Knowing your target customer’s demographic profile is important in any business. But it is especially key in auto buying and selling because those demographics help auto dealers to define their target customer.
According to Carlos Dague, new car sales manager at Ganley BMW in Middleburg Heights, the latest trend in demographics is the psycho-demographic profile. But there are a lot of other demographic characteristics that depict this class of auto buyer.
Smart Business asked Dague about the demographic profile of the premium automobile buyer.
In general, what are the important demographics dealers look at?
Income is probably the No. 1 demographic. In addition to income, other factors include education, profession, hobbies and marital status, to name just a few.
What are psycho-demographics?
Psycho-demographics take demographics to another level by looking at the psychological needs and wants of the prospective customer. Many buyers know that BMWs will meet the basic need of point-A-to-point-B transport, but they have to feel the car they’re driving is more than just transportation. That is, it is an extension of their personality, which is what any premium product does, to a certain extent.
How about their income profile?
The premium automobile purchaser is well off. The income profile of our customers ranges from just below $100,000 per year to well into the six figures and up.
Does the premium car buyer typically live a particular lifestyle?
Most premium car customers are either at the top of their professions or are well on their way there. They appreciate fine, precision engineering combined with distinctive styling. They like to travel for pleasure, eat at upscale restaurants, and have an active lifestyle.
Time is as valuable — if not more valuable — than money, and they appreciate technology that is cutting edge and saves them time, especially if it has a few extra horses under the hood.
