Many years ago the great Philip Kotler famously summarized modern marketing in “the 4 P’s” (Product, Price, Place, and Promotion). If you are in vehicle sales and marketing this updated and industry-specific version should bring some food for thought.
Cars are different than any other products, B2C or B2B. Technically complex with loads of reasonable, fact-based buying motives, and surprisingly often bought with love at first sight.
Customer experience may refer to previous ownership and driving a certain brand of cars, usually making you more positive to new models and updated brand messages. Whether the car is brand new or pre-owned, you are instantly, sometimes subconsciously attracted by its unique combo of design elements, technical features, and brand identity.
Convenient access to information, nowadays primarily online, is key. Preferably in the form of video. Love at first sight, remember? Especially if the video conveniently presents everything the potential buyer wants to know about the car that has caught his or her attention.
“Cost” is a lot more sophisticated than Kotler’s original P for “Price”. Today’s buyers weigh in a range of economical factors, from leasing terms and guarantees to expected future trade-in value, especially with ongoing electrification, environmental and taxation policies, and new forms of car access in mind.
Communication goes way beyond Kotler’s classic P for “Promotion”. Car owners and drivers communicate freely online, and the opinions of highly valued friends often carry more weight than traditional “outbound” advertising.
Customized communication may refer to each potential buyer but also highlighting the specific functions and features of each individual vehicle. Which is a bit tricky if you have a thousand new and used cars or more to sell.
In 2019 Phyron launched a unique AI-powered software solution to produce thousands of unique car videos in real-time, each one taking the specific features, functions and accessories into account. Automatically, fast, and at a ridiculously low cost.
As for Kotler’s “P” for Place, the videos are based on existing pictures and data retrieved from local dealers around Europe and used by the same dealers to Promote the cars online and in offline showrooms, and in ads and social media.
So far (April 22, 2021) these videos have been viewed and appreciated by more than 150 million viewers around Europe.