Planning, designing, engineering, and releasing a competitive product in its market category is one thing for a car brand. But it's quite another for a car brand to entice buyers and leave them with enough of a lasting impression to secure them as a customer for life. New American-based data made available by S&P Global reveals that one brand outperformed the competition in terms of not only keeping customers but also luring them away from competing brands. Tesla is that brand.
S&P statistics indicate that 80% of Tesla owners are new to the brand (these owners are referred to as nomads - apparently). The fact that only 39% of Tesla owners are known to leave the brand for other pastures when it comes time to sell their car means that more than 60% will swap out their Tesla for another Tesla. As can be seen from the data and figures provided by S&P, this is well below the industry average. When it comes to nomads who try out a car brand's products and move on, the industry average is 58%, and 43% of newly acquired consumers for a manufacturer will purchase a second vehicle from them, according to S&P. The likelihood of sticking with a single brand increases to 56% once they buy their third new car.
Scaling up Tesla's data indicates that customer retention rates for those purchasing their third or fourth vehicle are probably higher than the two-thirds threshold. Ford has the second-best percentage of "one-and-done" buyers but having a significantly lower percentage of nomad pickups than Tesla. Hyundai, Toyota, and Subaru. Dodge is at the other extreme of the spectrum. Although the American company does a better job than others at attracting new customers to its products, it struggles the most to maintain them.
Numerous factors may influence a consumer's decision to remain devoted to a particular brand. One issue is whether they believe the car they bought fulfills or exceeds their expectations. Still, they are also likely to consider servicing costs, reliability, resale value, and the caliber of their brand interactions when making a decision. Brands can use a more focused and effective marketing strategy to keep their customers by understanding their customer base.
Freebies and Discounts on Tesla Model S/X
In addition to the huge price reductions announced earlier this month, the discount is available only to customers who trade in their older Teslas. When it comes to pricing, Tesla has had a turbulent start to the year. The business has made its cars much less expensive in its core regions of North America, China, and Europe.
The EV manufacturer has continued to make modifications even after those significant price reductions were revealed, most recently raising the price of the Model Y Long Range in the United States by $500. Tesla is currently providing a further $3,000 discount or you can get a full three years of Supercharging for free with the purchase of new Model S and Model X EVs. Be aware that only Tesla owners who trade in an existing vehicle are eligible for the deal.
According to reports, the automaker is getting in touch with certain current Tesla customers in an effort to persuade them to trade it in for a new Model S or Model X that comes with a $3,000 discount or three years of free Supercharging. Customers cannot have both the price reduction and the free Supercharging, so they must select one or the other.
As long as the evaluated price for the traded-in vehicle is comparable with the market value, a $3,000 discount on top of the recent price reductions applied to the Model S and Model X seems like a wonderful offer. It's important to note that this is a limited-time promotion, so move quickly if you want to take advantage of it. Tesla staff stated in an email to a customer that trade-ins are eligible for the $3,000 discount or free supercharger miles as long as the purchase is placed quickly. Although they did not give a specific date, they stated that the offer expires in February.
In contrast to the end-of-quarter pushes it has become accustomed to in the past, Tesla's early-quarter attempt to boost sales figures this year may indicate a change in approach.