INDUSTRY PROFILE: AUTOMOTIVE

Statista reported that 78.6 million vehicles were sold in 2017. ToyotaVolkswagen, and Daimler had the highest revenues of automakers in 2016. The supplier industry was led by Bosch, Continental, Denso, and Magna. Dominating the tire market were Bridgestone, Michelin, and Goodyear. McKinsey identified key trends among auto parts suppliers. At the top of the list is the consolidation of distributors. Original equipment manufacturers (OEMs) have also expanded into aftermarkets. Interfaces and channels are increasingly being transformed through digitalization, which has resulted in greater pricing transparency and influence of intermediaries. Vehicle-generated data is also changing the game.

CUSTOMERS AND SEGMENTS

Median car buyers have annual household incomes of $51,214. CJ Pony Parts found that 62 percent of new cars in the U.S. are purchased by women. Males pay less than females, with salespeople offering $200 higher list prices to females (on average). Beepi found that 61 percent of Americans feel they’re taken advantage of while there at dealerships, so many research online; 22% use a social media. J.D. Power also reported that 34 percent of new-vehicle buyers seeking auto information post a picture of their new vehicle on a social media site. Retailers have knowledge that online research cannot replace. It is vital for sellers to offer honest service, so that buyers turn away from generic online research.

BRAND PROMISES AND CUSTOMER EXPERIENCE

Michael pays close attention to his tires, but relies on experts to determine what needs to be done. If a tire needs a minor repair, it may be less lucrative for the retailer in the short-term, but it builds brand loyalty – especially if the entire staff is trained to provide customer-centric service. This results in long-term value creation, based on the total lifetime profitability (TLP) of loyal customers. In contract, some sellers who see a customer walk in the door want to find a way to maximize the transaction size that day, regardless of whether the buyer needs something. Many consumers don’t know specifications or exact details of their car and all the parts, but they do know when they feel they have been taken advantage of.

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Brand Promises get people in the door. Advertising, impactful design, arresting messaging, celebrity endorsements, as well as accessible websites and mobile apps make it easy to learn about a brand. The best Brand Promises appeal to each customer’s emotional core. Starting with Why  often unleashes energy that turns prospects into customers, and customers into passionate advocates. Yet, it is easier to attract prospects than it is to convert and retain them. ACCESS BRAND PROMISES >
A great Customer Experience keeps them coming back and encourages loyalty and brand equity. Frustrating or disappointing Experiences are the source of bad memories, anxiety and negative word of mouth. Many companies don’t realize that they may only have one or two chances to capture the imagination of customers or lose them to competitors. Enterprise Value Integration (EVI) focuses on closing the gap between Promises and actual Experiences. It is worth the investment in Brand Architecture because EVI generates significant value along the way, resulting in more sustainable profit margins. MORE ON CUSTOMER EXPERIENCE >

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INDUSTRY PROFILE: AUTO & MAINTENANCE

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Enterprise Value Integration (EVI) has extensive experience serving corporate clients in verticals such as manufacturing, utilities, transportation and consumer goods. This experience has taught our team that Brand Promises are only as good as the company’s ability to execute consistently. Customer Experience must align with the Promise. Both will align only if the Business Model and Business Processes support the Promise. Our approach is to scale integration with Cloud Computing, through redesigned Processes and Web Services. We have partnerships with leading Cloud vendors to accelerate this process.

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INDUSTRY WATCH: AUTOMOTIVE

INDUSTRY WATCH: MERCHANDISING

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