In their recent research, which polled over 1000 car buyers, CitNOW discovered a surprising statistic: women are only half as likely as men to receive a video from a dealer or sales executive when buying a car.
Whatever the cause of this divide, women hold just as much purchasing power as men, and so by overlooking them, dealerships are missing a big opportunity for sales.
In this blog, we’ll investigate how you can make the most of the opportunity both genders represent. Using the data from the survey, we’ll explore how key purchase drivers differ between women and men, and highlight how video can play a key role in meeting both group’s expectations.
The data behind the divide
The research uncovered some marked differences between how men and women go about buying cars, all of which should be considered during the sales process.
- Videos are important for all: even though they don’t receive as many videos, 80% of women say getting one is a valuable part of the customer experience, along with 88% of men, demonstrating that all customers place videos in high regard.
- Women rely more on word of month: some 41% of women rely on speaking to friends and family when researching a prospective new car, compared with 31% of men. At the same time, 42% of men say they check out the manufacturer website for more information, against 32% of women.
- Women expect a personal approach: nearly half of women (47%) said personalisation was one of the most important elements of video communication, against just 35% of men.
- Men expect quicker responses: speed of reply from dealers was cited as important by 42% of men and only 32% of women.
The way forward
So what can you do to respond? While different points will apply to different retailers depending on your existing processes, these general suggestions point the way forward:
- Ensure every customer or lead receives a video, and never assume that a customer won’t be interested or that the video won’t be viewed. This maximises sales opportunities by guaranteeing that no lead is ever overlooked.
- Go the extra mile to create bespoke, personalised videos that address the key questions and enquiries of the individual customer. Although this may resonate most with women, it is also a hugely positive tool among male buyers, too.
- Explore how live video can be used to speed up responses to enquiries in a way that is streamlined and user-friendly. In a single live video appointment of only a few minutes, customers can get answers to every question they have, and quickly build a full picture of the prospective purchase.
- Before they ask those questions, be proactive in giving them information through a walkaround video that highlights all the key features of the car, both outside and inside. Given that almost half of all car buyers surveyed say this would make them more confident about making an online purchase, this can make a big difference to conversion.
- Make the customer feel like they’re in control of their decision. This is especially important with women, who are 38% less likely than men to buy based on personalised recommendations from the dealer.