The Next Generation: Automotive Marketing Aimed at Millennials
Employ an Automotive Marketing Plan to Attract and Retain Up-and-Coming Group of Car-Buyers
They’ve arrived on the scene, and they’re here to stay.
The Millennial Generation —generally comprised of 80+ million youthful folks born between 1980 and 2000 —has come of age. Maturing into adulthood, climbing the corporate ladder and occupying increasingly prominent societal roles, their buying power continues to expand.
Recent estimates indicate this segment of our population now accounts for 25 percent of the new-vehicle market —and growing. TrueCar estimates Millennials will have purchased 4.24 million vehicles, generating $135 billion in revenue, by the time this year is complete.
That Millennials now wield a level of purchasing power offering lucrative potential to your auto dealership is not in question. What is open for debate, however, is just how you can employ an automotive marketing plan designed to attract and retain this up-and-coming group of car-buyers.
So, how do you create automotive marketing aimed at Millennials? Here are five strategies for successfully marketing your dealership to the Millennial Generation:
1. Emphasize Customer Loyalty
Millennials tend to be a loyal bunch. In fact, studies indicate most young people comprising this generation believe they’re as —if not more —brand loyal than their parents. This is particularly impressive considering the online consumer detective opportunities available to this Internet-savvy group.
This Millennial trait signals an opportunity for your dealership. By offering your young customers a Dealer-Owned Maintenance™ package from Performance Administration, you can incentivize them to return regularly for maintenance needs and, ultimately, for their next vehicle purchase. When you secure a return buyer as a twenty- or thirty-something, their lifetime buying power can contribute to your dealership profitability for decades on end.
2. Provide Exceptional Customer Service
Although Millennials tend to respond less positively to traditional advertising tactics when compared to their predecessors, they’re social creatures who enjoy sharing experiences with their peers. Whether online or offline, members of this generation engage in frequent conversations within their social circles.
When your auto dealership succeeds at creating a memorable experience for a Millennial customer, this encounter will be promoted to the masses through social media sharing habits, among other channels. Put smiles on the faces of your Millennial car-buyers and enjoy the built-in referral system that ensues when they share their new-vehicle success story with others.
3. Demonstrate Corporate Social Responsibility
Millennials strive to align themselves with companies they perceive to share their values. They’re often willing to sacrifice the lowest price for the sake of establishing a relationship with a brand that’s reputable for engaging in sustainable business practices and giving back to the local community.
From bolstering your offering of low-emission vehicles to achieving publicized status as a desirable workplace, your public image will ring true with the Millennial Generation. Appeal to Millennial customers with your CSR initiatives and their willingness to consent to a dealer service contract will follow.
4. Appeal to Common Sense
When it comes to buyer decision-making, common sense prevails for logic-minded Millennials. Their sound judgment emphasizes value and convenience when making important purchase decisions, such as buying a vehicle. They recognize a customer-centric partner when they see one.
Able to offer complimentary maintenance as part of your vehicle purchase agreement? Pair this perk with the peace of mind that arises from entrusting vehicle repair needs to an expert dealership staff, and you’ll pique the interest of a prospective Millennial customer.
5. Utilize the Latest Technology
Millennials appreciate technological prowess. After all, they’ve been embracing and adopting new technology ever since the advent of the Internet during their childhoods.
With a Maintenance Included Strategy from Performance Administration, your dealership’s customer retention technology software is able to easily track your customers’ maintenance needs, sending them timely service reminders. In the case of your Millennial customers, this type of tech-induced personalization will keep you top-of-mind and beckon them back to your dealership.