The Rising Importance of Market Research in the Motor Industry
The motor industry is on the mend. Figures in Wexford alone show that car sales have increased by 43% for the first half of 2014. With this market becoming plentiful again it is important that motor companies take the relevant steps to ensure they maximise this resurgence. Forward thinking companies are employing BPO companies to carry out market research for January 2015.
Why is Market Research Important?
Market research in the auto trade sector can show you who to target for the upcoming year. Charts such as the figure right can guide you to your most advantageous strategies and methods of increasing sales. For example in the chart (right) it shows that 35% of the audience are buying a new car next year. Now you have a list of people that can be targeted with brochures and/or outbound sales calls. It is something you would not have if you hadn’t taken the time to research the market.
Qualitative & Quantitative Surveys
Market research can be done through quantitative and/or qualitative surveys. It depends on the kind of information that you want to be mined from these surveys. You should choose the survey best suited to the needs of the campaign, this can be specifically qualitative / quantitative or a mixture of the two.
Changing trends (i.e. consumption habits):
This can be used to find out that your customers behaviours have changed. For example they may be an increased number of youths between 18 and 25 purchasing your hatchback car model. You may have been previously oblivious to this new trend but now that it has been brought to your awareness you can target this newfound market far more effectively than previous years. This is the beauty of market research in the automotive sector as behaviours and tendencies are consistently changing year on year, your company must stay well informed.
Improvement for your vehicles:
If there is something that your customers are not responding well to on the car (for example lack of interior options) it is essential that it is rectified before the new year of sales in January. It is as simple as putting “What were you least happy with your car over the past year?” on the qualitative survey. This will give you a massive advantage for the new year and a place to exploit when angling for repeat business “Hey you know that issue you had last year? Well it has been completely rectified.” These kinds of touches can be the difference in so many sales dealings.
These would include:
- Numerical counts or frequencies
- Measures of central tendency (mean, mode, median)
- Measures of variability (range, standard deviation)
Like the pie chart above you can pole your existing customers to find out significant figures such as ‘how many of your customers are thinking of buying in January’, ‘where they are located (dealerships etc.)’, ‘ what model they are buying’ etc.
These statistics will be displayed in charts and graphs so your company can take your 2015 planning to the next level.
The motor sector has always been about future business and with the notable recovery in the industry the next 12 months are going to be crucial for businesses trying to recover with the industry. The varied processes of market research can give you a perception of future market changes and also areas in which your company can improve.
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