How to Take Advantage of Millennials' Leasing Behaviour

POSTED BY Speed Shift Media

growth-carhow-to-take-advantage-of-millennials-leasing-behavior-728px-544pxIt’s no secret: Taking advantage of your buyer’s behavior will bring you more leads and can be what you need to edge out the competition. As Forbes magazine puts it “When you find the gaps between what your competitors are doing and what the market wants, your own value proposition and strategy becomes sharper”. 

So, if you’re one of the hundreds of dealerships throughout North America trying to get a competitive edge selling to millennial buyers, we encourage you to listen up!

According to a recent Edmonds’ analysis of car registration data from Polk, millennials are 46% more likely to lease then they did 5 years ago and are more likely to lease than the industry average.

The recent rise in car purchases among Millennials is a topic we have covered several times here on the Dynamic Display Advertising Blog, including what millennials expect on a dealership website and what channels are best to reach themHowever, the growing propensity among Millennials to lease vehicles is new territory. Here are a few quick things you can do to attract their business.

Add Leasing Promotions to Vehicle Detail Pages (VDP)

With the knowledge that millennials like to lease new vehicles, it would be prudent to look at the VDPs of the cars that millennials like to purchase and offer promotions for leasing at the appropriate buying stage. Dealerships often approach their websites and VDPs with a set it and forget mindset. However, different messages resonate with different buyer personas and it should follow that the content of your VDPs should optimize to their preferences.

Add Leasing Messages in Your Advertising

Extending past the VDP, the next step is to add leasing promotions and offers directly into the creative of your inventory display advertising on vehicles that are popular for millennials. Similar to VDPs, adopting a more strategic segmented approach to messaging on your advertising creative will provide you with a greater response than a blanketed advertising message.

Add more Leasing Messages into your Mobile Advertising Strategy

Although we’ve stated this before, it’s important enough to reiterate the fact that millennial buyers prefer consuming information on mobile devicesmore so than traditional consumption on PCs. As a result, increasing your leasing based advertising on your mobile advertising can further optimize your results.

Looking to fine-tune your marketing to attract Millennial buyers? Don’t miss these recent related posts:

The Millennials Are Here - What Now?
Text and Chat: The Secret to Marketing to Millennials

icon-ian

ebook2-in-image-advertising-a-guidebook-retail-automotive_728x90

RECENT POSTS

Updates to the Metrics Hub

Message from Steve Kump, President and CTO

Read More

Stop using new car marketing tactics to promote your CPO vehicles. Here’s why.

As Automotive Marketers, we spend most of our waking hours thinking about how we can better promote the vehicles that we...

Read More

Dynamic Inventory Advertising–Not Your Basic Cheeseburger

It’s always a challenge to change people’s perceptions when they are sure they know exactly what you do based on a single...

Read More

Be the first to know.

Subscribe to our newsletter & receive updates straight to your inbox.

Subscribe to our blog!

Get weekly articles from Speed Shift Media that provides advice, how-tos and resources designed to help increase your dealership's marketing, advertising and sales results.