Women’s Wednesday #64: Millennial Women and Your Market Share
Posted: October 4, 2017 by Anne Fleming, Car Buying Advocate
Reshaping The Industry’s Economy
The millennial. Individuals born between 1980 and 2000 comprise ‘one of the largest generations in history’. In a recent article “Millennials Coming of Age”, by Goldman Sachs, millennials are not only poised to reshape the economy, but are about to move into prime spending years. Millennials overtook Baby Boomers, ages 51 to 69, as the largest generation according to the U.S. Census Bureau.
Women of all age groups are buying 4.5 out of every 10 vehicles. However of those millennial buyers, 53% are women. Honing in on what factors contribute to car purchases made by millennial women can help dealerships step into a larger market share.
How Millennials Stand Out From The Crowd
What makes millennial women stand out from non-millennial women? According to Women-Drivers.com, millennials ranked price, style, brand, color and warranty as top factors for car purchasing. Trustworthiness and respect ranked as the top two reasons to buy from a sales advisor. Additionally, millennials who are adept at using reviews in many product categories, use car dealer reviews readily to help them locate what dealerships to do business with.
Millennials Are Digitally Engaged with Dealers
Since millennial buyers have grown up with the internet and smartphones, they are highly connected with social media. Goldman Sachs states that 44% of millennials text message, 16% blog, 38% instant message, and 38% are engaged in social media. For example, Women-Drivers.com reports that social interaction is critical:
- 44% of millennial respondents viewed a dealership’s Facebook page, an average of 10% higher than non-millennials.
- 67.5% of millennials furthered to “Like” a dealership’s Facebook page, an average of 10% higher than non-millennials.
One takeaway would be that millennial women are more evaluative that non-millennial women. Additionally, millennial women are open to using dealer’s social communities.
Social Selling Sales Advisors
Connecting with this group means engaging a generation that places effort to find answers within an electronic style of communication. A style that’s silent but not soft spoken, educational but not elusive, and often promotes multitasking. Their energies are to be reigned in with true and genuine interest.
Millennials interact with Instagram, Twitter and Facebook as social media mainstays. What are sales advisors doing to grab ahold of a portion of engagement? Smart sales advisors build leads off their successful sales relationships. They ask for the referrals and reviews, and the satisfied customer happily provides. Behind the scenes lay electronic connections ready and waiting. “Friend” or “Follow”, those requests and actions taken upon referred names create a plethora of potential customers. Social profiles built by sales advisors with the intent of building leads is becoming a new system of lead generation.
Be Personable and Prosper
Our data reports that millennial women traveled further to visit showrooms and are less likely to shop the nearest dealership. Goldman Sachs points out in its article that millennials have less money to spend, while industry reports show that younger buyers have little interest in negotiating purchase price. Sales advisors could capitalize on their discussions with millennial women and secure a more decisive market.
Does your advertising speak to this segment specifically, and not just have a women spokesperson on a sports TV or weekend ad? Listen to the millennial woman and bring the showroom tour into a vision of comfort, longevity, service center and multitasking lounge that serves as hub for the busy woman scheduling around work, school and personal time. Become the dealership that cares about the millennial women buyers and prepare to excel in your sales across the board by applying the principles of being personable, relatable, and interactive.