According to a recent survey, four times as many consumers would prefer to watch a video about a product over reading about it. This is just another reminder that technology lives in everything we do nowadays, and dealers can use it to their advantage.

Here’s another compelling statistic: An IHS Automotive study done in 2016 found that simply being aware of the products ahead of time doubled — and sometimes almost tripled — the likelihood that a consumer would actually purchase that product once they got into the F&I office.

This is a significant number. Couple this stat with one on the impact of video: a consumer who watches just 10 seconds of video doubles their awareness of a product or brand, and can help impact purchase intent up to 72{137f86425451f0eed4391b215cab1f0aedcc26ced4aeb45d9a5267c3194b8614}.

This concept of “seeding” consumers ahead of the F&I office with information so they will be more open to the actual products is a point that Jim Maxim touched on in a recent article as well. He noted that when a consumer arrives at the dealership to purchase, it is typically the culmination of 10-12 hours of research done ahead of time. Consumers are spending the time learning about every make and model, every option, and even every trim level. This is the prime window to introduce them to F&I products – ideally, through an engaging video.

All these numbers tell us that using digital media in basic, simple ways – such as adding product videos to dealers’ websites, showing it on TVs on the dealers’ showroom floor where customers are waiting to see the F&I manager, or even running the videos in the F&I manager’s office – has the potential to make a big impact on product sales. The research indicates that these simple steps can go a long way to decrease objections and increase penetrations significantly enough to have a meaningful impact on the bottom line of dealerships.

This is why RoadVantage has created a library of videos that are publicly available and free for use by anyone who wants them. We have videos on the general value of F&I products, as well as product-specific videos. Dealers can use these videos to engage consumers wherever they are: online, or watching on showroom monitors, or as a part of the F&I presentation. As Jim Maxim mentioned in his article, engaging customers with welcoming and informative information through the many touchpoints they interact with to buy a vehicle gives dealers the ability to connect customers to F&I solutions – and shift focus from the attributes of the car to the value behind F&I products.

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This post was written by: Garret Lacour, CEO RoadVantage

Published: June 16, 2017

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