You no longer can afford to ignore Millennials. There are 75.4 million of them out there, making them America’s largest living generation today, according to a recent Pew Research Center report. The study showed that this generation, who range in age from 19 to 35 as of 2016, recently surpassed Baby Boomers in number. Another study published by Bloomberg revealed that these Millennials are also in the business of buying cars.
We know what you’re thinking (well, at least we think we do) … you’ve NEVER ignored anyone who’s showed interest in purchasing a car. However, there’s a still strong possibility that you could be ignoring Millennials if you don’t approach this market segment in the right way.
Younger generations should be marketed to differently, as they’re often drawn to engaging, interactive experiences that provide valuable insights and offers. You can do this by leveraging auto dealer software solutions that allow your dealership to engage with consumers directly on your website. Of course, implementing new technology onto your dealership’s website won’t do much if you don’t have a viable strategy (or strategies, rather) supporting those efforts. Here are 3 key strategies to compliment your digital solutions:
Use the Software to Cater to their Buying Habits.
First of all, you need to have a thorough understanding of how much consumers’ buying habits have changed as a result of the so-called Digital Age. Millennials, who are leading the way, are definitely a different breed of consumer than the ones you were marketing to just five to 10 years ago. Nowadays, the buying process starts online — long before anyone gets to your door.
“Car shoppers really don’t care to step foot into a dealership until they’ve basically decided on what they want to purchase.”
A survey by Accenture shows that 80 percent of 10,000 drivers said they used some type of digital technology to research car preferences. Additionally, 62 percent said they actually initiated their car purchase online before heading to a dealership. The lesson here? Car shoppers really don’t care to step foot into a dealership until they’ve basically decided on what they want to purchase. That being said, the interactive experiences you decide to implement should help drive consumers further down the purchasing funnel. A great example of this would be an evaluation quiz that allows consumers to answer some simple questions that determine what vehicle would be best for them. Essentially, this experience is a great way to provide an educational resource for those who are more inclined to do their research online.
Market to them differently
Authenticity is your No. 1 advantage in reaching Millennials. They value your brand when you engage with them. So, forget about the polished advertisements and commercials. For example, only 1 percent of Millennials said that an advertisement, no matter how compelling, would make them trust a brand more, according to a recent survey by Future Workplace and Elite Daily. However, that same survey revealed that 62 percent of Millennials prefer for a brand to engage with them through social media networks.
“The point here is that the communication is back-and-fourth; which is something that many Millennial consumers value.”
Engaging with folks on social media is certainly important; but let’s put that on the backburner for a little bit. When it comes to interactive experiences, the same rules of engagement still apply. Millennial car buyers like it when dealerships engage with them to inquire about their specific needs – especially if those wants and needs are immediately met. Trade appraisal experiences are great for engaging with consumers, because they collect shopping preferences, current vehicle information from the consumer; and immediately offer an appraisal of their vehicle based on the information they provided. The point here is that the communication is back-and-fourth; which is something that many Millennial consumers value.
Work with Experienced Providers
You may feel that you’re taking a leap to bridge the gap between how you’ve been marketing and selling all these years, and the new digital sales and marketing model. It might be nerve-racking at first, but if you choose your providers correctly, there shouldn’t be any actual issues. Take the time to explore providers who have concrete data points and case studies showcasing how they helped other auto dealers convert more buyers. With these key ways of attracting Millennials, you can get ahead of the competition in engaging this generation of car buyers.
Looking for more ways to reach Millennial car buyers? Schedule a demo with us today!