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Conquering the Battle for Millennial Buyers - Internet Sales 20 Group 10 - Philadelphia, PA

Doug Vansach will be speaking at this year's Internet Sales 20 Group 10

Doug Vansach, Vice President of Analytics and Data Services at Autoloop, will discuss how to conquer the battle for millennial buyers. Millennials represent the biggest threat and the biggest opportunity to an auto dealer’s business. They are the least loyal generation and the hardest group to attract during the buying process. Based on AutoLoop’s analysis of over 1M leads and a survey of 60K unsold prospects, this presentation will uncover new insights about the vehicle purchasing process of Millennials and will enable dealers to gain a competitive advantage that win over this finicky group. We will review specific strategies and technologies that dealers are using today to attract Millennials, from advertising to store visits to trade-ins. Dealers who attend this session will be armed with a better understanding of Millennials to increase their lead conversion rates and drive higher repurchase rates than their competitors.

To sign up, visit http://www.InternetSales20Group.com/ or call (267) 319-6776!

Today’s news is full of articles about the buying power and habits of the “millennials”, which has an estimated population of 78 million. This Women’s Wednesday is part of a multi-part series we are exploring about women buyers within this segment. Of millennial buyers, 53% are female. Understanding the nuances of selling to this new generation of women can put your dealership in a position to leverage the newest car buyers and truly increase your market share in today’s ever competitive industry.

Our latest study tracked 620 reviewers and sheds light on the similarities and differences between millennial and non-millennial women that will help you create age-specific sales techniques. Both millennial and non-millennial women ranked their satisfaction level with dealerships as very high.

1. While “excited/excitement” is the #1 emotion the buyer felt while shopping for a car, millennials report “relaxed” as being number two, versus “apprehensive” for non-millennials.

Why it Matters and How to Leverage: The newest generation of women reports they are more relaxed and confident when buying a car than previous generations. Why? According to a study by Ameriprise Financial (June 2014), millennial women are more in control of their finances and enjoy making these decisions. Six in ten millennial women (vs. 43% of non-millenial women) reported they learned about finances from their parents.

Additionally, younger women are more comfortable using technology to arm themselves with the information they need to make car buying decisions. Astute sales advisors who understand and respect this confidence will quickly gain the trust of their potential car buyer. A good sales approach is to ask questions, respond truthfully, and guide car shoppers through the remaining information needed to make a decision. Above all, assume these women are smart, and have spent a lot of time learning about what they want. While they may have less experience buying cars than older generations, they have a wealth of information at their fingertips that has not been readily available in the past. They are prepared and fully capable of accessing that information while inside your dealership.

2. “Trustworthiness” and “respect” are ranked #1 and #2 for millennials’ reason to buy from a sales advisor. “Understanding” replaces “knowledgeable” as #3. Millennials visit slightly more dealerships to look for a car.

Why it Matters and How to Leverage: Millennial women hold trust and respect as the top qualities they insist on for a sales advisor. They expect their sales advisor to understand them and what they want in a new car. Many millennials are first time buyers and combined with the knowledge and confidence described above, want to feel they are making a comfortable choice. Trust and respect comes from realizing millennial women have done their homework about what is available to them.

Sales advisors will benefit from listening carefully to what their millennial shopper is saying and provide honest answers to her questions. A prepared buyer doesn’t need help with all of the decisions. Learning to perceive where the grey areas are can help accelerate a sales decision. Be there to help, not coerce. And listen, don’t lead.

Get The Full Millennial Women Buyers Report Now!

Millennials have a bad rep in today's society. They are stereotyped as narcissistic, lazy, and entitled. Although they are often misunderstood and underestimated, millennials are very important to the automotive industry. Millennials are the people buying and they have the money to spend. One in 10 millennials earn six-figures or more. The group, which ranges in age from 18 to 30, also has the most education. Therefore, they like to do their research. When marketing to this unique bunch, there are a couple things to keep in mind. 

Learn What Motivates Them - This group is extremely results -driven. So having your statistics on hand is very beneficial. They like to know the purchases they make are worth their hard earned money and the time they spent researching the buy. Also, millennials love to laugh. Tune in to what makes them tick and they will be more likely to make a purchase. 

Keep It Short - Don't beat around the bush with millennials. The more transparent you are, they more a millennial will be willing to buy from you. Millennials are known to multi-task and have a million things going on at once. The easier the buying process the better. 

Although millennials are often disregarded, they have a lot of buying power. The challenge is knowing how to market to this research and technology centric group. 

http://www.autoedcenter.com/education/seminars/14-11-18-sales.php 

November 18th GNYADA Workshop "The Sales Process Redefined", Selling To Millennials 

This seminar will finally answer the question:

How do I sell cars to Millennials? Learn the motivations, opinions and behaviors of this unique new generation of car shoppers. As their purchasing power increases and they continue to drive consumer demand, it’s necessary to reevaluate your sales process and redefine strategies to engage them.

The Sales Process – REDEFINED will teach attendees: Who are Millennials? What do Millennials think about cars and driving? What motivates a Millennial to buy a car? Ways to enhance the Millennial buying experience. How to redefine your sales process to entice Millennials to buy a car from you?

About the Instructor: Sean V. Bradley, Dealer Synergy. Sean V. Bradley is the top automotive trainer and consultant in the country and is currently one of the most sought after subject matter experts for Internet Sales, Business Development and Digital Marketing. Beginning as a sales consultant, Sean learned the business from the ground up holding positions at dealerships as Sales Manager, Internet Sales Manager, Special Finance Manager and Business Development Director.

GNYADA Seminars, held in person, are developed by qualified dealership experts to meet the highest possible standards and deliver the latest information and solutions for your most pressing business needs. Our programs train new and seasoned dealership professionals to improve operations and profitability results within each department. Reserve your seat today. Call the GNYADA Education and Training team directly at 718.640.2012, fax your registration form to 718.407.6970, or register here

Back in 2009, the team of Mike and Maaike, the designers behind Google’s G1 Phone among other innovations, released a concept design for the car of the future. Lost behind the futuristic glass enclosure and auto-drive capabilities were the reasons they undertook the project: “Freed from the monotony of driving, we can enjoy quality time while in transit: socializing, gaming, movies, business, videocalls, web surfing, sleeping or discovering new places with powerful voice controlled search and navigation.”

We’re a car culture. Our manufacturers continue to advertise power, performance, passion, heritage and sex appeal—but the next generation of buyers is less interested in that than they are in engagement, connection, impact and lifestyle. To them, driving is a distraction from their life.

In 2010, the millennials (the current 16-34-year-old demographic) surpassed the baby boomers as the largest generation in the United States, with more than 77 million members, or one in four Americans. Inevitably—and soon— they will buy more cars, get married, buy houses and have families. At the same time baby boomers are retiring and driving less, so understanding how to sell to millennials will be critical to your dealership’s success.

When you are able to identify the approximate age of an Internet lead, how do you respond to those in the 16-34 age group? Here are a few tips on how to respond to millennial Internet leads:

1) Price is Important….: The millennials have had a tough time establishing careers in this down economy, as evidenced by a 16% unemployment rate in their age range. Many also graduated college with student debt. Lack of finances is one big contributor to why many of them aren’t currently buying cars. If you notice their inquiry is on a “budget” car, respond by sending links to similarly priced vehicles, both used and new.

You may also want to bring up financing options with millennials sooner rather than later, so you don’t spend a lot of time selling them a car they can’t afford. Fortunately, credit restrictions for auto purchases have been easing lately. Offer to help them become qualified, and send links to whatever payment marketing tools are on your website. If you have a new generation shop-by-payment tool, they will be able to peruse your inventory based on what their monthly budget is.

2) ….But Not as Important as the “Feel Good” Factor. Although millennials may be looking for value, giving them the bottom line price is not guaranteed to get you the sale. In general, neither will selling the features of the car. Less than 15% of millennials describe themselves as “car enthusiasts,” compared to 30% of baby boomers,* making a car more of a commodity than an emotional purchase.

Most millennials want to “feel good” about what they’re buying. In a 2010 Pew Research Center study, more millennials said “Helping Others In Need” is more important than “Owning a Home.” So if it’s a hybrid, emphasize the benefits to the environment. If your dealership is involved in the local community, try to weave in a conversation about a charity you recently helped out, or other social benefit that your dealership has provided. Another strategy is to share YouTube ads from the brands they inquired about, to help them decide which brands they identify with.

3) Let Others Do the Talking. Millennials are extremely active with social media and use the Internet to do most of their research. In general, they trust the opinions of their friends and the masses before they trust recommendations from a salesperson. If possible, let your social media platforms and online review sites do as much of the “selling” as possible for you and your dealership. Send them links to the objective, third-party research sites, to your online review sites and especially to any reviews that may specifically mention you, the salesperson. If you don’t have any video testimonials from customers, get some, then send the links to those on your YouTube channel.

4) Don’t Pressure Too Much, but Don’t Give Up. Millennials are in a state of “constant consideration,” so if they don’t respond to your request for an appointment, or stop responding entirely, don’t give up. It may be they’ve backed off the idea of purchasing for the moment. Chances are they will still purchase in the next 90 days, and when they do it will be with someone who they have built a rapport with.

5) Use Your CRM For Communication Preferences. Millennials expect companies to do business with them on their terms. This means if they prefer to text, you should be texting them (or your competitor who does text them will be the one to engage with them).

The millennials now outnumber boomers, and their growing purchasing power will soon be felt. What tips do you have to market to this tech-savvy generation?

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*Statistics taken from the Spring 2013 research report “A New Direction: Our Changing Relationship with Driving and the Implications for America’s Future” by the U.S. Public Interest Research Group.