Virtual Ownership: a huge marketing opportunity
A family walks into a car dealership. Excited kids look at the various models on display. The parents discuss the features and colours. Comparisons are made with other brands. The salesman goes through his pitch with varying levels of enthusiasm. The questions become more searching and detailed. The conversation moves to how the car would be used. What the family could do with it. The holiday drives and fun they would have with it. They take turns sitting in the car. Kids squeal with delight with some of the features. It looks as though this family has made up its mind.
But…
They say they’re definitely considering the car. And leave their contact details with the salesman. And then say the dreaded words, “Lets us think about it. We’ll get back to you.” The salesman watches them walk out the door. Another sale vanishing?
Not really — if he has shown enough enthusiasm. Not if he has addressed their concerns and shown them things that they did not know about the car. Not if the brand is in their consideration set. And not if the online reputation of the brand — the reviews and service experience is good.
What the salesman may not know is that this family has entered a period of “Virtual Ownership”. This a time when they have almost made up their minds but want to be sure. This is the time when in the past they spoke to friends and family. Nowadays with the internet they have lots of reviews to read. Lots of sites with genuine ownership experiences and in-depth reviews by enthusiasts. This period is punctuated by test drives and referral. And lots of excited conversations about the car they are leaning towards. It almost feels like they have bought the car. But not quite yet.
This is a great opportunity for marketeers. And no, it’s not about the over eager salesman besieging potential customers with calls. Its about the brand truly coming into its own. It is a perfect time for a brand to enrich the potential customer’s virtual ownership period. And this applies to any purchase that has a more considered and extensive buying process. This is a time when the brand can engage with the virtual customer by building brand convictions. Building “braggability”. Interesting brand stories that the virtual owner can brag about. Invitations to upcoming events or launches. A regular augmented test drive event that the virtual owners can attend. Use of the car for an evening by the family.
And this applies to other considered purchase categories too. Creating a movie or gaming event. Or a regular update on all the upcoming shows depending what the family enjoys watching, for a TV brand. A special set of containers for a refrigerator brand that would “work best” with that brand. Each could contain a surprise tip for using the refrigerator. A weekend in a furnished apartment. With a party for the virtual owner and their friends hosted by a real estate brand.
How does a marketer identify this virtual ownership period? This requires an understanding and tracking of the average customer’s buying “logic” process. What starts the process? What do they think, feel, do first? Where do they seek information? Do they start with a basket of brands or do they build it up as they go along? Other than price what are the salient factors that they focus on? How many dealerships or retail stores do they visit? What’s their online behaviour? What indicates that they are getting serious about a purchase? Is it asking for loan programs? Is it when the rest of the family gets involved? How well does the brand track the questions that customers ask? Do they correlate them with purchase decisions? E-retail can also benefit by engaging customers with carts filled but not bought. Here again the approach is not to just keep sending them reminders or offers for the items in the cart. Maybe the brands of the items in the cart can engage with the customers in imaginative ways. Provide these “cart customers” brand related information and engagement to convert them. This requires research and tracking. But it is also one of the most directly productive research programs for a brand. Because it must lead to increasing conversion — from enquiry to purchase.
A considered purchase tends to play a significant role in the lives of its virtual owners. Its utility value is significant. Often its aspirational value is even more significant. Design, features, reliability, technology and serviceability. These address the utility side of the purchase decision equation. Brand positioning, identity, reputation, ownership experience, online reputation, advertising and brand properties. That addresses aspirations. To design a program for the virtual owner look at five factors with which to engage the virtual owner:
- Brand stories and properties
- Reassurance based on testimonials about the ownership experience. Short videos are preferable: picture = 1000 words etc
- Calendarised events. Could be at the dealership/retailer level. To further enrich the virtual ownership experience and build advocacy
- Imaginative methods of engaging them. To further build on their sense of ownership. Such as recipes, handy user tips, road holiday maps, special offers for furnishing, etc
- A forum (on the brand website?) where virtual owners can chat with the brand and advocate-owners. Questions, doubts, comparisons can all be addressed here. With special access to this section to further strengthen their sense of ownership.
“Between the idea
And the reality
Between the motion
And the act
Falls the Shadow”.
- TS Eliot
Converting the “shadow” virtual customer to a tangible one lies the path to brand and business success.
Originally published at https://www.linkedin.com on February 23, 2017.
