Report Finds Car Brand Marketing Needs More Emotional Appeal
Following a decline in the number of consumers looking to buy a car, a new report has concluded that the automotive industry needs to emphasise the emotional value of their particular brand to differentiate from their competition and boost sales.
In total, the number of motorists planning to buy a new car in the next three to five years has fallen to one in five at 21% following the VAT increase to 20% in January and weak consumer confidence.
The qualitative study, which surveyed 12,000 motorists, discovered that despite the tough economic environment, 56% of car buyers base their choice on emotional factors relating to a brand rather than rational factors such as price.
In addition, while Audi, BMW and Ford were found to have the greatest customer loyalty, less than 50% of the motorists surveyed plan to buy the same brand of car the next time they buy. This indicates that many car manufacturers need to take steps to increase their brand loyalty.
Brands such as Ford, Hyundai, Kia, and Renault were found to "suffer from perceptions of weak or unattractive styling". The report warns that to prevent further decline in market share they must "embrace stronger emotionally appealing design" to offer improved consumer loyalty and brand satisfaction.