Millennials being the most educated and diverse population, their shopping preferences can drive the current market trends. With the millennials hitting their peak spending years, it is time automotive companies analyze their buying preferences and customer segment over Gen-X and baby boomers. The individualistic traits of millennials to impress people with their lifestyle is a driving factor for the automotive industry to consider them as their potential customer segment.
In the past, it has been noted that the millennials find car ownership a hassle, and prefer new mobility solutions. Auto dealers are now breathing easy as millennials have finally started entering dealerships and are buying more cars than ever before. The reason behind the delay was quite simple. They did not have stable jobs before and had not reached the phase of being able to afford cars. However, with an increase in disposable income and rapidly changing lifestyles, the millennials are readily investing in cars. Infiniti’s consumer research assessment offers actionable insights into the different car buying motivators and sheds light on some of the key differentiators among millennials and the older generations. Moreover, our research team also helps the client understand the various information channels for shortlisting cars that are available for millennials.
The Business Challenge
With an aim to improve sales and revenues, the client – a global provider of integrated information technology and digital marketing solutions to the automotive retail industry – approached Infiniti to engage in a consumer research assessment. The scope of this consumer market study was to help the client gain strategic insights on the millennial customer segment and their buying preferences. Additionally, the client also wanted to enhance its market share and gain actionable insights into the millennial customer segment.
The primary objective of this consumer research assessment was to develop a comprehensive strategy to target millennial segment and enhance its market share. The team carried out detailed surveys of Gen X and baby boomers to understand the differences in their purchase behavior versus the millennials. Moreover, the consumer research engagement also helped analyze the purchase trends and channels preferred by millennials, major value drivers, and the key factors appealing to the millennials for purchase decision making. This study also provided an in-depth analysis of the impact of demographics on millennials’ attitudes and purchase process and the various barriers to purchase and potential solutions for dealers to overcome the barriers.
The consumer research team ensured that the information gathered is sufficient to develop insights at a sub-category level for each target customer segment. Our experienced research team tracked the recent developments and innovations in the market through secondary journals and reached out to relevant stakeholders such as industry experts, KOLs, end users, procurement experts to understand their views on the market.
Why Infiniti Research is the preferred partner for more than 55 Fortune 500 Companies
Consumer Research Solutions Offered and Business Impact
With the help of in-depth qualitative interviews with customers/buyers belonging to different segments, our consumer market research team assessed their purchase behavior and identified most impactful drivers. This approach also allowed the client to suggest and recommend their customer’s preferred purchase drivers. The research team engaged in exhaustive interviews with respondents to assess the difference in purchase trends/criteria across different categories and sub-categories of buyers. Furthermore, a scrupulous assessment was conducted through proprietary and open data sources, market research reports, magazines and publications, publications of traders and distributors, case-studies, journals/magazines, news aggregators, and industry forums.
In just eight weeks, the client was able to improve sales and support various automotive dealers in the market. The actionable insights gained from the consumer research assessment helped the client become the partner of choice for dealers seeking expertise on the millennial consumer segment. Infiniti’s consumer research team also developed a comprehensive proprietary database that consists of information on more than two million industry experts, key opinion leaders, major competitors, and end-users. Additionally, the experts also utilized a blended research methodology consisting of in-depth primary and secondary research followed by data analysis to offer insights into purchase trends and channels preferred by the millennials.
Benefits of Our Integrated Approach
In a span of eight weeks, the client saw clear advantages from this consumer research engagement. The client gained a clear understanding of the millennial generation with regards to their purchase behavior when buying a car in the US. The assessment also involved surveying Gen X and baby boomers to understand the differences in their purchase behavior versus the millennials. The solutions gained from the engagement helped the client assist the sales, support and product teams, and support automotive dealers in the target region.
Here are some of the key points appreciated by our clients
- Dedicated Consumer Research Assessment Portal. A centralized platform for the collection, storing, processing, reporting, and dissemination of information with the specific purpose of assisting the decision-making process and developing actionable insights. This portal includes comprehensive information on quantitative and qualitative aspects on target markets, competitors and end-users.
- Collaborative learning. We leveraged the experience of our healthcare team and our technical capabilities to enable report-sharing and other collaborative features appreciated by client teams.
- Database Access. Access to a patient database containing information about 60+ medical diseases and conditions, such as patients undergoing treatment, untreated patients, and patients with chronic conditions.
- Interactive Dashboard. Using our portal based solution for healthcare professionals, we took a design-first approach to problem-solving and helped break through previously held assertions.
- Value for Money. Infiniti’s dedicated client management team customizes reports to suit business requirements and offers the best insights for every dollar spent.
A must-read consumer research study for strategy experts and decision makers looking to understand the millennials with regards to their purchase behavior when buying a car in the US.