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Sell More Cars with Interactive Video Collin Davis CTO, WheelsTV 1-844-WHEELSTV.

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Presentation on theme: "Sell More Cars with Interactive Video Collin Davis CTO, WheelsTV 1-844-WHEELSTV."— Presentation transcript:

1 Sell More Cars with Interactive Video Collin Davis CTO, WheelsTV 1-844-WHEELSTV

2 Sell More Cars With Video Case Study Goals Collin Davis CTO, WheelsTV  Discover how interactive video test drives convert car shoppers into car buyers.  See how sales associates can use video sharing to drive more traffic and engagement.  Learn how interactive video test drives build customer trust and goodwill.  Determine best practices for driving traffic to your dealership website through social media sharing.  Discover how to boost sales by adding video to your lead follow-ups.

3 A Brief History of Online Video 1997: Macromedia acquires Jonathan Gay’s startup, FutureSplash, and shortens the name to Flash. 2005: Three former PayPal employees start a video-sharing website enabling users to upload, share and view videos. They call it YouTube. 2005: WheelsTV launches Top 200, the first-ever new car video reports, covering the most popular 200 new cars. 2006: Google purchases YouTube for $1.65 billion. 2007: Broadband penetration in the U.S. hits 50 percent. 2007: Smartphone use skyrockets. 50% of mobile users use their phones for email, up from 19% the previous year. 2008: WheelsTV launches 1:00onOne videos, the first automotive video series to cover 100% of new cars. Collin Davis CTO, WheelsTV

4 A Brief History of Online Video 2010: Steve Jobs announces the iPad, 2010: Blockbuster files for bankruptcy. 2011: WheelsTV launches development of the iDrive Video Player and the Dealer Video Showroom. 2012: YouTube announces it will put $100 million into new video content. 2013: WheelsTV’s video production hits 1,015 for the year. New2U Used car videos are announced. 2013: Google Releases Digital Drives Auto Shopping Research Paper. March, 2014: J.D. Power Third-Party Automotive Website Evaluation Study declares “VIDEO CONTENT IS KING!” Collin Davis CTO, WheelsTV

5 Why Automotive Video is Essential TODAY  Google’s Vehicle Shopper Path to Purchase Study reports that watching video online has gone from a niche activity to MAINSTREAM. It’s now a MUST HAVE car shopping tool for every dealer, that consumers expect.  89 million people in the U.S. watch 1.2 billion videos each day. 1.  Online video now accounts for 50% of all mobile traffic. 2.  92% of mobile video viewers share videos with others. 3. Are they sharing your automotive videos?  Video included in email marketing increases the click-through rate by 200%. 4.  Online video is the #1 format for encouraging brand consideration. 5. Sources: 1. ComScore, 2. Bytemobile Mobile Analytics Report, 3. Invodo 4. & 5. Google Vehicle Shopper Path to Purchase Study Collin Davis CTO, WheelsTV

6 Google Vehicle Shopper Study Highlights*  84% of online car shoppers plan to watch automotive videos the next time they shop for a car, compared to 78% last year. 1.  57% of car shoppers say watching videos online helped introduce them to new brands. 2.  74% say online videos helped them to learn more about specific trucks and cars. 3.  65% were able to narrow down options after watching online automotive videos. 4. ACTIONS TAKEN AFTER WATCHING: 5.  61% used computers to find more info.  49% visited a dealer.  37% searched dealer inventory.  33% talked to friends, family or colleagues Source: 1., 2., 3., 4. Google Vehicle Shopper Path to Purchase Study. Source: 5. Millward Brown Digital/Google Vehicle Shopper Path to Purchase Study, September 2013 Collin Davis CTO, WheelsTV

7 Deloitte study… What’s more painful? Going to the dentist or dealing with a car salesman? Millenials don’t like visiting dealers’ showrooms. The Problems Dealers Face Collin Davis CTO, WheelsTV

8 The Problems Dealers Face More than half said dealing with a car salesman is more painful. Collin Davis CTO, WheelsTV

9 The Problems Dealers Face Dealer showrooms are busy on weekends but empty during the week. Saturday & Sunday Collin Davis CTO, WheelsTV

10 The Problems Dealers Face Monday through Friday Collin Davis CTO, WheelsTV

11 The Problems Dealers Face 3. Raw data, still photos and slide shows aren‘t as engaging or convincing as REAL full-motion video. Collin Davis CTO, WheelsTV

12 The Problems Dealers Face 4. Online car shoppers visit as many as 25 websites before settling on which car to buy. Collin Davis CTO, WheelsTV

13 The Challenges WheelsTV Faced 1.Help Dealers to Sell More Cars, and do it with interactive video. 2.Make video test drives viewable on all devices: desktop, tablet, and mobile. 3.Create an interactive video platform that enhances existing sales processes. 4.Design a way to INSTANTLY deliver the information consumers need within the videos. Collin Davis CTO, WheelsTV

14 The Quest for the Interactive Video Solution 2011 Q4: WheelsTV begins research and development of the iDrive Video Player and the Dealer Video Showroom. The goal was to bring data to life with video, and allow dealers to utilize video effectively and affordably. 2012 Q2: WheelsTV launches the iDrive Video Player with interactive chapters that instantly play and light up as each chapter is clicked, increasing customer engagement. 2012 Q4: WheelsTV launches the Dealer Video Showroom Alpha test. Collin Davis CTO, WheelsTV

15 A Vision for Dealer Video Success KPI’s:  Virtual video test drives of every make and model. 100% coverage.  Instant access to information within video.  Simple & seamless Integration  Compatibility with all dealer websites and CRMs  Measureable results GOALS:  Save time during research and purchase process.  Increase engagement and empower car shoppers.  Enhance the experience with interactive video.  Increase CTR’s for Dealers.  Build consumer trust and goodwill with quality third-party video.  Improve Lead-to-Sale Conversion Rates. Collin Davis CTO, WheelsTV

16 Proving The DVS Concept 2013 Q1: WheelsTV Dealer Video Showroom one-year BETA test is launched with 7 dealers. 2014 Q1: WheelsTV conducts successful Internet Leads A/B test with select dealers. Home Page Integration Collin Davis CTO, WheelsTV

17 Proving The DVS Concept Virtual Test Drive Landing PageVDP Collin Davis CTO, WheelsTV

18 DVS Enhancements VIDEO PRE-ROLL Promote your dealership brand with a quick video pre-roll. Video pre-rolls enable you to add a call-to-action. Video pre-rolls play each time a user visits your site for the first time. FACEBOOK Reach your Facebook Page's fans with engaging video content of every model you sell. Create “likes” and “comments” around the video to drive the conversation further. Add targeted messaging for special offers, new inventory in stock, and more. GOOGLE + Reach your Google+ followers with engaging video content of every model you sell. Rank quickly in Google search results when you post your videos alongside targeted messaging for special offers, new inventory, and more. Generate +1's and comments to drive the conversation around your content. TWITTER Reach your Twitter followers with engaging video content of every model you sell. Tweet about special offers, new inventory, and more. Include relevant hashtags and mentions to help boost your Tweet's visibility. Collin Davis CTO, WheelsTV

19 DVS Market Test: User Feedback How was your video experience? Very easy to shop. Does the V6 Chrysler 200 really get slightly better mileage than the I-4? Fun and Informative Good. I learned a lot about Cadillac. Too expensive for me! It was great. I do not know much about cars and this is a fine way to shop. Thank you. Terrific experience! Enjoyed the video and learned a lot. What do you like most about interactive videos? Easy to get info I wanted. I didn’t have to go to the showroom and listen to the same info from the salesman. The large selection. I was able to go right to warranty and then jump back to fuel economy. I was in control of the experience. Collin Davis CTO, WheelsTV

20 Market Test: Dealer Feedback Tania Audet, Internet Sales Manager, Colonial Chevrolet, Acton, MA: “I Love this! The Internet shopper needs this. All of our sales people can use this video showroom to individually market cars to their customers with email links.” Justin Brun, E-Commerce Manager, Acton Toyota “The DVS is an ACTION item here at Acton Toyota. We send out the links to every customer with video of the car they inquired about. It moves the sale forward.” “With the DVS, our potential customers don’t need to go anywhere else. They get the full range of information they need about the vehicle.” Brian Loiseau, General Sales Manager, Acton Chrysler Jeep Dodge RAM: “An excellent tool for our sales people. Very nice way of engaging our customers, letting them see the car in action.” “ I had almost double the follow-ups from my Internet leads last week and of the seven using the DVS, three came in and ALL THREE BOUGHT.” Collin Davis CTO, WheelsTV

21 Market Test: Key Metrics Avg. Time on DVS: 7:50 minutes Industry Average (IA): 3:10 minutes 138% Improvement Bounce Rate: 22.32% Industry Average: 40.50% (82% boost) *Internet lead email response rate (w/ DVS video): 32% **Internet lead email response rate (w/o DVS video): 18% (78% boost) *DVS email response template used. **TrueCar email response template used Collin Davis CTO, WheelsTV

22 What Have We Learned? We discovered how interactive video converts car shoppers into car buyers:  Engages the car shopper, converting leads to sales.  Does the educating for you. Hours of research in minutes.  Clicking on chapters leads to clicking on Get Price, Show Inventory, Special Offers, Contact Dealer or the Home Page of the Dealership.  Trusted, independent third-party video presents the vehicle’s best attributes.  Authoritative presentation boosts car shoppers’ confidence.  Entertaining and informative experience keeps the car shopper on YOUR WEBSITE, moving the sale forward until they are ready to buy. Collin Davis CTO, WheelsTV

23 What Have We Learned? We learned how sales associates can share videos to boost traffic:  Include link in email lead responses to the video test drive of the car the consumer is interested in.  Include a link to a video test drive for clients whose leases are ending.  Include a link a video test drive of a new or redesigned car and email it to clients who own an older model of that car.  Include a link to a video test drive in email newsletters or advertising to promote new vehicles in stock or special offers.  Include video links throughout your main site to keep visitors engaged and shopping. Collin Davis CTO, WheelsTV

24 What Have We Learned? We saw how interactive video test drives build customer trust and goodwill:  Objective, neutral, third-party videos on every new car you sell educate customers and build trust.  The added enjoyment of the interactive experience builds rapport and goodwill. Customers don’t feel like they’re being “sold”. Collin Davis CTO, WheelsTV

25 What Have We Learned? We learned how to convert more leads to sales:  Car shoppers who request a price are 78% more likely to respond if you include a video. Collin Davis CTO, WheelsTV

26 What Have We Learned? We share the best practices to driving traffic to your dealership website through social media. PEW Research: As of September 2013, 73% of online adults use social networking sites.  47% of adult internet users take photos or videos that they have found online and repost them on sites designed for sharing images with many people. We call them curators and their number has grown from 41% of Internet users last year.  Reposting videos is most popular among internet users ages 18-29. More than half of these young adults repost videos. Millenials use social media to share and gain knowledge, and give or receive feedback from friends and family, with Likes, Tweets and comments. Collin Davis CTO, WheelsTV

27 Sell More Cars with Video Learn more about WheelsTV: Collin Davis CTO, WheelsTV

28 Sell More Cars with Video Questions? Collin Davis CTO, WheelsTV

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