What Makes Gen Y Tick?
Generation Y - adults born after 1979 - is 77 million people strong, according to the U.S. Census Bureau. But they're wound a little differently than the rest of us. Dealers who understand Gen Y and customize their marketing and sales strategies accordingly stand to profit.
Understanding Preferences
Gen Y is buying vehicles just as much as Gen X and baby boomers, according to a Deloitte-sponsored study of university students. But Gen Y has less disposable income and doesn't see cars as a status symbol as much as its predecessors do.
So, many Gen Y buyers select used over new cars. This is good news for not only used car sales but also for service departments - is you can convince Gen Yers to return to your dealership for repairs and maintenance.
Gen Y also wants technology and connectivity. Vehicles equipped with mobile messaging, MP3/WMA playback capability, and hands-free cell phone options win over Gen Y.
Finally, Gen Y wants a vehicle that stands out. For example, MINI and Toyota's Scion allow buyers to customize a base vehicle with, say, decals, stylized mirrors and stereo equipment. Customization represents a huge opportunity for selling parts and accessories.
Marketing and Sales - The Right Way
The first generation to grow up with home computers, music downloads and cell phones, Gen Y has been inundated with technology their entire lives.
If you want to catch a Gen Y shopper's attention, your website needs a searchable online inventory listing, and you should advertise at sites like Cars.com (http://www.cars.com) and Facebook. Texts and e-mail blasts are the ideal way to reach this segment about sales and service promotions. Some manufacturers even offer smart phone apps for online bill payment.
Once you get Gen Yers into your showroom, remember that, because they're often significantly younger than their salespeople, they worry they won't be taken seriously. Dealers who create a positive showroom experience with a friendly, low-pressure sales approach build brand loyalty.