Are You Speaking Their Language?
As successful business owners, as captains of enterprise, and practitioners of free market economics, as the “one percent,” we have a duty to occupy real estate even more valuable than Wall Street. We must make our home in a sparsely populated corner of the universe called “Reality.” Thankfully, parking is easy to find here, rent is cheap, and there’s plenty of wide-open space. That’s because fewer and fewer people live in “Reality” with each passing day.
In “Reality,” the typical “car buyer” is right smack in the middle of the 99 percent. Maybe that makes him the 49 ½ percent; but it doesn’t have the same ring. That means that no matter how you feel about the 99 percent, you must adapt and evolve to perfect your ability to efficiently communicate and persuade the 99 percenters. You don’t have to join them, you don’t have to camp out downtown, but you do need to hear them, understand them, and be dedicated to helping them get what they want.
Why? Because trying to sell cars to the one percent is like trying to sell carrots to fat kids—Ain’t gonna happen. The one percent buy the car they want, at the time of their choosing, from the dealer who offers them the lowest price. An important point: the 99 percent versus 1 percent debate is exaggerated to make a point. In reality, the divide is more like 80/20 (Pareto’s law). No surprise there.
Unfortunately, it’s a common malady to desire to market and sell cars to the one percent (which is really twenty percent). And unfortunately, it’s a lost cause. Of course, the manufacturers want you to sell to the top twenty percent, because it elevates their brand. But if you look around at the dealers who are picking through the wreckage, looking for the twenty percenters, it’s a grim sight. Blood and guts everywhere.
The smart phone and tablet wielding twenty percenters are knocking down dealer profit like a flock of angry birds. And many dealers keep coming back to the fray, panting and begging for more. Nonsense. The reality with this group is you get your fair share…maybe a little more if you do things a bit differently and stand out or if you're the absolute lowest priced option. But we doubt you actually are.
It's foolish to move an industry and guide your business down a path that caters to a small and declining market rather than the significantly larger and growing one.
Which direction you take is a personal choice. One leads to lower margins, more frustration, and constant waiting for ups. The other leads to a different set of challenges, like how to help and service more customers, how to find better financing solutions, how to handle longer wait times, changing corporate culture, getting strong buy in and finding more outlets for marketing.
The former leads to failure, the latter leads to success. And that’s reality.
Jimmy Vee and Travis Miller are the nation’s leading experts on attracting customers, the coauthors of Gravitational Marketing: The Science of Attracting Customers and founders of Rich Dealers®. Discover a hotbed of overlooked buyers in your market. Our free Market Rater Market Analysis can show you the untapped opportunity that exists for you. Request yours atwww.MarketRaterReport.com.