Everyone knows what an adrenalin rush feels like.
This excitement accompanies women onto the dealership floor, as they consider the options when shopping for a new car—each vehicle equipped with an array of features.
The dopamine rush floods the brain. However, the process of narrowing the choices to one vehicle, negotiating and signing on the dotted line is an arduous odyssey for most.
Women-Drivers.com —called by many “the J.D. Power” of women’s research for dealer groups—confirms this with its latest study.
“A woman’s emotions take a turn, when there’s money in the game,” explains Anne Fleming, the company president. “Our data shows women are not as confident, or assured when buying, as when simply browsing or even purposefully shopping for a new vehicle. This natural reaction not only makes sense but it goes hand in hand with the onset of an upcoming investment. It physiologically equates to a greater level of awareness and responsibility.”
Yes, it’s not only an intrinsic response, but also one that is not gender specific. This reaction occurs as a potential buyer begins to process the concept of a new or added commitment. Buying a home, entering into a marriage, and purchasing a new vehicle are pretty big ticket moments in life. These opportunities represent long lasting terms and typical emotive hurdles that create an innate concern. That adrenalin rush, sometimes interpreted as an apprehension, is normal as a prospective buyer begins to onboard the sense of ownership.
Along with the multitude of wish list items and car buying expectations, the adrenalin excitement is a natural sign that upcoming details should bear importance. Easing tension and retaining buyer’s confidence is the key to increased sales…and higher scoring reviews.
Defining the Emotion
On an ongoing bases, the company compiles qualitative research in the area of digital, or online ethnography, and is an important role in defining a dealership’s target market more closely.
The 2017 U.S. Women’s Car Dealer Report, for example, gathers direct results from insights shared by 4,653 female buyers nationwide who complete opt-in surveys and answer 25 additional questions.
Among the findings, women who visit a dealer for a test drive—or to learn more about a specific car model—but resist buying on Day One, are more relaxed and more confident than their car-buying peers. These women also report feeling less apprehensive, overwhelmed, nervous and intimidated than those who made a same-day auto purchase. Here is a breakdown, in numbers:
Table 1. Women Car Shoppers – women who shopped without buying
- Excited (51.4%)
- Relaxed (42.0%)
- Confident (39.2%)
- Apprehensive (27.5%)
- Overwhelmed (15.8%)
- Nervous (15.4%)
- Intimidated (9.1%)
- Confused (11.1%)
Table 2. Women Car Buyers – women who bought a car Same Day
- Excited (55.8%) – up 4.4%
- Relaxed (34.5%) – down 7.5%
- Confident (30.1%) – down 9.1%
- Apprehensive (30.0%) – up 2.5%
- Overwhelmed (20.2%) – up 4.4%
- Nervous (25.7%) – up 10.3%
- Intimidated (11.2%) – up 2.1%
- Confused (8.6%) – down 2.5%
The most drastic change for women who purchased the same day, is in the area of nervousness. It went up more than 10%. Confidence follows closely behind, dropping by an average of more than 9% among automobile-buying women.
5 Proven Ways to Ease A Woman’s Mind
Where does a woman’s confidence wander to and why does it wane? More important, what can be done—at the store level—to address these issues? Knowing how shopping and buying differ helps. Know, too, that adrenalin levels tend to peak at the time of purchase.
The excitement on the dealership floor can be a turning point. How can the dealership capture that opportunity to its benefit?
Here are five ways that dealerships and advisors can place women at ease and bolster their confidence:
- Be relatable and reputable. – Showcase reviews from satisfied female customers.
- Acknowledge her. – Use targeted marketing strategies to women.
- Help her trust you. – If she’s nervous/concerned, be sensitive and empathic.
- Slow things down. – Offer her water, tea or coffee. Or suggest a quick break.
- Take her seriously. – Acknowledge her buying power immediately, for better engagement.
In this competitive time, dealers who want to grow their businesses must make connecting with this group of buyers a top priority. Placing a woman at ease and walking her into assuredness, is a great place to start.
“How to Increase Sales to Women Buyers by $6 Million”
AARP, new car buyer demographics
“4 Reasons Why Auto Marketers Should Talk to Boomers”
University of Pennsylvania’s Wharton School of Business (NOT directly quoted)
“Demographic Shifts: Shaping the Future of Car Ownership”
“Soothing Insights For Anxious First Time Buyers”
Author: Anne Fleming
Anne Fleming is president of Women-Drivers.com. The company has innovative solutions to assist dealers in showcasing their trust + commitment to women buyers and in turn expand their sales to this powerful buying segment.