Is The End of Automotive Near?
Is it all over?
Millennials in the automotive industry. What does that even mean? Excitement? Fear? Annoyance at the overuse of the term?
To some it looks a little something like this:
The term millennial in the automotive industry has become synonymous with slow buying cycles, lack of excitement, and pure fear that they are not interested in cars.
And these fears did carry weight even a year ago.
Many studies were showing a decline in automotive purchases, dwindling passion for cars, and increased interest in car sharing, urban living, and reducing purchases. As all things do, though, times are changing, cycling, and new research is showing new trends.
The end may be a good thing, though.
Well, maybe not the definitive end, but definitely a modification.
Things are changing in the industry. And Thank God! If nothing changed, it would be a stagnant, boring, predictable life--and those words definitely do not describe the automotive world. The changes that are occurring at such a fast rate keep us all on our toes--connected technology, autonomous cars, progressive fueling systems--it you don’t feel your heart racing a little, you need to check your pulse.
So of course, with these changes come the need to change your marketing habits.
It is a different product to a different segment of the market.
And Millennials are ready to buy. With purchasing power and a need to find the vehicle that represents who they are, it is time to adjust how to market to, sell to, and talk to Millennials. Automotive is not dead--not even close!
What can we do to market effectively to Millennials?
They are the peak age, peak market, and at the top of their game for learning. Hire some. Ask what would get their attention.
And then LISTEN.
We all know we are experts and that we have all the answers. But sometimes others can add value. And the value of knowledge could pay back in dividends. Listen to their ideas--even if they are incredibly different than your own, and try to incorporate some.
Modify SOME Habits
I used to have a manager who would say “Don’t throw the baby out with the bathwater.” I always thought that was an odd statement, but very appropriate. Just because something is tepid and needs to be replaced, you don’t throw everything away.
Keep what works, get rid of what doesn’t modify what you can, and then add new ideas to spice things up. And when focusing on millennials, the spice may be an increased online presence. Removing stale content from your website and bringing in real stories from customers. Making sure all processes are as transparent as possible.
These are small, simple, and incredibly effective ways to market that target audience.
The End Is NOT Near--Enjoy the Changes
Millennials are not the enemy, but rather your best friend. Talk to them
The industry is changing. Keep up or lose out.
Image 1: donteatthepickles.wordpress.com
Image 2: dreamingup.blogspot.com/2011/05/end-is-near.html
Image 3: commons.wikimedia.org/wiki/File:Restoring_sanity_sign_-_The_end_isn%27t_near.jpg