By: Jamie Szczecina
In today's fast-paced business world, speed is a critical factor in determining success.
The automotive industry has always been about speed. From the earliest days of motorized vehicles to the modern-day supercars, speed has been a crucial factor in the success and innovation of the automotive industry. The importance of speed in this industry is not just limited to the speed of the vehicles themselves. Speed plays a vital role in every aspect of the industry, from production to marketing.
The ability to move quickly and efficiently can be the difference between winning and losing deals, beating out competitors, and staying ahead of industry trends. Velocify mentions that “the faster the response time, the higher the conversion rate.” For reference, leads contacted within 5 minutes are “21 times more likely to convert.” This is especially true for business development centers and automotive industries, whose responsibilities include identifying new business opportunities, developing relationships with potential customers, and driving revenue growth for their companies.
With the advancements in technology, the production process of vehicles has become more streamlined and efficient, allowing manufacturers to produce more vehicles in less time. The faster the production process, the quicker the vehicles can be delivered to the market, which is crucial for maintaining a competitive edge in the industry. Along with the production process, the ability to bring a new vehicle to market quickly is essential for staying ahead of the competition. The faster a manufacturer can design, develop, and test a new vehicle, the faster it can bring it to market.
Marketing is another area where speed is critical in the automotive industry. With the ever-increasing competition in the market, manufacturers need to be able to get their vehicles in front of potential buyers quickly. In many situations, the first to communicate to an inquiry has a significant advantage over its competitors. Moving quickly to acknowledge and develop relationships with potential customers can give an unfair advantage and great customer experience. Focusing on speed-to-lead attracts more personable and efficient business. The faster a manufacturer can develop and launch a marketing campaign, the more likely they are to create better customer experience and higher conversion rates.
Efficiency is also crucial in helping these teams close deals. In many cases, business opportunities are time-sensitive, with potential customers needing to make decisions quickly in order to meet their own business goals. By moving quickly to provide information, answer questions, and address concerns, business development centers can help automotive industry’s customers make informed decisions more quickly, leading to faster deal closures and increased revenue for their companies. Harvard business review analyzed an audience of 15,000 unique customers. The odds of converting increased 400% when contact was made in 5 minutes versus 15 minutes. This hustle is an important factor for conversion and the consumer journey.
In conclusion, speed is a vital factor in the success and innovation of the automotive industry. It plays a crucial role in every aspect of the industry, whether its production or marketing. The ability to move quickly and efficiently is essential for manufacturers to stay ahead of the competition and meet the ever-increasing demand for vehicles. As technology continues to advance, the importance of speed in the automotive industry will only continue to grow.