Buyer personas are how businesses describe their ideal customers to target and to market to. If you generate leads, such as subprime auto leads or other auto finance leads, as part of your business, it can be important to first note what kinds of consumers you’re looking for.
And subprime loans generate $10 billion a year in interest, so that makes these auto finance leads a sizable market to miss out on. You need to know how to appeal to the modern buyer.
The car buyers of today are empowered with a ton of knowledge, and almost all of them have done an extensive amount of research for their price range. Most of the time, they know what they want before they even set foot on your lot.
This means that dealerships need to understand their customers more, not just think of them as one of many car loan leads. You need to know who they are, how to reach this person, what their needs are, and all about their backgrounds.
What Is Your Ideal Demographic?
You should picture who your ideal customer is. Are they a 25-year-old college student? Or a 50-year old who is already established in their career? What kind of income do they have and what sort of travel do they do?
These questions can help you form a sort of chart as to what you’re getting for a lead. They might have bad credit and need a subprime loan, making them a subprime lead. They might have amazing credit and income, therefore needing no loans at all.
Why Do They Need a Car?
An individual that needs a car solely for work will have different needs for a vehicle and price range on that vehicle than someone who is going to be doing a lot of driving. The same can be said of someone who is single with no kids, versus a parent with many. Consider that when developing your ideal buyer persona.
What Is Challenging About Purchasing a Car?
They might have a bad credit score or no credit at all; they might need a co-signer on a loan for the car or many other challenges. Take these possible circumstances all into account when generating auto finance leads. You should also consider what non-financial challenges they have. For example, do they do more urban driving than rural? Take that into consideration when offering a car and with your loan pricing.
You should do this for every buyer that you could potentially have. The more details you have for each buyer, the better you can create content to market to them. This builds trust and brand loyalty, meaning the buyer might come back next time.
If you have any questions about building a buyer persona for your auto finance leads, please feel free to reach out to us. Our experts are happy to assist you.
