How to Take Advantage of Millennials’ Leasing Behaviour
It’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 them. However, 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 devices, more so than traditional consumption on PCs. As a result, increasing your leasing based advertising on your mobile advertising can further optimize your results.