Prospecting and high-quality lead generation aren’t easy tasks. Throughout the process, it's common to encounter problems, including:
- Unengaged or nonreactive prospects
- High cost-per-lead
- Low sales volume
- Low conversion rate
Sure, your display ads are generating impressions, but are they reaching people who actually have an interest in your dealership? Your inventory?
Luckily, GSM knows the cost-effective secret to reaching new, interested audiences who are not familiar with your dealership. It’s called lookalike audience targeting.
What is lookalike audience targeting?
Lookalike audience targeting is an effective way to prospect and expand your retargeting efforts to audiences who are likely to take an interest in your dealership. This sophisticated targeting method focuses on engaging new leads and prospects who have the potential to become your customers.
How does lookalike audience targeting work?
Lookalike targeting works by matching your current customers’ information to consumers who have similar traits and online behaviors. A new target audience (list) is created using these similarities, ensuring your ads are relevant to their wants and needs.
Information such as location, age range, recent sites visited, and personal interests all help find new users who act like your existing customers and website visitors. Even better, because lookalike audiences have specific characteristics that make them ideal for your dealership, you know your ad budget isn’t going to waste on the wrong prospects.
How do lookalike audiences help with targeting?
This larger audience is statistically similar to an audience (your customers) that’s proven to be responsive to your ads. The risk that this audience will not convert is smaller than standard audience targeting. With this in mind, the high performing ads you serve to your current customers and site visitors can be reused with lookalike audiences to drive additional conversions—no more cold calling, no more guessing, no more list buying.
Retargeting with lookalike audiences
Retargeting reengages existing prospects rather than helping dealers find new ones. Retargeting using lookalike audiences takes things one step further by helping dealerships expand their reach to more people who are the most likely to be interested in the dealership.
Concluding facts
Lookalike audience targeting wouldn’t be popular if it weren’t so successful. It provides a cost-effective way for businesses to prospect and develop leads in a nonintrusive way.
- Develop high-quality leads that have an interest in your dealership
- Lookalike audiences perform better than standard audiences because they are statistically similar to your current customers
- Engagement and conversion rates will be higher with a lookalike audience over a standard audience that lacks key similarities to your customers
- Cost-effective and nonintrusive prospecting method
- Continually refine and develop new lookalike audiences from all sources of marketing traffic—website viewers, email subscribers or clicks, incoming callers, lead form submissions, social media followers, etc.
With lookalike audiences, you have nearly an endless supply of marketing traffic to use for creating high-quality leads. What are you waiting for?
