Shifting with the Times, Getting Ahead of Buyers
Whether iIn the big city or rural countryside, the trend of younger Gen Z and Millennials not purchasing new cars is a lifestyle choice that is undoubtedly ringing on your balance sheets. Ridesharing and the GIG Economy certainly has affected other industries, however the blows to the transportation industry are unprecedented.
Human behavior and the need to get from one location to another has not changed. Consumers today want an experience, often a luxury experience. The traditional car-buying experience is one that needs to adapt. Perception is everything, and today buyers are placing more weight on how they are informed, treated, and sold to. We have had first-hand experience with both traditional and progressive automotive dealers, brokers, and brand extensions. Their success is directly correlated to their attention to the human component of the business, not necessarily the automotive one.
Imagine your daughter gets a promotion and wants to reward herself with a new car. She does all of her research, and the lot does in fact have the car she desires, the car with all the bells and whistles. Now think about the floorman walking up to her and saying ‘Why don’t you come back with your dad or husband, and then we’ll get all of the paperwork done?’ Not only did that dealership lose your daughter’s sale, they lost her loyalty. For life. .
From attracting new and younger customers through your doors, to educating your team on how to build loyalty, advocacy, and longevity with this younger generation, SoCap can help build your social reputation and capital in order to increase those sales on the lot.
Driving What Customers Want, Not What They Need
Speak to the Women First – Women continue to advance and surpass their male counterparts in the workplace. Many more are waiting to have children or simply choosing a life without them altogether. Pair that with other lifestyle-related purchases, and it’s evident ‘moms’ are not the buying power anymore, women are. And per usual men will follow.
Facts Tell, Stores Tell – We find it ironic, even comical, to see the juxtaposition in automotive commercials. They show lifestyle, but speak facts. Consumers today want the lifestyle and have the capability of doing the research about the facts and details of the products they want. In adapting and placing lifestyle as the priority all the way through the marketing narrative, automotive brands are sure to win the hearts of their fans.
Adapt. Period. – We know some automotive brands have a pulse on their consumers and are proactively evolving their strategies. As a brand or local dealer, if you haven’t yet done so, it’s not too late. With new Augmented Reality (AR) tech and the way the brand is positioned and communicated across channels to consumers, there are ways to position your company ahead of the curve. The technology in cars has been pushed by engineers. Now, SoCap is defining how brands engage with consumers.
Today’s Rider, Tomorrow’s Driver... or not?
Customer demand influences the market place, and businesses capitalize on this. Within the automotive industry, advancements in technology, production, and design have kept consumers interested in what is next. Until now. Consumer behaviors and values have changed, and the transportation ecosystem has changed. Some are ahead and shaping this change, while others are curious to see how it plays out. We get excited by how the automotive industry can play outside of solely production. However, within the industry overall, software, carpooling and ridesharing technologies, and alternative fuel sources can be mutually beneficial and financially rewarding for the automotive and energy industries.