What automotive brands can learn from retail about customer experience
Ryan Kovalak and Randall Stone
Over the last 100 years, car manufacturers have relied on product innovation to give them market differentiation and competitive advantage. In the past, more efficient engines, better brakes or improved safety features have all helped to create standout. But more recently, the lower cost of increasingly sophisticated automotive technology has levelled the playing field, narrowing the quantifiable differences between vehicles in the same class. This means that automotive brands now have to find new ways of staying ahead of the competition.
Innovate the customer experience
The answer to achieving sustainable differentiation and competitive advantage is to innovate the customer experience. Looking across the entire range of customer touch points, both inside and outside automotive dealerships, there are clear opportunities to generate deeper customer engagement, increased purchase consideration, greater customer satisfaction, increased brand loyalty and new revenue streams.