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.

A Picture's Worth 1,000 Words... And So Is A Description

We all know that riders are buying more than just a bike - they’re buying a lifestyle. They’re ditching life on four-wheels for miles of open road. They’re often looking for life’s next big thrill -- and you want to encourage that. There are riders who know exactly what they want in their next bike and then there are riders who are so overwhelmed with options and have no idea where to begin -- as dealers, it’s your job to cater to both.

So, when they come across your listings online - are the pictures and descriptions you provide helping them to picture this lifestyle they’re thinking about? Most of the time - the answer is no.

We live in a digital and visual age -- so it’s no secret buyers want to see pictures (and lots of them). Having a large variety of high-quality photos helps eliminate any element of surprise when a buyer shows up to your dealership. They want to know up-front exactly what the bike looks like, what kind of condition it’s in and if there’s any damage -- honesty is always the best policy, especially when building trust with your buyers. It’s also important to have a top-notch feature photo that will quickly grab a buyer’s attention while they are scrolling through bike options. We suggest avoiding up-close, detailed shots for your main photo (those should be included in your additional gallery shots). Pictures that show the entire bike right off the bat excite buyers and make them more apt to click your listing over other competitors.

Once you’ve gained the attention of a potential buyer through photos -- it’s crucial to provide a detailed description of the bike you’re selling (especially for first-time buyers). Put yourself in the customer’s shoes -- why would they choose your bike over a similar model? Make sure to point out everything the bike has to offer a future rider. Does it have modifications or upgrades? Write about them. Is it a great option for first-time riders? Highlight why. It’s important not to overwhelm your customer, but that doesn't mean leaving out key details they need and want to know. Your listing should be well thought out, easy to understand, and most of all - helpful. Try to think of common questions a customer might ask and be sure to answer them in your listing.

Buyers want to imagine themselves on their next ride and you are the link that can help them understand what a particular bike can do for them. Putting the extra time and energy into creating your listings will pay off in the long run, and your customers will be sure to thank you.

Building your Business on Instagram: 3 Tips to Expand your Audience

It’s no secret that Instagram has become one of the most prominent social media platforms and the idea behind it is actually pretty simple - a digital online scrapbook. With nearly 800 million users as of September 2017, interacting with your audience on Instagram is a great way to showcase your dealership in a very visual and engaging way.

To help you hone your social strategy on Instagram, we’ve come up with three key tips to grow your following, engage your audience and get customers interested all through the simple use of this social platform.

• Get your company's profile completely filled out. Without all of your information - including a profile picture - users may think that your Instagram account is actually spam. If they don’t trust your presence -- they could block or unfollow your Instagram account -- or even worse, you could even be reported. Don’t let that happen. Be sure your Instagram profile includes all of the following elements in full:

• A clear profile image, featuring the most simplistic version of your logo possible. The amount of space provided for a profile photo is incredibly small, so you want people to be able to identify your business identity easily and without straining their eyes.

• A link to your website. Instagram has a section on your profile where you can include a website or link, take advantage of that space. If a user notices you on Instagram and visits your profile, that is your chance to introduce yourself to them as who you really are. This way, they aren’t having to exit out of the app, open a browser, and search you on Google- they are directly linked to your website for information.

• A short bio. You have a very limited number of characters to fill the “About” section of your profile so grab their attention right from the start. Include something about yourself being a business (“The best Harley dealer in Southwest Florida”), but add something to help them remember you by. Try not to be too corny, but whether it’s your company slogan or a quote, this can help draw your audience in and get them scrolling through your feed.

• Engage with your followers to grow your audience. The thing about Instagram for business is that it isn’t an exact science - it's more of an art, with stable practice over time. You’re not going to grow by 20,000 followers overnight, but you definitely can grow by at least 20 a day with the proper tricks on hand. Try a few of these strategies known to grow business’ follower numbers exponentially over time:

• Use hashtags in your posts. When people are searching for something on Instagram, such as a travel trailer, they will type into the searchbar “#traveltrailer.” You want to make sure your dealership’s profile and related posts to show up in their search - so make sure to include relevant hashtags to help that customer find you. The most successful and engaging posts include at least 11 hashtags, so depending on your niche, primary models carried, etc., choose the best ones that work for you. At least one should be focused on your company name, and most of the rest should be focused on the type of different makes and models carried by your dealership.

• Engage with Instagram users regularly - treat them all as though they were all your prospects. One way to find new followers is by searching one of your target hashtags (i.e., “#indianmotos”) and liking posts you find. It may sound tedious, but by liking at least 50 posts a day - focusing on the most recent posts, which have less likes - you can get your name on a user’s notifications as someone who liked their photo.  

• Another way to do this - scroll through those hashtags, and when you see a photo you find especially interesting, comment on it. Even if it’s just a statement such as “Great photo!”, users love engagement. Talk to them, and whether it’s through a like, follow, or simple response back, you are putting your name out there - and once you comment on their photo, it’s now in front of that individual’s followers, too.

• Pay special attention to the quality and type of photos you post. Don’t take the same photos of different units over and over again. Rather, try to mix your messages. Include images of your staff, people searching the lot or offer up a helpful tip to guide buyers in their search for the perfect unit. This will communicate to your audience that yes, you are a dealership, and your goal is to get units sold, but you also care about the experience they have with your company- both online, and in person.

We hope these tips have helped you gain a clearer vision of what steps you can take to refine and develop your presence on Instagram - be sure to tag @cycle_trader and hashtag #cycletrader and #cycletradernation to gain the most exposure possible for your photos- and possibly even get featured on our own Instagram page.

Consumers & Their Never-Ending Research Process

As much as we would like to think buyers wake up one day, decide they want to buy a new bike, and walk into a dealership to do it - we know that’s not really how it works. Buyers think for months about what they want in their next ride. They compare features, model years, and dealerships to find their next obsession. And sometimes, they look even if they aren’t really planning to buy - just because they want to see if that irresistible bike happens to be on the market. So we can keep set realistic expectations - we asked buyers directly about their research process.

To start - we went high-level - asking overall how long they research before they buy. The vast

majority said they look for their next unit for over a month before diving in - and 22% said they spend more than a year looking - which is impressive, but not necessarily surprising. Bike buyers aren’t easy going about what they want and are brand loyal to a fault - so they are willing to wait it out if they need to .

But these are buyers are the majority - the ones who say they are openly looking to buy - what about those riders who just like to look at bikes for the fun of it? So we asked. Turns out 83% of them are checking out listings regularly, even if they aren’t in the market at the moment. They just like to look at what’s out there. Dream about what could be. But what happens when they run across that one bike they can’t live without? 89% said they would buy it. So these are people who aren’t looking to buy right now - but said they would buy if the right bike came along. That’s huge. In my mind - this statistic alone is why you should always have your inventory online - winter, spring, summer, or fall. It doesn’t matter. These buyers are more than happy to take their best laid plans and throw them out the window.

And because we hear from dealers all the time that believe buyers are only looking for bikes in the spring and summer - we decided to make that our last question for buyers. And, as we thought - only 12% said they exclusively search in the spring and summer months. The other 88% are searching throughout the year. That’s right - all year long. So - by keeping your listings up throughout the year - you never know who you are going to attract. And, because not all dealers believe that buyers continue searching in the “off season”, you might even have slightly less competition.

While it would be ideal for us if consumers didn’t feel the need to spend months and months researching - that's just not the reality - so if you can’t beat them, join them. Make your listings irresistible - so it fuels their passion and makes them have to have that new bike. Show them something they can’t resist.