Most dealers understand the value of including service/maintenance specials and images of their inventory on social media, and their instincts are right on target. Automotive advertisement clickthrough rates on Facebook consistently outpace many other industry ads on the platform.1 It makes sense, since the image of a new car and the emotions and status it inspires feed right into social media conversations.
But F&I products? Not so much at first glance, but maybe it’s time to reconsider.
Social media networks continue to gain traction as a way for consumers to gather purchasing information, hear from like-minded buyers and build relationships with brands—all of which align nicely with marketing F&I products. No matter where your dealership lies on the social media spectrum—from intensive posting and paid advertising to occasional posts—consider these five reasons for bringing F&I products into the conversation.
1 Chaffey, Dave. “Facebook ad clickthrough rates by industry 2017.” Smart Insights. 9 March 2017.
- It’s where your customers are. About 70% of the U.S. public are active on social media, according to the Pew Research Center.2 While all generations are using social media, younger buyers tend to use it more, so those with less car-buying experience and more receptive to the benefits of vehicle protection products are more likely to see your content.
- The more online networks you’re using, the better your chances of serving up content where customers will see it. Plus, more networks translate into better organic search results.
- Social media is mobile-friendly. People who prefer phones and tablets may be more likely to see your content on a social network than by seeking out your website.
- People who purchase F&I products are probably connected to like-minded people. Their connections on social media might also be more likely to purchase F&I products and remember your content.
- Social networks are about keeping the conversation going and building loyalty. This suits the longer lifespan of the F&I purchase. You can keep product information in front of customers long after they’ve bought the car, whereas they may not keep returning to your website.
2 Social Media Fact Sheet. Pew Research Center. 5 February 2018.