The Hyundai brand is known for delivering quality vehicles with notable value. They also tend to be one of the more customer-friendly automakers out there. Hyundai shows us even more flexibility with the upcoming Ioniq 5.
In sales, psychology works. This is why a fundamental truth in the industry is that people buy based on emotion.
One time-tested sales strategy is to help your client picture their everyday life with your product, and then walk them through how much better things will be after they purchase this item from you.
In the automotive industry, this technique was successfully employed by car salesmen who let their prospects “keep” their new car over the weekend.
Hyundai dealers know this, and that’s why their new electric vehicle (EV), the IONIQ 5, is rolling out an excellent variation to the “try-before-you-buy” tactic. Hyundai is introducing a mini-lease where folks can feel the road in all it’s all electric glory, for up to three months before purchase.
Although this type of lease truly isn’t new, (think rental cars), it most certainly is an excellent idea and one that will likely be copied by other car manufacturers.
Here are three quick reasons why I think it’s an excellent idea.
This Test Run Isn’t a Freebie
There isn’t any concrete information out there about the pricing structure that Hyundai will introduce for their try-before-you-buy option. The only thing known for certain is that it won’t be free.
In other words, they’ll be earning money during beta testing mode for their EV automobiles. But, the money they make during this run might pale in comparison to the data they’ll be procuring from real-life car shoppers.
Hyundai Will Benefit from Field Testing Data
I have several friends that never buy any of the latest tech gadgets during the initial release. Collectively, this is chalked up to the fact they don’t want to pay the big bucks for being a “test dummy.”
This is sound logic, but as the lines at Apple Stores runneth over, you can clearly see that most folks throw logic right out the window for a chance to be the first with that awesome new iPhone. There’s always unexpected obstacles in any endeavor worth doing.
And you never really know what you have until you’ve had an objective viewpoint—and that’s precisely what Hyundai dealers will be capitalizing on here. Say that battery charge doesn’t last quite as long as they thought it would, or dashboard components aren’t user friendly as anticipated, this is just a small sample of the data that Hyundai will learn. Learning while earning, that is.
It’s An Advertisement on Wheels
Whether or not the potential client ends up purchasing the IONIQ 5, this long-term test drive—or short-term lease—is designed so that Hyundai makes money. As mentioned earlier, mum’s the word on the cost of the three month rental, but it will likely be tied into measurable data such as miles traveled, times fully charged, etc.
Plus, don’t discount the fact that even if the car isn’t purchased, it’s been driven around for up to 90 days and is essentially a self-reflexive advertisement on wheels—that customers will actually pay to drive around.
And a short-term lease such as the one in play with the IONIQ 5 is bound to give the customers positive vibes the moment the electric engine quietly hums to attention. This will give car shoppers something to smile about, and give your local Hyundai dealer something to get excited about, too.
After all, customers buy based on emotion, don’t they?