Background
We at Xavier’s Consulting Club are driven to undertake live projects that have a notable tangible impact on our clients’ businesses.
In July 2023, we partnered with Car Incorporated Company, founded in 2017 and dedicated to delivering excellence in the automotive realm. The company offers a range of options, from high-end luxury cars to standard vehicles. Dedicated to quality and customer satisfaction, the company ensures a smooth transition process, aiming to boost conversion rates and enhance its market presence while improving margins.
The Opportunity
Car Incorporated Company was established with the vision of becoming the market leader in the space of re-selling luxury cars with the best service in Eastern India. So far, the company has been successfully working towards its vision, adding value to the business.
The company’s main focus was to boost client conversion rates and establish a strong market presence, both online and offline. We directed our efforts towards captivating potential clients and cultivating enduring connections through effective engagement strategies. Adopting a comprehensive approach across various channels such as social media, proved crucial, ensuring a well-rounded and impactful market presence that contributed to the overall success of the company.
The Challenge
Car Incorporated Company, predominantly concentrates on the sale of well-maintained, pre-owned automobiles. The main challenge we faced was to boost the conversion rates while concurrently enhancing its visibility in both digital and physical domains.
The conversion process, from lead generation to finalizing a sale, requires an efficient sales funnel with high click through rates on online platforms along with hand-in-hand effective after sales services to ensure good work of mouth in offline markets.
There were various industry specific challenges like warranty, and post-sales services as well as several inventory based challenges like the fluctuating prices of vehicles both inwards and outwards along with quality assurance checks, etc.
This challenge stems from several interconnected factors:
1. Lead Prioritization and Quality:
Effectively prioritizing leads was imperative for optimizing conversion efforts. Distinguishing high-quality leads from the pool of potential customers presented a multifaceted challenge. Given heightened competition and the brand’s relative newness, expanding reach and establishing market presence proved challenging, making lead generation a formidable task.
2. Competitive Market Dynamics:
Within the fiercely competitive luxury car market, numerous players vied for consumer attention. Navigating this dynamic landscape demanded a steadfast commitment, quality service and quick response time to maintaining a competitive edge.
3. Industry Dynamics:
Convincing potential customers to convert faced obstacles due to standardized dealership experiences and the perception of high pricing. Additionally, the Government of India’s implementation of BS-VI emission standards introduced technological costs to cars, influencing pricing and potentially impacting consumer preferences.
4. Building Online Presence of the Company:
Establishing a robust online presence was pivotal for modern businesses. In the context of the luxury car industry, this not only involved creating an engaging website strategy but also leveraging social media platforms and digital marketing strategies through customized SEO Optimization strategy and key marketing avenues provided by the team.
The Approach
Our goal was to optimize online lead generation, increase sales and make the conversion strategies more efficient. We conducted a feasibility study on existing platforms, comparing them with untapped ones. The focus was on platform optimization and maximizing utilization with generating as much Return on Investment (RoI) as possible.
To boost sales, we analyzed two decades worth of reliable data on used car sales and the ratio of used to old car sales thus calculating the Total Addressable Market (TAM) to pinpoint the most promising opportunities.
Applying a range of statistical techniques and seasonal forecasting, we identified our target audience, ensuring a strategic focus on the most responsive market segments. Additionally, we conducted thorough research on competitors, strategically analyzing their strengths and weaknesses. This comprehensive approach guided us to surpass market expectations, ensuring a competitive edge in the dynamic landscape of used car sales.
An SEO-optimized social media marketing plan was executed focusing on direct interaction, personalized assistance, and relationship-building.
We implemented a comprehensive social media marketing plan, strategically optimized for SEO, to enhance brand visibility. This initiative was not merely about broadening the brand’s digital footprint; it was a calculated endeavor to penetrate the market by cultivating authentic, engaging, and interactive online communities around our brand. By integrating SEO principles into our social media content creation, we ensured that every post, and update not only resonated with our audience but also amplified our visibility across search engine results pages.
We devised a strategy and outlined specific features for the website for future reference.
The Impact
Actual impacts include improved market visibility and customer reach through strategic collaborations. We enhanced market efficiency to 10% and optimized search results to 7%. Additionally, we achieved a significant increase in lead generation across all social media platforms, ranging between 15% to 20%. The introduction of innovative after-sales services aims to strengthen brand loyalty. Anticipated impacts include increased sales, and improved profitability. Success will be measured through metrics such as increased website traffic, higher conversion rates, and customer satisfaction scores. Collaboration effectiveness will be assessed through market share and customer acquisition metrics, with regular adjustments to marketing strategies based on performance data.