In an age of disruption and new technology, auto manufacturers are taking serious steps toward customer-centric marketing. By focusing on the life-cycle of the customer, they can improve their profitability and expand stagnant markets. They are also taking on the challenge of delivering services to consumers and managing their purchase and ownership experiences.
One such approach is to develop an actionable customer database. This data replaces the primitive socio-demographic data of the past. Moreover, this approach allows auto manufacturers to improve customer experience. Hence, it is a key strategy for these companies to drive efficiency and effectiveness. By utilizing this approach, they can focus on providing optimal customer service and increase the efficiency of their operations.
In the wake of the Great Depression, many auto manufactures went bankrupt. Due to mismanagement and stiff competition from the Big Three, these automakers lost their competitive edge. The crisis especially affected luxury car makers. Some of the companies that failed to survive the era were Doble Steam Motors Corporation and Franklin Automobile Company. The latter was subject to investigation by the Internal Revenue Service and the Securities and Exchange Commission.
Henry Ford began building cars in 1896 and incorporated his company in 1903. In 1913, the Ford Motor Company introduced the first conveyor belt-based assembly line. This lowered the cost of the vehicles. In 1924, the Model T went on sale for $290. In 1927, Ford became the largest automobile manufacturer in the U.S.
Today’s automotive industry is experiencing a disruptive transition. Fast-changing customer needs, pervasive connectivity, and environmental regulations all present new challenges to auto manufacturers. Auto manufacturers must transform their business models to keep up with the evolving consumer experience. By leveraging industrial applications, automotive manufacturers can gain a unified view of their assets and ensure maximum efficiency and quality.
The biggest automakers in South Korea include Toyota and Kia. These companies are the world’s fourth and fifth-largest automakers by units sold and profit. They have a variety of vehicles to fit all budgets. For the more luxurious buyer, there’s the Lexus IS, a sporty coupe. And for the less expensive, the Kia Rio is an affordable sedan.
While automakers are scrambling to develop electric cars, they are also redefining their business models to meet changing consumer demands. In 1996, GM’s EV1 first hit the road, but a few years later, the car was cancelled, and many customers grew dissatisfied. Then, in 2003, Chevrolet pulled the plug on its Volt, which never sold in significant numbers. While Nissan’s Leaf is still in production, it has failed to meet Carlos Ghosn’s vision for Nissan.
Mitsubishi Motors Corporation is another major automaker in Japan. Founded in 1917, the company has grown from a small Japanese shipbuilding company to a global automotive company. Today, the company produces a broad range of passenger vehicles, SUVs, light-commercial vehicles, and hybrid models.