailers that convert at 0.5%.

When customers hit the digital offer, 83% do it on a mobile device. What’s super interesting is the number of customers who open on their phones and then return later to play more on their desktops. There is a lot to engage with when customers realize they can apply their equity to every car in the dealer’s inventory and see all the payment options on all those cars, too! We saw a 36% returning visit rate, and the average visitor clicked (tapped) on 11 things.

Written on February 27, 2024

Written by Alex Snyder

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