Hyundai is crushing it.
By advising you what to do next, deepening the sales funnel, and profiting all the while.
The Hyundai Assurance program is a little stroke of genius. The idea being you buy a vehicle from the Hyundai lot and they quote you a guaranteed trade-in price.
Your future value is based on a new vehicle purchase within the next 24-48 months. Of course, there’s fine print.
You must have brought your vehicle to Hyundai for service, the new purchase must be financed through Hyundai Motor Finance, and the guaranteed value can only be applied against new vehicle purchases.
(No, I’m not a Hyundai fan – this is for illustrative purposes ).
Vehicles are a product. They may represent status and prestige but all they do is move you from point A to B. On Hyundai’s guarantee table they give you reference for what your vehicle will be worth in two to four years.
They know you’re well aware that new cars drop substantial monetary value the moment you drive them off the lot. Why not address that concern by showing you how valuable they perceive, and want you to perceive, their vehicles?
They do with the Assurance program.
We discussed market perception not long ago. In terms of this perceived future value, how are you being perceived in the marketplace? How does your offer stand out and how do you differentiate yourself, your company’s culture and processes to compete in your industry?
You want your products and services to be valuable. You want people to feel a want, need, and sense of urgency to pounce on your offer because they just can’t bear to let it slip away. To achieve that, consider how you can guarantee future value like Hyundai.
Loyal, repeat customers
Repeat customers are the hallmark of a successful sales life cycle. When Hyundai tells you that your investment “is guaranteed” you feel safe. You feel as though the company has your best interests in mind.
Isn’t it easier for you to buy from a company you’ve already purchased from in the past? Of course.
As a customer, you have the inside track about a company operation from initial contact, through sale and even aftermarket service. This firsthand experience allows you to make an educated buying decision in the future.
What about your business?
How do you sweeten the pot for buyers to come back and get more from you? Are you even giving them a reason to come back? “One and done” selling is archaic so with all the new gizmos, gadgets, and cheap (or free) social marketing channels there’s no reason to fall off your buyer’s radar.
Get to work tweaking your sales process to lend itself to repeat purchases. Are you continually producing quality products and asking for the sale? Is the product going to hold value down the road (be evergreen in utility)?
Take a page out of Hyundai’s book. They focus on creating a deeper sales funnel by selling to their existing customers; this is a strategy worth employing.
How can you bundle your packages, add depth, supplement an existing offer or create a one-off product to (re)serve your market today?