Not every customer has perfect credit. That’s something anyone involved in lending can tell you. Instead of shying away from these prospects, savvy dealers capitalize on the market opportunity they present.
Thanks to special finance and lending programs, dealerships can offer credit to individuals who may not qualify under normal circumstances. While most dealerships offer this service, not all think to advertise it.
As we enter the colder, slower months of the year, consider this an opportunity to reach out to customers who could benefit from credit assistance.
Facebook has an ultra-refined set of targeting tools. Some of these include interest and life event targeting. This can be useful if you have identified an interest that many of your subprime customers have in common.
Another tactic suitable for subprime advertising is Facebook’s retargeting feature. If someone visits the trade value page on your website or views vehicles under a certain price point, you can retarget these customers with custom-made subprime ads.
Once you attain a certain number of users who fall into the subprime category, you can use Facebook’s look-alike audiences to further target similar individuals.
Note that in advertising to low-credit customers on Facebook, you must exercise caution so as not to be flagged for discriminatory targeting. Our team carefully crafts wording and parameters to ensure client ads follow all guidelines.
Paid search is another tactic that works well when targeting subprime customers. These ads can be set to target customers within a specific income bracket, making them more likely to be seen by the desired audience. These bid adjustments mean that your ads will show higher in the results for people in the income bracket you’re targeting.
Once a paid search ad’s audience is set, you can link the ad to your website’s financing application. Another option is to build a special landing page that funnels shoppers through the credit approval process.
As with other search ads, you can measure the success of a specific campaign. This means that dealers can easily see how many leads a subprime credit ad has generated and adjust strategy accordingly.
Social media and paid search advertising are among the lowest-cost, highest-return advertising methods that exist.
Consider adding subprime credit targeting to your strategy in 2019, and ask how Strong can help.
John Paul Strong: For someone who spends an average of 135 days outside of the office meeting with clients, John Paul Strong remains the driving force behind his Birmingham-based advertising agency, Strong Automotive Merchandising. Strong began his career as an account executive at Martin Advertising. Learning much, but never satisfied, he convinced his father to partner with him in reopening their own advertising agency in 2004, catering exclusively to the automotive industry. The company started strong but humble. The original roster of 10 employees and eight clients has exploded today, growing to 100 full-time employees and more than 220 automotive dealers. And it hasn’t gone without notice. Along the way, Strong Automotive Merchandising has been recognized as a perennial winner in Birmingham’s Best Places to Work contest and as a Top 20 Agency among Google’s National Ad Partners. Yet, Strong still finds time to share what he’s learned along the way. As an avid writer, he has published two books in the Next Day Traffic series, along with more than 1,000 automotive-focused blog posts. He is also a member of the Texas Auto Writers Association, and his success has been recognized in the Birmingham Business Journal’s 2013 “Top 40 Under 40.” In 2018, Strong was named CEO of the Year by the BBJ. The foundation for Strong’s career began at the University of Montevallo where he earned a bachelor’s degree in communication studies and advanced public speaking. Always staying ahead of the competition, Strong later went on to study in Harvard Business School’s Executive Education Program. Amid all of his endeavors, Strong always makes time for what matters most – his family. He is a proud husband to Amy, and father to Lilly Grace, Anne Charlotte, Hudson, and Ford.