The following is the Research Report on the transfer of automobile brand purchase From Huge engine & Beijing Normal University recommended by recordtrend.com. And this article belongs to the classification: Automobile industry, research report.
With the continuous upgrading of automobile consumption, when consumers choose products, they are no longer simply satisfied with the use of functions, but pay more and more attention to brands. At the same time, at the product level, the current hot models in the shape design, performance, configuration and other aspects of upgrading speed up, product diversification. All kinds of reasons make the brand flow when consumers buy a car again become a common phenomenon.
With the acceleration of purchase transfer, can automobile brands build long-term loyalty to consumers?
Based on the in-depth study of the three indexes of brand transfer in coefficient, brand transfer out coefficient and brand stickiness index, a comprehensive and systematic solution is given to the problem of automobile brand purchase transfer.
Brand transfer: the first customers prefer domestic cars, and the second customers prefer luxury cars
As a mass consumer goods, the psychological characteristics of consumers when they buy a car for the first time and when they buy a car again show different differences. The brand transfer in coefficient represents the relative coefficient of the brand that the owner of the car plans to buy again, which is inconsistent with the current brand. The higher the transfer coefficient is, the more re buyers will transfer from other brands to this brand when they buy a car again.
From the perspective of national sales share of automobiles, the report shows that from January to November 2020, first-time buyers prefer Chinese brands, and Chinese brands account for a relatively high proportion of new car sales. When buying a car again, users prefer to choose Japanese and German brands, which shows that Chinese brands can not meet the needs of consumers. In the stock market, Japanese brands show strong competitiveness and attract more users of other brands.
From the perspective of specific automobile brands, Japanese brands and German brands with higher transfer coefficient present different distribution trends. Among the Japanese brands, Toyota and Honda occupy the top two places in the brand transfer coefficient list, which are more attractive to other brands and promote the overall performance of Japanese brands; German brands are mostly concentrated in the middle and upper levels, and luxury brands are more attractive to re buyers, ranking at the top.
Compared with the heavyweight brands in other countries, although the number of Chinese automobile brands in the top 20 list of brand transfer coefficient is relatively small, BYD, which cultivates more “fans” users in the field of new energy vehicles, has obvious advantages in the transfer coefficient of Chinese brands, and is more attractive to the owners of other brands.
Brand transfer out: luxury car brand loyalty is higher, and the new force of car building performs well
With the increasing diversification of automobile consumption, it is more difficult for automobile brands to cultivate customer loyalty. The brand transfer out coefficient represents the possibility of car owners switching to other brands when they buy a car again. The higher the transfer out coefficient is, the more likely the car owner is to give up the original car brand.
From the perspective of brand transfer, the report shows that Korean brands with lower sales in recent two years have lower brand loyalty and weaker performance in terms of retention than Chinese brands. In the re purchase market, the loyalty of Chinese brands is the lowest, and the loss to Japanese brands is high. It is necessary to pay attention to the Japanese brands’ seizing of stock users, so as to improve users’ viscosity to Chinese brands.
However, no matter focusing on the dimension of brand transfer out or re purchase, Japanese brands and German brands have excellent performance, with low user transfer out and more retained users, showing super high brand loyalty.
As for automobile brands, BMW, Mercedes Benz, Audi, Lexus and other luxury brands have more obvious advantages in the stock market, lower transfer out coefficient and high customer loyalty. This also confirms the importance of high-end brand to the long-term development of enterprises.
In terms of enhancing brand attractiveness, new car building forces and new energy enterprises have performed well. The report shows that new brands such as Tesla, Xiaopeng automobile and Weilai attach great importance to user management and shorten the communication link with users through innovative marketing model combination. In the overall market, their user transfer out coefficient is also low and their retention is high. BYD’s transfer out coefficient is low, which indicates that with the rapid development and expansion of the new energy vehicle market, the attraction of new energy advantage enterprises to customers to buy cars again will be more and more obvious.
It is worth mentioning that the transfer out coefficients of domestic automobile brands such as linker, Weilai and Hongqi are relatively low, indicating that the brand upward strategy of Chinese automobile is playing a positive role in shaping brand stickiness.
Brand stickiness: Japanese brands are most favored by users, while the competitiveness of domestic cars needs to be improved
How viscous is a car brand? Not only in the existing user loyalty, but also consider the brand’s “broken circle” influence. Brand stickiness index reflects the attraction ability of auto brands to existing users and other brand users in the re purchase market. The larger the index is, to a certain extent, it can show that the loyalty of existing users is higher, the proportion of users transferred out is less, and the attraction ability to re purchase users of other brands is stronger.
In the re purchase market, Japanese brand cars have the highest viscosity index and are most favored by consumers, while German brand cars have the second highest viscosity index. At the same time, the viscosity index of Chinese automobile brands ranks lower, and their competitiveness in the re purchase market is weak.
In terms of brands, the report shows that BMW, Toyota and Honda have the largest viscosity index and are most favored by car owners in the re purchase market. In the context of consumption upgrading, luxury brands have strong stickiness, high loyalty of old users, and strong attraction to common joint venture brands and Chinese brands.
Looking at Chinese automobile brands, the viscosity index of new energy automobile brands is relatively high, which reflects that users have a high degree of recognition of new energy automobile brands and products, and their appeal to users to buy again is continuously increasing. Linker’s brand up strategy also shows positive effects, gradually establishing brand loyalty and attractive advantages.
Summary and methodology
Looking at the current automobile market, we can find that only a small number of brands turn into the oligopoly and the whole market turns out too high. In such a market tide, the satisfaction of Chinese brands has made a breakthrough, and some Chinese brands have even approached international brands in terms of satisfaction, but there is still a long way to go to convert satisfaction into retention rate.
Compared with other industries, consumers in the automotive industry need to be cultivated for a long time. The key to shape the brand power of domestic cars and enhance customer loyalty is long-term operation.
How should automobile brand owners do well in long term operation? The core is three basic actions: first, to accumulate users, especially to integrate the use of live broadcast, short video and other means to penetrate a wider audience; second, fans maintenance, through short video and other means to attract users, we should think about how to precipitate them into loyal fans of the brand; third, to improve circulation efficiency, we should open up all links online and offline to drive the final sales transformation.
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