Using Video for Your Business

With the rise of the digital age, consumers have undoubtedly changed over the years - so as businesses, the way we market to those consumers has had to evolve as well. With all of the changes happening in the marketing world, it’s more important than ever to keep up with the latest consumer fads & trends, and trust us - we’ve seen them all. But one trend we know is going to stick around for years and years to come is video marketing.

Consumers love video content - and we have the stats prove it. According to WordStream, one-third of all online activity is spent watching video, and it’s projected that by 2019, Internet video traffic will account for 80% of all consumer Internet traffic. This means, while having a video strategy might not have been an important part of your business in the past - it will be in the future as more and more buyers rely on video as a crucial part of their search, and we expect this to increase as our world becomes more digital. 

Consumers don’t like wasting time and they want to see exactly what they are considering buying even before walking into a dealership, both on your website and in your listing - this includes video. So with all that said, what do consumers expect from your video presence? We asked them.

If you decide to put videos in your listings, 80% of Cycle Trader consumers are hoping to see a detailed walk around and an in-depth review of the unit. While photos are great and should be included in your listing, videos have the ability to show consumers the true look and feel of the bike in a more personal way. The video should highlight the unit in its entirety and you should also take some time to talk about its perks and any features unique to that specific model. Videos are also a great way to showcase yourself and your employees as industry experts - reputation is everything in the business world.

If you’re looking for a way to host these videos so you can include them in your listings or elsewhere, YouTube is a great platform you should be taking advantage of. By uploading a variety of videos to your page, potential buyers have the opportunity to engage with your dealership even before visiting. YouTube makes it easy to upload your videos, then you have access to share them on your website and various social media platforms. When creating these videos, consider this:

• 40% of people said they’d like to see product reviews and testimonials videos 
• 19% would like to see how-to videos 
• 14% want to see a behind the scenes look at your dealership 

If you consistently provide unique video content, consumers are bound to come back for more. In fact, 54% of Cycle Trader consumers said they would watch more than one video, and 61% they are more likely to view your website after viewing your videos.

If you haven’t explored the world of video marketing, what are you waiting for?

The Move to Digital

It’s no secret the advertising space is ever-changing. Through all the change, one thing remains constant - the digital marketplace. But why exactly is digital marketing/advertising taking the world by storm? We’re here to shed some light.

Chances are if you look around a crowded room - anywhere these days - you’ll see the majority of people glued to their smartphones, tablets, or computers - and it’s easy to see why. The way we receive information has changed, therefore the way we put out information & promote ourselves needed to change as well. Print, radio, and other forms of traditional media had a large impact on consumers (and in certain cases still do) before the rise of the digital revolution, but the world is evolving and technology isn’t slowing down any time soon. In fact, according to the Technology Review, time spent online by the average American has grown from 9.4 hours to 23.6 hours every week since 2000. Of that, time spent on the internet at home has risen from 3.3 to 17.6 hours a week.

Those stats aren’t surprising to us because we have seen the value of digital marketing first-hand. Digital marketing is a great option for a variety of businesses because:

• It can be more cost-effective than traditional marketing methods - Print, radio, direct mail, and billboards often come in at higher price points and digital marketing allows businesses to choose certain packages or advertising options that will give them the most bang for their buck. 
• It helps reach a more targeted/segmented audience - Digital marketing also allows businesses to tailor campaigns to certain audiences and demographics for more effective marketing. 
• It’s more easily tracked & monitored - Digital marketing can help companies see what’s working and what might need to be tweaked/updated to improve results. It also helps businesses see what methods are bringing in the most prospects and leads. 
• It caters to the mobile consumer - In this day and age consumers are always on the move, so having a responsive digital marketing platform that caters to consumers on the go is crucial in today’s tech-centric world. 
• It provides small businesses with a level playing field - In the past, larger, well-established companies took over the marketplace - plain and simple. Digital marketing now allows equal opportunity in the online marketplace by letting businesses remain competitive no matter their size. 

Digital marketing still has similar benefits to traditional marketing, but in a more in-depth and advanced way. For instance, at Cycle Trader, we have the ability to track your dealership’s performance to help you learn more about your business’ performance and also help you take a deeper dive into your customer’s behavior. With traditional methods of marketing, it’s a little harder to determine exactly who was influenced by your advertising and what impact it had on your business. Digital marketing is not always perfectly trackable, but there are countless benefits.

Companies across the globe are recognizing digital marketing as a necessity for a successful business - but don’t get us wrong, traditional methods of marketing & advertising can still offer successful options for many businesses depending on the type of audience you’re trying to reach, so it’s important to still cater to them, while focusing on the digital consumer as well. As always, your marketing mix should be diversified and varied - but digital should absolutely make up a decent portion of your overall strategy. People are consuming digital content faster than ever before and with the trends we’re seeing the way of the future is undoubtedly digital. And as a digital platform, we’re privileged to provide you with a wide array of modern and effective advertising/marketing solutions to reach those consumers.

The Top Searched Makes and Models From Q1 2018

Here at Cycle Trader, it’s our goal to keep you in the know about the latest consumer trends and insights. With the unique ability to track millions of consumers’ search habits on our site, we want to share valuable information that can impact your bottom line. And in Q1 of 2018, we’ve seen some interesting data. Let’s break down the top searched makes and models from the first quarter of the year.

Top 5 searched models of Q1 2018:

• Cruiser 
• Sport Bike 
• Touring 
• Dirt Bike 
• Dual Sport 

Cruisers lead the charge, with nearly 13% of all Cycle Trader consumers searching for this particular type of bike. Cruisers held this top spot in Q1 2017 as well - so this consumer interest is clearly not just a fad! Sport bikes come in a close second accounting for 10.5% of all searches, followed by touring models at 7.6%.

Top 5 searched makes of Q1 2018:

• Harley-Davidson 
• Honda 
• Yamaha 
• Kawasaki 
• Suzuki 

Harley-Davidson dominates the top spot when it comes to top searched makes of Q1 2018 with 20% of all Cycle Trader consumers searching for the manufacturer, dropping just 1% Y.O.Y. Honda comes in second place at 14%, and Yamaha takes third place with 10% of all searches. The numbers for the top five searched makes of this of Q1 2018 remain comparable Y.O.Y. And, even though Indian didn’t come in the top five searched makes - they placed 11th - we are interested to see where they fall in the future as they continue to rise in the industry.

It’s hard to believe Q1 has already come to a close. As manufacturers continue to focusing on growing new riders with new bikes, we are interested to see what Q2 will bring. Did you see similar trends at your dealership? Let us know in the comments below.

Are You Using Market Insights?

According to Hubspot, half of shoppers spend at least 75% of their total shopping time conducting online research. So, if you’re customers are doing their research, shouldn’t you be doing yours? As you know, TraderTraxx is packed with a variety of helpful tools designed to enhance your business. We’ve touched on the the Price Analysis Tool, but another feature of TraderTraxx that can help on the research front is Market Insights.

Market Insights is a series of three reports that were each created with your business in mind. The reports in this suite makes research easy by allowing you to understand supply and demand in your local market as well as nationwide, and also lets you check in on what units are piquing consumer interest. Within each report you have access to view the top model years for each unit and how many are available on CycleTrader.com, meaning you don’t have to conduct a manual search - we’re all about saving you valuable time. You also have the option to customize the report to see what’s relevant to you with filters including:

• New and used 
• Make, model, and trim 
• Cycle, ATV, PWC, and Snowmobile 

As we mentioned, Market Insights is made up of three separate reports - each giving you a detailed 30-day snapshot. Let’s break each of them down for you:

• Market Interest: Focuses on ranking inventory by listing pageviews 
• Market Connections: Highlights the number of connections generated by each unit 
• Market Activity: Shows what other interactions a consumer has had with a particular unit - including printing the listing, sending it to a friend, or viewing a video 

Market Insights can help you strategically plan your inventory, and give you a first-hand look at what units consumers are really looking for in their next unit. We are all about getting you ahead of the competition and the tools in TraderTraxx are designed for just that reason - and the best part is they’re only a few clicks away.

If you need help navigating TraderTraxx and any of its tools, feel free to contact your Cycle Trader representative at 888.747.1192.

Making the Most of the Price Analysis Tool

One topic we see come up time and time again in the cycle industry is price. It’s without a doubt one of the top driving factors for buyers. In fact, when asked what is most important when searching - 28% of buyers confirmed it was price. As a dealer, it’s important to know how your pricing stacks up to the competition - and that’s not always easy. But lucky for you, as a Cycle Trader customer you have access to our Price Analysis Tool in the TraderTraxx platform. So, what exactly does the Price Analysis Tool actually do and why should you bother checking it out? We’ve broken down the nuts and bolts of this tool to show you how it can help your business thrive in new ways.

The Price Analysis Tool represents the first time motorcycle and Powersports dealers just like you have access to real-time pricing insights and makes it super easy to:

• Determine if you are priced competitively as compared to similar inventory in the market 
• See the volume of competition in both your local market and nationwide 
• Excel in your inventory management and purchasing strategies

We know how important it is to have competitive pricing, as it increases your chances of attracting buyers; which is why this tool has one-of-a-kind features that can help you pinpoint exactly what the median price is for a model listing of a specific make and year, without having to manually research and keep track of similar listings - saving you valuable time and energy.

The Price Analysis Tool makes it easy for you to see if you are pricing too high, too low, or somewhere in between. It automatically informs you of how many other listings are currently for sale of the same unit, helping to further position the price of your unit based on the current volume available in the market. When analyzing the price positioning, you also have the option to view by specific trim, or roll up to the main model - so you can get specific. You might be wondering, what if the bike I’m selling has upgrades and/or accessories? We’ve got that covered too. We provide an easy-to-access link so you can review other listings with those same features.

As you can see, the Price Analysis Tool provides a wealth of valuable statistics and insights exclusively available to our Cycle Trader dealers (at no extra cost to you). To take advantage of this tool, all you have to do is log in to TraderTraxx - it’s that simple. If you need help navigating TraderTraxx and any of its tools, feel free to contact your Cycle Trader representative at 888.747.1192 - they’d love to walk you through it.

Dealership Loyalty

We know - cycle buyers are loyal. They know what kind of bike they want - and they will do just about anything to get it. But what about their loyalty to the dealership that sold them that bike? Honestly? It doesn’t run as deep. We asked buyers directly if they feel strongly about purchasing their next bike from the same dealership as their last - and 78% said no. But, we also asked them what a dealership could do to earn their loyalty, and we’ve got those answers for you here - because we both know that second and third sale is as important as the first. 

What the vast majority of these buyers value most when they are deciding between dealerships - and it should come as no surprise - is price. Behind manufacturer, price is the biggest motivator for these buyers. They have a budget - and they are sticking to it. After that - service (14%) and reputation (13%) were neck and neck, which makes sense. These buyers want someone reputable that can help them through the process and keep their bike running afterwards. This is where proactive reputation management comes in. You should be on top of what’s being said about your company online - whether it’s on social media platforms, review sites like Yelp, or search engines. You should check regularly to make sure that your information is correct and consistent, monitoring any reviews that may come your way, and actively respond to questions and comments - basically engaging with the buyers. All of these platforms are also great places to promote what else you can offer buyers beyond the sales process - like service - and can help you build a strong reputation that extends beyond just word-of-mouth. 

While that’s all great for attracting buyers who haven’t purchased from you before - what about keeping the ones you already have? In either case, the basics are still the same. Buyers shared they want you to give them better sales incentives (35%) and better service options (28%) than the competitor. This feels like the best and worst news they could offer because it’s so black and white. These buyers are deal motivated, so they want to feel like they’ve gotten something from you that they couldn’t get elsewhere - so keep that in mind when you are engaging them in the post sale process. Consider putting programs in place to eliminate buyers remorse - for instance, maybe you review the NADAGuides price estimator together to see how their bike falls on the scale or offer them a percentage off for being a repeat customer. Or try to coax them back in when they are ready to sell with programs designed to get them more money on their trade. When it comes to service, you could give them a discount on the anniversary of the sale or send them reminders to come in for milestone services with a coupon. Make sure to call these things out on your social platforms and website - and gather testimonials when they are successful for your customers - people love to know about other success stories.

At the end of the day - knowing that price and service are driving the buyer’s decision will help develop targeted strategies and campaigns to address those needs - and hopefully, win their loyalty.

What Consumers Really Want from Your Website

When you think about all the things your website does for you - from keeping your hours to housing your available inventory to giving potential buyers a deeper look into your dealership - it’s obvious why it’s such a crucial part of your business. It’s as much the face of your business as the sign out front. And the craziest part? You might have no idea who these buyers are that browse your website because they might not have reached out yet - so it’s important to have a website that can help close the deal for you. Think about it as your “soft” salesman, keeping leads warm until they’re ready for one of your main guys to step in and close.

And having an updated design and modern functionality may not seem like the most important thing you need to worry about - but 78% of buyers do say it will influence their perception of your dealership and the experience you’ll offer. If your website is a mess - shoppers may worry that the experience in your dealership might be a mess too. And no buyer wants that. This purchase is one that they are looking forward to - and they don’t want to make it more difficult than it needs to be.

We know you don’t want that either - so here are some things to keep in mind:

Build a Mobile Friendly Website

More and more buyers are checking out bikes on the go. They see a bike riding down the street or sitting in a parking lot that they’re interested in - and they’re automatically whipping out their phone to look it up. Same thing in their free time. Waiting to pick the kids up from school? Let’s see what bikes are available.

Mobile traffic on Cycle Trader went up by 17% as compared to this time in 2017. I don’t know exactly what your website analytics look like - but I’m guessing your numbers went up too. As for the buyers - 64% consider mobile functionality an important feature of a dealer’s website. They want the convenience - and anything you can do to fuel their passion, we’re all for.

Call Out Your Most Valuable Assets

Buyers come to your site to check out bikes - so it’s no surprise that 69% of buyers said that your vehicle detail pages are the most important thing on there. So when you are thinking about where to devote your time, that’s a good place to start. And the great thing is, the effort you put in here can be used in the other places where you advertise your listings - so by spending a decent amount of time here, you can actually knock out your listings across the board. We call that a win win.

The next closest page of importance at 18% is your Homepage. And that makes sense. Your homepage gives them a look at your dealership and what you have to offer. They may be able to see service or sales deals, interesting testimonials, etc. Having good info here helps set you apart from other dealers in the area that may carry similar inventory. Offer new rider classes? Have a group of moto-mommas who race nearby and buy from you? Putting on an event in a few weekends? This is the place to tell them. Homepages are the place for the not-so-humble brag.

While the Contact Us page may seem like a very important page from your perspective, only 6% of buyers felt the same - and it’s because buyers know how to get ahold of you if they want to talk. The page that shocked us with its lackluster love was the Service Page. Only 2% of buyers felt this was the most important page, which we guess makes sense since so much of our traffic is active buyers and they aren’t thinking about service now, but since service is such an important part of their bike’s future - we thought it might get some more votes. With that said - and this doesn’t happen often - despite what the data says, we would recommend putting some time into your service page. While buyers might not feel it’s the most important page - we’d bet that they rely on it more than they’re letting on here. Tell them why your service department is the one to keep them on the road longer - and, in case they’re new to riding, help them understand what milestones they should expect.

Keep In Mind Why Buyers Call - And That Might Not Be A Good Thing 

If a buyer can’t find the information on your website, they might give you a call - which is great news, right? Well - yes and no. Yes, because now you have the opportunity to talk with them, hopefully turning them into a qualified lead, and bringing them into your dealership. But also no - because from a best practices point of view - the digital buyer expects to be able to find what they are looking for on your website and can sometimes be annoyed if they have to call looking for additional information.

The majority of buyers on Cycle Trader said they would call either about a pricing question (40%) or to check the availability of the bike (48%). In our opinion, this is information that should be included on your website. While we understand that sometimes getting your inventory updated in real time can be tough, including a price should be the standard. If you want to read more about why we think including a price is so important - you can check out our article all about it here.

The experience that a buyer has on your website could determine if they are choose to do business with you. That can be tough to hear if you haven’t spent a lot of time on your site - but there’s no time like now and the power of websites is only growing.