Marketing High-End Vehicles & Services in a Down Economy

According to the Unity Marketing Group, luxury and high-end consumer spending was down over 10% in the second quarter of 2009 compared with the same period the previous year. Bad news, most definitely, for Dealers who relies on discretionary income. However, there is a silver lining.

A recent Luxury Institute survey states that "53% of wealthy consumers use search engines as an essential stop on their quest for higher-end goods and services."

You can use this information to your competitive advantage. Follow these tips and you will find that an economic downturn may actually create opportunities for your business.

•Don't stop advertising. According to MacTech, advertising in a recessionary market "can skillfully reposition products and services to take advantage of new buying concerns, give an advertiser a stable image in a chaotic environment, and give an advertiser the chance to dominate the advertising media."

•Spend Smart. Reduce interruption marketing and instead focus on measurable relationship-based strategies such as search marketing, email marketing, newseltters, inventory flyers and online communities. People in all walks of life are sick and tired of being shouted at with the same old marketing message.

•Focus on your in-house hidden goldmine of profits. It cost more money to acquire a new customer than to create a repeat and existing one. Spend more time building relationships with current customers. Now’s the perfect time to go digging for gold!

•Build trust. Even wealthy consumers need reassurance. Now is the time to spruce up your website to establish trust and credibility with your online audience.

- Make sure your dealership website gives consumers the chance to review and rate products.
- Welcome feedback and opinions in online communities and blobs.
- Post awards, achievements, and legitimate testimonials on your website

•Give affluent customers a reason to buy. Offer new, innovative services that they can’t get elsewhere. Emphasize quality and results with your products and services and back up your brand promise with a guarantee.

Conclusion:
In tough economic times there’s a tendency to scale back marketing spending. However, research shows that a downturn creates opportunity to accelerate growth faster than your competitors. This may be the best time to step up your marketing—at least in quality if not quantity. Get the most out of every marketing dollar spent. When the economy has stabilized, you’ll be in a stronger, more prominent position.

Is your marketing budget stretched too thin? Call Us Today at 866-927-0437 for help.