October Edition: EV Marketing Deep Dive

EV Marketing KPIs and Deep Dive

The EV landscape is evolving, and with this comes the need to refine dealer marketing strategies to attract the right customers.

This month, we’re diving into key performance indicators (KPIs) that can make or break your EV sales success. Let’s take a look at the metrics and insights you should focus on to stay competitive.

Where is Your EV traffic coming from?

Understanding where your EV customer traffic is coming from is crucial for optimizing your marketing spend. Traffic sources can vary, but the main channels to monitor include:

• OEM websites: Buyers with a particular brand in mind might begin their journey by browsing OEM pages to explore models, incentives, and features.
• Social media: Platforms like Instagram, TikTok, and X are great ways for dealers to showcase EV inventory in visually engaging ways and leverage influencer partnerships.
• Facebook Ads: A strong performer for dealerships, Facebook Ads bring significant traffic, however, are they still the best option for EVs?
• Google Ads: Often the go-to for dealerships looking to capture intent-driven traffic. Google’s ability to serve highly relevant ads when customers search for specific EV models can result in significant leads.
• Email & SMS Campaigns: Targeted and customized emails and text messages continue to be an effective way to stay top of mind with interested buyers.

Question: Where are you seeing most of your EV traffic coming from? Are you putting your $$ into the right channels?

Is Facebook still the “Best”?

While Facebook Ads have traditionally been a strong performer for dealerships, the politicization of EVs could be changing your results. Buyers on Facebook are increasingly split by how they view EVs, so the platform may not be the powerhouse it once was.

Our recommendation? When using Facebook Ads for EVs, it is important to work with your marketing team to present the information in a way that appeals to a broader audience, helping to avoid any politicization of EVs. For example, you could focus on messaging that resonates with both EV and non-EV shoppers, such as highlighting fuel cost savings or running campaigns that showcase your EV and PHEV inventory eligible for the federal tax credit. This way, you're keeping the focus on a topic everyone cares about (saving money!) and attracting a wider range of potential buyers.

Also, with marketing EVs on Facebook, it is important to closely monitor comment sections to ensure no hateful content is deterring potential shoppers from engaging.

How much does EV traffic cost?

Tracking your costs per visitor, lead, and sale is more important than ever. Here's what you should expect:

• Cost per EV VDP: We’ve seen a range anywhere from $2 to $15, depending on the platform, region and inventory mix.
• Cost per EV Lead: Ranges from $20 to $200, depending on the sophistication of your campaigns, retargeting strategies and VDP lead conversion percentage.
• Cost per EV Sale: This can land between $300 to $1,500, varying by marketing channels and lead nurturing efforts.

These costs can be higher than ICE vehicle marketing costs given the significant research EV buyers take, and the longer amount of time spent on VDPs before a ‘Key Event’.

Are you maximizing your electric vehicle VDP traffic? Make sure you have EVDPs like the below:

Conclusion

Having the right marketing strategy and metrics for your EV inventory will ensure you’re putting your money in the best channels, and bringing warmer traffic to your site.

Don’t just copy-paste your ICE marketing strategy for your EV inventory. Make sure to sit down with your marketing team and plan an appropriate approach. It might take some testing to find the best formula for your stores and EV inventory, but it’ll be worth it in the long-run!

Lectrium Updates ??

Dealer Themes: Customize your EVDP tools ??

Lectrium is excited to announce Dealer Themes, a new feature that lets you fully customize our EV Savings Badge and EV Range Map tools on your VDPs. Align our tools with your dealership or OEM branding and provide EV shoppers with a consistent user experience.

Quick to implement and easy to update, Dealer Themes elevates your VDPs to build trust with customers and stay brand consistent. Learn more here.

We’ve added ASC GA4 event tagging! ??

We're excited to share that Lectrium is now up to date with the latest ASC GA4 event tagging standards. This ensures that user activity from our EVDP tools on your websites can be seamlessly tracked from your dealership’s GA4 account, giving you the data upfront, and insights you need to optimize EV campaigns even further.

Your edge in EV sales

If you haven’t already explored Lectrium’s EVDP tools, now is a great time! Our solutions give your dealership an engaging way to showcase relevant EV data and visuals, including range and savings, directly on your electric VDPs.

Give customers the info they need to feel confident in their decisions, while building trust with them and closing more sales.

October Events ??

• Tues. October 8th - Thurs. October 10th: Digital Dealer Expo Conference in Las Vegas

Hey ???new subscribers: Lectrium?is an electric vehicle technology company creating digital tools to help automotive dealers sell more EVs, educate customers on the financial savings, and ease customer concerns during the car-buying process. We’re excited to have you here!