Get Creative with Your Dealership’s Incentives
I’m sure it’s no surprise that high gas prices are causing most Americans to cut back in other areas of their life, especially in those things considered as luxury items. Edmunds.com recently conducted a survey showing that 95% of Americans are changing their lifestyle due to the recent increase in gas prices.
Ever wonder exactly what types of things people are cutting back on? A new study by WebRidesTV.com answers this question. According to their survey, the top three categories in which people expect to cut back are:
- Travel (42.35%)
- Dining Out (40.98%)
- Consumer Electronics (26.57%)
Incorporate this information into your incentive campaign; use it as a way to reward customers and entice leads. Use incentives that help satisfy your potential customers desire to fill the categories where they’ve admitted spending is down.
Get creative. Go beyond the typical $50 gift card for local restaurant favorites. While this is a great starting point, increase your offer for a raffle or for those that buy new vehicles. Set up a “Night on the Town,” complete with dinner, movie, and the use of a limousine (or use a luxury vehicle from your dealership for added branding). While the actual cost behind this is fairly low, the perceived value to your potential customers will be exponentially greater.
A lot of dealerships are offering gas cards as incentives. How can you raise the perceived value besides simply increasing the denominational value? Throw in a night’s stay at a hotel a few towns over, or maybe tickets to a sporting event, and you’ve just given your customers an instant vacation. Again, the extra cost to your dealership is minuscule compared to the added perceived value you’re giving to your consumers.
For electronics, the iPod is a common giveaway item. Why not offer to pre-load it with bands of your customer’s choice, or a collection of local bands? Giving away a GPS? Load their home and work addresses in it before they pick up the car. These won’t cost your dealership much, or anything at all, but will set you miles above your competition.
Because many people are holding back on car purchases, give them an opportunity to fulfill another area that they’ve cut back on. Your dealership spends minimal money compared to the perceived value to your customer, and everyone’s a winner.
