Engaging New Riders - Tips for Capturing the Millennial Market

In our industry - the term ‘millennials’ feels like a curse word. They seem impossible, are unlike any set of buyers that have come before them, and honestly, are making all of our lives a little difficult these days. They don’t follow the same formula that previous generations have, and that makes them especially difficult to market to and ultimately convert. But the reality is that we are stuck with them - and as of this year, according to Forbes, they will have more buying power than any other generation. So - as the saying goes - if we can’t beat them, we might as well join them. And the key to joining them, is understanding them. So here are the top five things you need to know to help capture that impossible and elusive millennial market.

They’re all about community and the experience — Both locally and within the larger community. They are looking for a way to find other like-minded people to share their passion with - which, at the end of the day, is the core of our industry. But, it can be hard initially to get involved in a community - so make sure to highlight to your potential millennial customers some ways they can get involved right from the initial point of purchase. You could host a first time riders night, have weekly meet-ups at a local brewery for existing customers, or host a motorcycle licensing class to help them get started.

They are into brands that stand for something — According to Forbes, 81% of millennials expect brands to publicly share their plans for corporate citizenship. While you often hear about corporate citizen on a large scale, that doesn’t mean they don’t expect you to be giving back as well. Millennials are focused on building a better country and community than what they inherited from previous generations - and they expect your help. This could be putting on a charitable ride or donating a portion of a sale to a larger, charitable cause - but no matter what you do, share it loud and proud so they know exactly what your dealership stands for.

And along those lines - they also care about the environment. This is an easy win with this group, as motorcycles are gas friendly and definitely easier on the environment than a huge SUV or even a four-door sedan. Even if they aren’t the millennials primary commuter vehicle, a motorcycle could be a great in-town car that lets them sub-out their regular car on the weekends or in the evenings. Many consumers might not think about the environmental impact of owning a motorcycle as opposed to a traditional car - so make sure to point it out to them.

Debt is not their thing — According to How Stuff Works, despite having control of the buying power in this country, the millennial generation is the product of a recession and the first generation that might not make more than their parents did, which makes them hesitant to take on too much debt. Luckily, motorcycles are often less expensive than some other options - think boats, cars, RVs, etc. - and allows them to purchase their dream unit without tying them down to huge monthly payments. While helping a buyer understand the full purchase price of a unit is important, make sure to highlight how low their possible monthly payment would be to help them see the affordability of their new ride.

They rely on their parents — and we don’t just mean because they are living in their basement. No matter their housing situation, millennials got their first financial advice from their parents - and, according to Reuters, 78.5% of millennials still turn to their parents for this type of guidance. And, here’s why you should care, they may even bring them into the dealership to check out units with them. So - tread lightly when you see parents with their children because you never truly know who the one buying the bike might be.

At the end of the day, millennials are here to stay, whether we like it or not. They are going to be a big part of our economy moving forward, and finding a way to bring them into the motorcycle industry is a big focus for us all.

What’s the Deal With Live Chat?

Customer service is everything in the business world, and as technology continues to change, the way we interact with customers is changing as well. For many consumers, live chat has become an increasingly important feature when communicating with a seller and vice versa. The current generation is used to getting anything they can dream of in an instant, and they expect the same service when it comes to communication from various businesses.

Live chat is an extremely comfortable way for buyers and sellers to quickly communicate and problem solve when used properly. Countless companies have added this feature to their websites in order to provide real-time answers to their customers - and consumers are LOVING it. According to Super Office, more than half of all customers prefer to chat with someone in real-time and online, rather than call a company for support. Don’t get us wrong, phone calls are still extremely important, but it’s becoming crucial for businesses to offer a variety of communication options for their customers. In fact, the same report mentioned that 79% of customers say they prefer live chat purely because of the immediacy it offers compared to other channels.

And live chat isn’t just great for your customers, there are real benefits to your business as well. Of the companies they’ve surveyed, Zoho reported that 43% claimed to have a better understanding of their customers after interacting with them in a live chat software - and understanding who your customer base is and what they care about is vital. According to another study by Forrester, live chat leads to a 48% increase in revenue per chat hour and a 40% increase in conversion rate - the results truly speak for themselves.

So, what are some other benefits of live chat?

• Consumers get to talk to a real person - There’s nothing worse than being put on hold for an indefinite amount of time, just to speak to a robot. While live chat is solely online, it still lets the consumer talk to a real-life human in a timely manner. 

• Instant customer satisfaction - We live in an instant gratification world and consumers want answers fast. Live chat gives you the ability to quickly answer any question a potential buyer might have on the spot. 

• Easily accessible for customers - Live chat allows your customers to easily contact you wherever they might be with just a click of a button. 

• Builds customer relationships - If you respond quickly and efficiently, consumers are bound to come back to you if they have specific questions. 

Have you thought about integrating live chat into your dealer page on Cycle Trader? If so, we can help. Call your Cycle Trader representative today at 888.747.1192 - they’d love to walk you through this increasingly popular feature.

Stay tuned for more information on specific tips for using live chat, coming soon!

Check Out Our New TraderTraxx App

Love TraderTraxx? Now you have the power to access everything you know and love about TraderTraxx in a new way with our app. Not familiar with TraderTraxx? No problem - we’ll break it down for you.

TraderTraxx is a completely free platform for Cycle Trader customers - that’s right, we said free. It’s included in your membership and it provides in-depth reporting to give you a clear picture of how your inventory is performing, insight into what Cycle shoppers are looking for and gives you the ability to manage your listings.

TraderTraxx also provides two amazing tools you should be taking advantage of, the Price Analysis Tool (P.A.T.) and Market Insights. P.A.T. gives you the power to easily pinpoint the optimal price in your local marketplace, as well as nationwide for your listings based on their make, model and year - taking the hassle out of manual research. P.A.T. also helps you understand if you are priced competitively in your local marketplace, as well as nationwide.

The second tool TraderTraxx provides is Market Insights. Market Insights is made up of three individual reports each designed to give you a better picture of the supply and demand for your inventory locally and nationwide, and also lets you check in on what units are piquing customer interest. Within each report, you have the ability to view the top model years for each unit and how many are available on CycleTrader.com.

Pretty amazing, right?

We think so too, and we’re excited to be able to offer all of the great things you are already familiar with plus some new features in our new easy-to-use app like:

• The option to add, remove, edit, and take pictures and videos of your listings without an internet connection, and then sync up later when you get back online. 
• The ability to turn on push notifications so you can reach out to that interested buyer right away - don't worry, you can toggle this on or off when you need to. 
• Lastly, you can listen to phone calls and reply to emails from within the app, giving you the ability to reply to your potential buyer right away. 

The app is currently available for iOS & Android users today!

Top Searched Makes and Models for Q2 2018

Keeping you in the know is important to us, especially when it comes to the latest industry news and consumer trends, and in Q2 2018, we saw some interesting data. We’ll catch you up on the makes and models Cycle Trader consumers were searching for in the second quarter of 2018. Let’s break them down.

Top 5 searched models of Q2 2018: 

• Dirt Bike 
• Trike 
• Sportbike 
• Cruiser 
• Scooter 

Dirt Bikes took the top spot in Q2 2018 as the most searched model with 14% of total consumer searches. Trikes came in second place and resulted in 12% of all searches, while Sportbikes came in a close third at 12%. In fourth place at 10%, Cruisers are slightly down from last quarter, but we continue to see them rank in the top five searched models. Scooters came in fifth place, with more than 8% of total searches on Cycle Trader. We are eager to see how this data might change as we are still in the thick of buying season.

Top 5 searched makes of Q2 2018: 

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

Harley-Davidson remains in the top spot for most searched makes in Q2 2018 with 21% of total searches (that’s more than seven million consumers searching for the manufacturer). Honda comes in a close second with 17% and Yamaha rounds out third place with 11% of total searches. Kawasaki comes in fourth with 8% and Suzuki takes fifth coming in at 7% of total searches on Cycle Trader. The rankings of the top makes this quarter remains comparable to last quarter - it looks like consumers are staying consistent.

As the year progresses we’re interested to see how these numbers might change. Let us know how our findings compare to consumer interest at your dealership and drop us a line in the comments below.

A Guide to Making Your Listing Photos Great

The buying process for nearly everything has changed over the past few decades. With the consistent growth and evolution of technology, online research has become increasingly important to buyers when they make a purchase - large or small. Having top-notch photos is crucial to get more eyes on your listings. Check out these 8 easy tips that will make sure your photos paint a clear picture for potential buyers.

1. Make it Shine - Make sure the unit you're selling (new or used) is clean. Buyers want to see their potential bike in tip-top condition, so make sure you give the unit a detailed wash before putting it out on the floor or your lot. Sponges and brushes are great for the intricate details of a bike, and they remove dirt and grime with ease.

2. Use the Right Camera - Are you using a camera that produces high-quality photos? If not, you’ll want to make sure your camera is fairly recent so your photos are clear and not grainy. Most smartphones have amazing cameras, which is a great option that won’t require you to purchase a new camera, but if you’re wanting to take your photos to the next level, consider investing in a new point and shoot model. Most newer point and shoots are very easy to use and take crystal clear photos. It’s also a good idea to get an extra memory card with your camera to make sure you have enough storage for all of your listing photos.

3. Shoot at the Right Time of Day - Lighting is important when it comes to taking photos, so you’ll want to keep in mind the time of day you choose to shoot. Avoid taking listing photos midday when the lighting is harsh, and instead, opt to take photos in the morning or late afternoon where the lighting is “warmer” and less likely to wash out your photos. Cloudy days can also be great photoshoot days, but make sure it’s not too dark and avoid taking photos at night where flash would be required.

4. Keep in Mind Positioning and Location - When taking listing photos, you’ll want to keep in mind where you’re positioning the bike. It’s important that the one bike you are trying to sell is the focal point of your shot - you don’t want to confuse potential buyers by having multiple bikes in the photo or in the background.

5. Take a Few Test Photos - It’s important to take your time while shooting your listing photos, as they are a crucial part of your entire listing. Take a few test photos of your unit to make sure the lighting is right, the camera is clear, and that you are satisfied with the outcome. If you aren’t pleased with the photos you can take a step back and see what might need to change to enhance your photo (positioning, lighting, etc.).

6. Have a Variety of Photos - We cannot stress this enough - take a lot of photos. Buyers want to see every angle of the bike before walking into the dealership so they can visually picture themselves on a new ride. Take a few full shots (showing the whole bike) as well as detailed, close-up shots. We suggest having a full bike shot as your main listing photo to grab the customer’s attention right off the bat, then they can explore more photo options as desired.

7. Be Honest and Authentic - For our used sellers out there, it’s extremely important to be honest to your customers. Don’t hide the imperfections of the bike you are trying to sell. If the unit has a few dings or scratches, consumers deserve to know - they really don’t want to be surprised when they come to view the unit in-person. As for new units, it’s also a good idea to stay away from using stock photos of your unit - consumers appreciate authentic photos.

8. Highlight Special Features - Does the bike you’re selling have any special features? Make sure you are highlighting them in both your listing photos AND descriptions. As we mentioned earlier, consumers want to picture themselves on the bike, and showing them unique features will have a higher chance of piquing their interest.

We hope that these 8 tips have helped you realize taking listing photos doesn’t have to be difficult. Getting the right photo takes some practice, but your buyers will thank you in the end. If you need additional help creating a description for your listing, click here.

What You Need to Know About Co-Op Advertising

Have you ever wondered if co-op advertising could work for your dealership? Not sure of the process? We’ll break it down and show you how to maximize your advertising dollars.

What is Co-Op advertising exactly?

Co-op advertising is essentially a partnership between a manufacturer and a dealership to share the cost of local advertising. While a manufacturer may advertise their products nationally, that doesn’t give them the ability to tell the consumer where to buy their product locally. To help facilitate local advertising, the manufacturer relies on local dealers, just like you, to determine the best way to spend advertising dollars on their targeted consumer.

It is important to note that co-op reimbursement is for new inventory, and you have the ability to accrue funds during a predetermined period based on the vehicles purchased from the manufacturer -but there is a limited time period in which to spend these funds. Unused funds don’t carry over to the next advertising cycle so many funds are unfortunately wasted.

So, why wouldn’t you use all of your co-op funds?

Co-op is complicated and can take a lot of time out of your already busy schedule. We asked some dealer directly why they don’t use their co-op funds and the most popular responses were:

“Co-op is more trouble than it’s worth,” “I don’t know how much co-op funding I have,” “It takes too long to get reimbursed,” “I don’t have someone to manage the program,” “I don’t have someone to create the graphics,” “My claims often get rejected,” and more.

How can Cycle Trader help?

Lucky for you, we offer solutions to make co-op quick, easy, and turnkey. And - as a bonus, we’ve been helping dealers like you manage the co-op process for years and have the staff to assist with all stages of the co-op claim - so you can spend more time running your dealership and less time doing extra paperwork.

Although we can’t determine how many funds you have accrued, we can help guide you to the sites where that information can be found. All manufacturers have co-op resource centers that can give you the details you need to know about their specific co-op funds.

The co-op process is easier than you might think, considering our experts can assist and manage the program for you. We get pre-approval of every graphic, we compile the metrics of each campaign, we make the required screen grab of every banner, and when permitted we submit the claim directly to the manufacturer. For manufacturers that require you to submit your own claims, we will provide all of the paperwork and send them directly to you with instructions on how they are to be submitted.

To top it off, you don’t have to worry about creating graphics. We have a graphics team that utilizes the artwork available from each manufacturer to create banners that follow all of the co-op guidelines. Because we use manufacturer supplied graphics, we can guarantee that any claim that utilizes our graphics will not be rejected due to incorrect content. We’re so confident of our process that we include a guarantee with all of our signed agreements.

Interested in our co-op offerings or have additional questions? Give us a call today and let us help you advertise for less (757-448-4555).

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?