Picture this: A used-car dealership that targets a specific demographic and only sells vehicles that cost $8,000 to $15,000. Seems unique right?
Hoffman Auto Group in East Hartford, Conn., recently opened a used-car lot, called H Lot Live, to do just that, focusing on 18-to-24 year olds in the market to buy their first vehicle. The auto group's goal: to establish a relationship with customers that lasts a lifetime.
After reading this article, our brains here at AFN.net really got to thinking. What if a finance company teamed up with a venture like this and it, too, was able to pick up that younger customer and give him the experience he would want each time he purchased a vehicle? In fact, it doesn't even have to stop at the vehicle. The finance company can be a student's one-stop shop for auto, credit card, or even student loans.
The marketing for H Lot Live is done through social media outlets, billboards, and local radio stations ― all targeted to the specific age range. Think about the power of Facebook and Twitter these days. A 20-something can purchase his vehicle from H Lot Live, snap a picture of it moments after being handed the keys, and post it to Facebook within minutes of being the owner. Now, if the buyer's experience with the sales team was, in fact, memorable, chances are a caption could read: "Check out my new ride!" Comments will come in before the buyer even makes it home, congratulating him on the purchase and, before you know it, he is telling friends where he bought his new wheels. He then sends a few dozen of his friends to do the same when they are ready to buy. With the amount people share, it's even possible that the friends will know what company financed the vehicle.
Sure, it's been proven that advertising through social media outlets is beneficial, but does targeting a specific demographic pay off?