3 Ways Financial Propensity Profiles Spike Conversion Rates

Are you looking to engage earlier with in-market shoppers and ensure your website is top of mind as they research vehicles? New analytical tools are available to help you drive more qualified leads to your website and facilitate an improved sales process.

Gaining additional control over your offline and online lead management processes can enable your front-line staff to “get to yes” faster. Let’s review three ways financial propensity profiles improve your online and offline marketing efforts:

1. Segmentation

Leveraging new segmentation tools can drive your desired target audience to your website and showroom. A detailed financial propensity profile of your target consumers that includes their estimated financial capacity as well as their propensity to purchase your brand, specific auto models, various auto features, and more can help.

When it comes to direct mail, identify consumers likely to be in-market and have the financial ability and propensity to purchase or lease your specific brand. For example, you can identify households by ZIP+4 that have an estimated income between $200,000 and $2 million, are in a designated age bracket, that may have an auto lease expiring in the next six months, and that are likely to be interested in a specific type of vehicle.

Think about targeting consumers online and through mobile devices by using the same profiles you created for the direct marketing campaign. Always drive these segmented consumers to website destinations with inventory tailored to that shopper, and offer online prompts to help them prequalify for their desired vehicles.

For example, if you wanted to target Gen X consumers, your segmentation could look like this:

Income level Vehicle preference
Low (<$50K) Coupe/2-door
Moderate ($50K–100K) Truck/4-door
High ($100K–200K) Van/minivan
Elite ($200K+) SUV

You can further segment by estimated income and preferred vehicle options, as shown in the accompanying chart.

p 23 - Equifax graph for Dealer Marketing article

Financial propensity profiles can help increase ROI by aligning the right messages to the shoppers who are most likely to be a financial match for your promoted vehicles and options.


2. Prequalification

When your website traffic increases, use new online tools to identify exactly who is coming to your website, and enable them to easily prequalify for their desired vehicles. These tools can help deepen engagement with prospects early in the sales process.

Be sure your website offers links to prequalification options on all the pages customers might visit, particularly on inventory pages showing specific models. This will help prequalify consumers to determine if they can afford a specific vehicle, and allow you to disclose terms and conditions. You can also communicate to those who do not qualify.

With today’s tools, online credit prequalification requests can now deliver:

  • Consumer’s name, address, phone, and email
  • Approved terms of credit (the offer) and loan qualification determination
  • Lease or loan indicator
  • Cosigner indicator
  • Original loan date
  • Amount financed
  • Remaining balance
  • Original term
  • Payment amount
  • Estimated payoff date
  • Number of payments remaining
  • Estimated APR (calculated)
  • Credit score range
  • Number of auto loan inquiries in the last 30 days

Prequalification details help your sales and financing teams more efficiently manage their processes. A sales manager with access to financing specifics, for example, can better align the right salesperson to the consumer. Empowering your team with credit attributes, demographic and lifestyle data, and financial capacity takes your sales processes to a whole new level.

3. Measurement and refinement

New reporting tools enable you to better evaluate how your offline and online processes are performing, and help you refine your marketing approach. Online reporting tools provide real-time insights on profiles of the consumers visiting and interacting with your website and ads, including estimated financial capacity and their auto-buying propensities. For example, you might find that households with estimated incomes of $100,000 to $125,000 did not respond well to your campaign, which could allow you to refocus your campaign based on income.

With these tools, you can test and refine site content, online ads and widgets, and different offers on your Web pages for your specific target audiences in real time, then assess your targeting on an ongoing basis. You can also evaluate the likely financial profiles of audiences that perform a specific action on your site, such as using the payment calculator, clicking on the Hours and Directions page, or clicking on the Prequalify button.

You can also assess the estimated income of audiences that viewed your online ads. This could reveal, for example, that 75% of your traffic is driven by audiences with estimated income between $50,000 and $75,000 when you are really seeking households with more than $150,000 in income.

Incorporating financial propensity profiles into your offline and online demand-generation processes—coupled with enhanced back-end analytics—can give you a competitive edge in today’s marketplace.

Scott McMahon is the automotive vertical marketing leader at Equifax. He joined the Equifax team in 2013 to oversee marketing strategy development and execution for the company’s automotive solutions and consultation services. Prior to Equifax, Scott spent more than eight years in digital media at Cox Automotive, where he contributed to the company’s overall strategic development and business unit integration, focused on driving greater value for businesses within the automotive marketplace.

Scott McMahon


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