When you look at the demographic of your business, what age demographic do you see the most? Is it the aging baby boomer, the Gen-Xers, Millennials or the new Generation Z? If you’re like most dealerships, I would venture to guess the Millennials make up a growing portion of your customer base. Sure Generation X has helped you grow your business, but they’re in their 40’s and have families and other responsibilities to deal with. They’re getting older with the millennials hot on their heals. Here’s the thing, though, Gen X and Millennials have completely different buying habits and triggers when it comes to making those buying decisions.
In a recent Inc.com article by Melanie Curtin, (Read the complete article here) it was pointed out that Millennials buy based upon the experience or story. Not price, or the color, or if it’s a good deal or not, but the experience. So what does that mean to you and your bottom line? Well, it’s time to think about the story you are telling with your dealerships well as the story your OEM’s are telling about their brand.
Look at companies like Husqvarna and Indian and the story they are telling. The uniqueness of their brand is the story that creates the experience. Does your shop offer a cool bike night or riding club to be a part of? What about a special ride day for all new owners? These are the kind of experiences that set you apart from your competitor and thus a better choice for the millennial buyer.
What can you do to make the buying experience more memorable? Look around your dealership, is it designed to enhance the experience or is it just a row of desks like it’s been for 20 years. Think outside the box and capture those sales opportunities.
What are you doing to enhance the experience of your shop? I’d like to know.
As always the ideas expressed above are my own, and I make no claims to the success or failure of implementing them. They are suggestions to make you think. Please vet all ideas against your business plan before implementing them.
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