Last Updated on
Businesses in every industry today are looking for ways to transform and reinvent themselves to meet (if not exceed) the expectations of the Millennial consumer. Automobile dealerships across the country realize that to appeal to this huge and highly knowledgeable generation they need to create a brand new customer experience.
The Millennial generation is the biggest in US history—even bigger than the Baby Boom and the Millennial generation is very well informed. Millennials (an identity given to people born between 1982 and 2004) are one of the most informed generations because for the most part – they grew up with the internet. According to Forbes.com, “Millennials’ affinity for technology is reshaping the retail space. With product information, reviews and price comparisons at their fingertips, Millennials are turning to brands and services that can offer maximum convenience at the lowest cost.” They demand the highest level of customer service and the most reliable information. Let’s face it – they know all about a product or service before they walk into a store or dealership.
Businesses need to be prepared if they want to market their business to this huge consumer sector. According to Goldman Sachs.com, “One of the largest generations in history is about to move into its prime spending years. Millennials are poised to reshape the economy; their unique experiences will change the ways we buy and sell, forcing companies to examine how they do business for decades to come.”
So how can automobile dealerships shape their products and services to appeal to this perceptive consumer? Let’s start by reviewing the old and new scenario of shopping for a car.
Car buying used to be a source of stress, with the pervasive salesman stereotype proving true in tense back and forth negotiations. Consumers, equipped only with a newspaper ad, felt ill-informed and pressured when buying a new vehicle.
Today, consumers are researching a car online before even stepping foot in a dealership. They walk in knowing exactly what they want and have done all of their research regarding options, cost and even financing.
What’s left for the salesperson to do? Since the millennial consumer is very well informed, car dealerships today need to heighten the customer experience. Following are a few new strategies used by dealerships around the country that have been very successful in targeting the millennial car buyer.
Using Technology to Their Advantage and Streamlining the Customer Experience
Some dealerships use tablets or iPads that allows the sales representative to do almost everything while side by side with the customer, seamlessly and quickly. No running back to the desk to photocopy your driver’s license for a test drive; the salesperson scans it right into the iPad. No scrounging around the lobby for brochures; detailed photos and spec “sheets” are right there on the iPad. All customer information can be entered directly into the tablet – eliminating paperwork and reducing the duplicate filling out of forms.
One Price Approach which Creates Complete Pricing Transparency
Dealerships offer a single price, their best price, with no need to haggle. Gone are the days of “checking with sales manager” for a better price or offer”. Employees are not paid different commission for different models; no incentive to upsell or to recommend a particular model based on anything other than the interests of the customer.
Single Point of Contact
The ability for a single person to assist with financing as well as sales and product related questions creates a level of authenticity for the customer. Customers work with one advisor through the entire sales experience. Customers expect an experience that is honest, streamlined, and hassle-free.
To remain competitive in today’s automobile industry, car dealerships (and businesses in every industry) must find new and innovative ways to increase their business and tap into the millennial market. If your dealership also markets to subprime customers, CyberLead, Inc. can help with high quality, credible auto lead generation programs. For details call 866-347-0607.