Facebook’s Newest Feature To Drive Auto Leads: Facebook Click To Marketplace Ads
Facebook continues to add features to its Marketplace for autos platform, increasing a dealership’s ability to target engagers and drive traffic and leads.
Their newest feature, Click to Marketplace Ads, or C2MP, is giving dealerships the power to connect with customers more frequently and cost effectively. Read on to learn more about this incredible new feature for auto dealers.
Facebook Marketplace Continues To Gain Popularity
Today, Facebook Marketplace is the go-to location for finding used vehicles, stealing low-funnel auto shoppers from Craigslist and other 3rd party listing sites .
Due to its incredible audience size and ability to list as much inventory as you want without listings fees, it isn’t hard to see why more dealerships are relying on Facebook Marketplace for their used inventory listings.
Not listing your inventory on Facebook Marketplace? Click here to get started.
What are Facebook Click To Marketplace Ads?
In March of 2020, Facebook launched “C2MP”, or Click to Marketplace Ads, within Facebook Ads Manager.
Click to Marketplace Ads bridge the gap between Automotive Inventory Ads and Marketplace Listings.
These ads proactively bring your live inventory to auto shoppers’ News Feeds, but then drive them to the detailed Marketplace listing (rather than a dealership’s website VDP) for that unit.
Watch this video below to learn exactly how C2MP ads work and the results from our dealer-partners:
From the “Facebook VDP”, shoppers can view images, read more about the vehicle, see additional listings from your dealership, directly reach out to you via Messenger, call, or click to get directions to the dealership.
And all of these actions can be tracked and retargeted with new Marketplace targeting in Facebook.
🎉 UPDATE: As of July 21, 2020, Click to Marketplace (C2MP) now supports New and Used listings. Dealers can now advertise all of their vehicles (new and used) on C2MP, while Facebook Marketplace (organic) still only supports Used.
Benefits of Click to Marketplace Ads For Auto Dealers
Driving shoppers to an on-Facebook VDP or Marketplace listing with C2MP rather than a dealer website offers several additional benefits, including:
- A mobile optimized experience with a 1.3 second average page load time, reducing auto shopper friction
- Opportunity to prospect and qualify leads in real time via Facebook Messenger
- Zero loss in reporting and attribution issues caused by loss of website conversion data
- Ability to continue tracking key performance metrics and breakdowns such as view content, cost per view content, leads, and cost per lead
- Retarget capabilities for users engaging with your listings
- Performance typically on par or better than driving to dealer site
- Average 19% reduction in Cost Per View content vs. website campaign
- Average 69% reduction in Cost Per Lead vs. website campaign
Click to Marketplace Ads For Auto Dealers Drives Lower Cost Per Lead
In February, Facebook selected Facebook Marketing Partner, Dealers United, and our dealer-partners for a limited beta test.
An A/B test was performed to understand if whether ad clicks to Facebook Marketplace generated more leads compared to driving to a dealer’s website.
During the test, we saw that dealers were getting 2.3x more impressions and reaching 1.7x more shoppers than traditional campaigns on the same ad spend.
As we opened up C2MP campaigns for all of our dealer-partners, we found that some dealerships were realizing leads as low as $4 and one dealer attributed 15 sales to the ads in only 1 month!
See their results in Facebook Ads Manager below:
Since opening up the test to more dealer-partners, our average lead cost for C2MP is lower than On-Facebook Lead campaigns.
We expect even higher results now that C2MP offers the ability to advertise both New and Used vehicles, skirting Marketplace’s limitation of only listing Used
If you want to learn more about how you can use Facebook Click to Marketplace Ads at your dealership, click here to schedule a strategy chat with our team.