Unfair MPOP® Advantages: Episode 1 (Become an Offer Leader)
Jan 31, 2017
The ability to quickly update, change, and syndicate pricing and offer messages, on the fly, is essential in today’s fast-paced, high-tech world. Unfortunately, most marketers aren’t equipped to execute with the accuracy and speed necessary for success.
In this DealerTeamwork marketing tip, you’ll learn a valuable Launch Control strategy to become a vehicle market price leader and master the MPOP®.
“If ain’t first, you’re last” are the famous words of Ricky Bobby which provide a valuable lesson for the MPOP® users out there. Leading the merchandising war is a huge marketing advantage and here’s how you do it.
It’s inevitable that your OEM offers will change. While your competitors need downtime to reassess the offers they want to use doesn’t mean you have to as well.
Depending on the level of competition in your market, you may start to notice that other dealers are watching or even mimicking many of your Launch Control powered activities. Watching your offers is expected and as annoying as it may appear on the surface, it is a tremendous opportunity for you. If your competitors are watching they have likely built related New and Used car specials pages, landing pages, and have begun implementing offer-fueled search efforts.
Due to their lack of Launch Control offer syndication, they will likely be required to update these offers and pages by hand. Manual updates take time, use up human resources and are incredibly inefficient. These updates are the foundation of your opportunity.
At the beginning of the month, as always, allow your specials to expire and replace them with very simple inventory or OEM based offers with higher than possible pricing and incentives. Leave these prices and offers up for the first part of the month and observe as your competitors create slightly better offers or borrow yours. Once the competition takes the bait, change your offers and incentives within Launch Control to a level you are comfortable with and undercut them across all of your digital marketing channels. Remember, your deals still need to be profitable. This isn’t a race to the bottom.
Supplement paid and organic search campaigns with Launch Control email campaigns and social media posts. Monitor your competitor’s reactions. Record and analyze how and how long it takes for them to respond to rapid pricing changes. Document and assess your competitors to develop a competitive marketing profile. Watching this activity helps map out who your digital rivals are, what their marketing patterns are and their threat levels.
Knowing how your competitors respond to change gives you a better understanding of how to dominate your marketplace, undermine efforts, and expected outcomes. You can maneuver your local playing field better knowing whether they attempt to undercut your pricing or knowing roughly how long it takes to update vehicle offers.
I recommend updating your core model offers as much as once per week throughout the month. The MPOP® gives you a unique marketplace advantage, now use it to the fullest extent and maximize your opportunities.