Have you ever bought a shiny new toy and felt let down at the results? I bought a rather expensive digital SLR camera and the initial results we poorer than I expected. I could at this stage have sent the camera back to the (online) shop I bought it from, complaining that this expensive bit of kit didn’t work. However I know that many people can make this camera produce stunning photos, that’s why I bought it. I saw their results and wanted to join their club. So I practiced, tested, read-up and generally experimented and the results gradually improved. Sure I will never be a David Bailey but through experimentation and gradual improvement the tool I had purchased demonstrated that it was more than capable of doing the job.
Finance calculators on the web are no different. Shiny and new on your site you will have high expectations of the results, however much like my adventures with the camera quality results are by no means guaranteed out of the box.
Like all other offers on the web, the effectiveness of your finance offer is significantly linked to the quality of presentation and visibility of that offer. You may well have the strongest finance on the web but if it’s hidden away eight clicks from the home page, deep on the site then few people will find and interact with it. When your customers eventually find the calculators if it is not obvious how to use them or if the information is unclear or poorly presented you will again alienate them and prevent interaction. Use best practice to present the finance offer. Test the layout on real customers and use their feedback. Increase the visibility and accessibility of your finance offers by providing explanatory content and even product videos.
Check your offer. Try out different rates to find the best compromise between lower rates which will lead to more enquiries and higher rates which will potentially result in fewer. Selectively display your products putting your best foot forward. Perhaps show PCP if available, if not show Lease Purchase and fall back to Hire Purchase. Only showing one product at a time may make the information clearer to your customers and encourage interaction. You could also experiment with the default offer (the offer your customers see before they adjust any figures).
When making changes try adjusting just a single factor at a time. Monitor the results for long enough to get data. If you have a busy site, a change over the weekend may well provide enough time, if however your site attracts fewer visitors it may take a little longer before the effects of any changes can be accurately measured. Remember that what works today may not work tomorrow so I suggest continually tweaking your offers.
With effort, practice and experimentation your gleaming new finance offers can drive real improvements in finance penetration and significantly increase vehicle enquiries. Remember, it’s not what you’ve got but what you do with it!