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By Graham Stokes, VP Sales UKI & South Africa, Keyloop
According to Kantar’s BrandZ Most Valuable Global Brands Report 2024, delivering an exceptional CX is paramount to brand success. In fact, 75% of brand growth comes from product and service experiences. Operating in an increasingly competitive market, for automotive retailers, standing out from the crowd is no longer just a preference; it’s a necessity.
While this may seem a daunting task, there are several steps that retailers can take to build a strong brand identity, develop brand loyalty with their customers, and ultimately foster improved profitability and long-term success.
The Power of Differentiation
A strong brand is built on differentiation. Dealerships need to identify what sets them apart from the competition and communicate this effectively to their customers. This can come in various forms. It could be a commitment to sustainability, or a focus on a particular vehicle type, or the ability to deliver exceptional customer service. But whatever it is, it must be genuine and consistently delivered.
This uniqueness not only creates value but also justifies a premium price. Research indicates that brands with a strong differentiation can improve pricing by as much as 48%.
A report by Kantar suggests that to become meaningfully different, brands should focus on embodying the following characteristics:
- Effectiveness
- Ease
- Affinity
- Uniqueness
- Authenticity
- Inspiration
At Keyloop, we deliver this through our Experience-First approach, which marks a fundamental shift in how automotive retailers and OEMs approach selling, driven by consumers who expect brands to provide high-touch interactions. It empowers dealers to focus on delivering the x-factor – surprising, delighting, and truly connecting with customers.
The Importance of Customer Experience
When building brand loyalty, the importance of a happy customer cannot be understated. For retailers looking to differentiate themselves, it is essential to develop personal relationships with customers, to understand their preferences better and tailor their experience accordingly.
This requires retailers to ensure that consumers feel as looked after when they interact entirely digitally or entirely face to face, or as is most often the case, a blend of the two. Whether it is an email, video call, chat, or in person visit, each touchpoint needs to be timely, relevant, and personalised.
From the beginning of the car buying journey, through to aftersales, today’s customer expects a relevant, personalised, and seamless brand interaction at every touchpoint. Retailers that recognise this and adapt their approach to CX accordingly will stand apart from the competition. Indeed, personalised calls to action perform 202% better than non-personalised ones, according to data from HubSpot.
Building a Lasting Brand
Building a strong brand is an ongoing process. It requires a clear vision, consistent messaging, and a deep understanding of your target audience. It also involves investing in your dealership’s facilities, staff training, and the latest technologies, to stay ahead of the curve and anticipate their customers evolving needs.
Automotive retailers have a unique opportunity to build powerful brands that resonate with customers. By focusing on differentiation, customer experience, and a future-oriented vision, dealerships can thrive in an increasingly competitive market.
Find out how Keyloop is helping automotive retailers navigate the complexities of the automotive landscape and future-ready their businesses: www.keyloop.com