1 out of 5 prospects on BuyerScout reports purchase a vehicle within 90 days
Outsell announced today the results of a new data analysis on the effectiveness of its unique BuyerScout® buyer detection solution.
BuyerScout is the only buyer detection product that analyzes behavioral trends, tracks consumer engagements, and tips off dealers when current customers and prospects are in market – helping salespeople focus their efforts on prospects who are most likely to buy. Dealers describe BuyerScout as highly accurate, and report that they are closing more deals by targeting consumers on their BuyerScout ‘Most Likely Buyers’ reports.
To confirm that point, Outsell contracted with IHS for a data matchback project, comparing consumers listed on its BuyerScout Most Likely Buyers reports with Polk data, the “gold standard” for tracking new and used vehicle sales across the United States. Outsell wanted to definitively measure whether the consumers identified by BuyerScout as actively in market for a vehicle actually purchased from any dealer.
The matchback found:
- BuyerScout accurately pinpoints consumers who are likely to purchase: 17.8% of consumers on BuyerScout reports purchase a vehicle within 90 days.
- BuyerScout’s predictive models are identifying dormant prospects who are back in market to buy a vehicle: On average, 15.2% of BuyerScout-identified prospects purchased within 90 days.
- BuyerScout prospects purchase vehicles – but not always from the dealer at which they were identified: The data showed that five times as many of those BuyerScout prospects are purchasing from another dealer.
- Sometimes BuyerScout prospects even purchase the same brand from another dealer: Of those BuyerScout prospects that buy, 23% of them convert with the dealership at which they’re identified – but 34% of them are buying the same manufacturer at a competing dealership.
- BuyerScout alerts dealers to previous customers coming back in market: Of BuyerScout-identified owners that buy, 53.9% of them come back to buy at their previous dealership, but another 46.1% (almost half) choose not to come back for their next purchase – and 13% of them are buying that very same brand at another dealership.
“Dealers report that BuyerScout has a measurable impact on their sales,” said Bryan Harwood, CTO of Outsell. “But we wondered whether dealers were getting the most out of the BuyerScout data. The best way for us to determine that was to see whether consumers identified by BuyerScout are actually buying. And the good news is, they are – the Polk data show that BuyerScout’s predictive models are highly accurate.”
“We’re excited to see these great results from the study, and will continue to share tips with our clients,” Harwood continued. “Dealers who are actively utilizing BuyerScout to identify buyers earlier in their purchase cycle can provide those buyers with the best possible experience to keep themselves in consideration. This will help our dealer customers improve conversion and close rates.”
Dealers who would like to learn more about BuyerScout, or who are already using BuyerScout and want to ensure they are getting the most of out of it, can visit http://demo.outsell.com/buyerscout/.
Outsell will showcase BuyerScout during the upcoming NADA Convention and Expo, the world’s largest international gathering place for franchised new-vehicle dealers, taking place in Las Vegas from March 31-April 3, 2016. Visit Outsell at booth #6500 N.