We brought SERVICEiQ (sends equity offers to service customers daily) to market in late Q4 of 2021, so 2022 was the year for it to ramp. EQUITYiQ (sends equity offers to previously sold customers daily) launched in Q4 of 2022 and is beginning to ramp now. Both products use texting and email to deliver invites where customers can click into an interactive landing page that requires them to verify their trade data is correct. Then they get to play with their equity on every car the dealer has available. Unlike the AutoAlerts and Masterminds out there, this doesn’t start with static offers customers cannot engage with.
81% of all sold equity deals in 2022 began with a text. Email trailed at 19%. This leads me to believe that equity mining solutions without a texting option are SUPREMELY missing the boat. I could end here because that’s a major mic drop stat by itself….
3x more customers engaged with the text invite than the email. Only 6% of customers who engaged with the text engaged with the email too. There is very little overlap in these mediums.
We sent over 500,000 texts to service customers in 2022. We processed over 1.2 million repair orders in the first year of SERVICEiQ. 84% of all repair orders are customers – the rest are internal or fleets. 44% of all repair orders were in equity in 2022. 86% of those in-equity repair orders had a good cell phone number. 51% had a good email address.
When it comes to good email addresses, we are meshing sold and service data together to get an overall 51% of good emails. Out of the 550,000ish in-equity service customers we were able to deliver over 200,000 emails to them. 39% of those emails were opened and 10% clicked the offer. An additional 1% clicked to schedule their next service, so a total click-thru rate of 11% is what we saw last year.
My big takeaway from 2022
Email was 34% as effective as texting. There are many reasons for this ranging from the better data we saw to customer willingness to engage with texts. I’m a firm believer that if your equity mining solution does not start with a text message, you’re only fishing with a 1/3rd of your power.