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Most people recognize them with these terms - Boomerang Generation / Gen Y / Millenials and are commonly associated with avocado on toast, and 'snowflake' culture. They are born between 1980 or the months before to the mid-1990s or early 2000s, so many young adults nowadays would define themselves as millennials.
These are the key bread earners of the Indian economy. They constitute about 47% of the working population. They have disposable incomes, which means they are the people relevant to the auto Industry.
A few of their characteristics that are relevant to the auto industry are :
# Technology Grabs Their attention :
IF you want to start with the attention funnel for purchase, make sure your cars/bikes are tech-savvy. Should you fit this part of the puzzle right, get ready for a healthy enquiry flow.
Most of the OEMs have followed suit and have started investing in the tech part of the story. However, with all OEMs catching up the benchmarks seem to keep getting extended.
# Tech Savvy :
The Millennials feel free to engage through Tech-Savvy mediums. They are comfortable with Apps/ Whatsapp Chat/Social Media platforms.
The latest trends on the rise are :
Focused Social Media marketing
Using: Whatsapp / App for follow up
Upselling using APPs
Service schedule / Update etc.. through App/WhatsApp
Customer engagement programs: through social media/ WhatsApp
Customer advocacy programs: through app/ social media/ WhatsApp
# Achievement Oriented :
The whole purchase experience and the ownership experience demand a sense of ACHIEVEMENT.
This needs a lot of back working for the OEM/Dealership.
They need to make the Mother brand: OEM brand an aspirational brand and the Product needs to instill a sense of achievement on purchase.
The ownership experience needs to be flawless along with the social appeal. The dealership experience and the delivery experience play a key role in the achievement experience being delivered.
#Not Loyal to One brand & Willing to test :
You can't own them, nor can you take them for granted. This set of customers do not find the need to come back to you if they have a bad experience with you. So you get one shot to get their attention and within the same span, you need to instill the purchase decision.
The challenges don’t stop here, once they are your customers you need to keep them engaged and happy. Because they hate being taken for granted and are fearless to test new brands.