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Deloitte GEN Y & automotive purchasing behaviours USA (2009)
BMW Research / Strategy
Sarah Brookes BMW Research 2012.
One of the concerns from recent data, suggests that BMW is becoming A less-loved brand amongst 18-30 year olds. There is no clear understanding as to why this is happening,but it is apparent that Audi in particular is over-taking us amongst that age group. While this isn’t a catastrophe right now we are concerned that this could lead to long term damage to the brand as these young people grow up with BMW lower down on their consideration list.
Contents:Who are Gen Y?What do they expect from brands?What are their attitudes to cars and driving?Why is BMW becoming a less loved brand?If BMW isn’t loved, who is?Research & retail behavioursInsight & proposition
Gen Y: Also known as “Millennials” Born 1980 to 2000 9.7 million in the UK Grew up with rising oil prices & climate change. Educated and in debt Hit by the recessionAimia_GenY_Whitepaper_UK_2011
Optimistic, ambitious & entrepreneurial Expect reward, recognition & respect In search of value & meaning Friendship is important Creative and collaborative Tech savvy & connected 24/7Aimia_GenY_Whitepaper_UK_2011
What matters to Gen Y?EducationTechnology & InnovationBig IdeasRelationships & friendsDiversity, tolerance, and social goodEnvironmental & economic sustainabilityWork / life balanceTravel & Leisure
67% search for a brand or service on SM before Google 50% consider TV, radio, and music as background noise 35% check web-based email via PC – most popular activity 38% check social networks via mobile phones 75% go online everyday 42% listen to music free online 50% use PC, TV or radio to catch-up 25% are tech-junkiesSocial & Social Media Friendly
What do they expect from Brands? Informal Interaction A philosophy / mission statement A human feel A way to curate their identity To take the lead Not be try-hard Culturally relevant The ability to give feedback To be entertained Options for discussion
Hypothesis: Historically, BMW was seen as the yuppie badge of success. For Gen X there was one main success – your career. Today Gen Y, who value a work/life balance, are in search of value and meaning through what they do, buy and believe in. Money is secondary in terms of success, but it is important because they don’t have very much of it. Still ambitious to achieve, through enjoying life, being good parents, giving back to society and the environment. Success has now been redefined.
• Educated and aware of their real-time identity• Image is still very important.• The BMW model of success is irrelevant now, even looked down upon.• Gen Y look to brands to express themselves and their values.• It’s no longer cool to be brash. Instead ‘Quietly brilliant, is admired’.• Gen Y want a well priced car, that is stylish too.• A lower grade model could be justified as the ‘intelligent’ choice• Being efficient, environmental and a money-saver.• Less is more.
My GEN Y survey revealed the following concerns: 46% don’t notice BMW advertising 38% rate it as dull and uncreative 83% saw it as an arrogant or male brand 25% saw it as old fashioned and not cool 0% don’t recognise BMW’s environmental credentials 0% saw it as young or for females 50% don’t drive a carHowever 16/25 were not against buying a BMW in the future…
Gen Y are increasingly getting used to not owning things…but renting them inste
The battle between price Price and style. Style Fuel economy Is important with high Social networks Fuel costs and Make brand image environmental Important with association Damage.The cost to own and run a car are not seen as essential for urban-focused Millennials anymore… Ownership Subscription
So What do Gen Y define as success and what makes them happy? Environment Price Style Gen Y make intelligent & emotional choices Male, arrogant, and needless expense becomes irrelevant
Gen Y have redefined what success and mobility means. BMW knows that their classic definition of premium is irrelevant to Gen Yand has invested in redefining what an automotive company needs to provide… Emotional & Transactional Intellectual success success Mobility needs to be efficient, sustainable and connected.
What are their attitudestowards cars & driving?
The strategic story:Human Insight:Most people don’t know what they are missing until they experience itAudience Truth:They are in search of value and meaningBrand Truth:BMW offers a great driving experienceMarket Truth:Gen Y are increasingly looking for alternativesEngagement truth:94% research online before purchasing a car70% would like to test drive a vehicle for 24 hoursTechnology Truth:Just because they use technology doesn’t mean it has to be onlineExperiences are equally important