Harnessing the power of video to drive EV education
As car buyers consider the shift to electric vehicles, forward-thinking retailers are turning to bespoke videos to promote both sales and aftersales.
Electric vehicle (EV) sales have accelerated this year with the latest SMMT data showing they account for 18% of new cars registered over the course of the last 10 months, with 125 models to choose from.
However, the data also shows how the new car market has been driven by the fleet sector which currently accounts for 59% of all registrations, while retail demand has been declining for two straight years, representing less than four in 10 purchases in 2024.
Consumer confidence has been challenged by ongoing cost of living concerns and uncertainty in the lead up to the October budget, impacting car buying decisions.
Nevertheless, as the SMMT points out, “huge manufacturer discounting” means that around one in five EV models now have a lower purchase price than the average internal combustion engine (ICE) car.
Used EV price realignment
The increase in new EV sales over recent years also means greater availability in the used sector, with MOTORS, the online marketplace, reporting that EVs and hybrids reached their highest ever market share in October, collectively accounting for 14% of used cars being listed on the platform by retailers.
Furthermore, the downward trade price realignments reported by cap hpi over the course of the year have filtered through to the retail sector with MOTORS reporting the average price of a used EV in October was £27,402, down 12% from £31,140 in October 2023.
Retailers have a dilemma. They have access to more new EV models than ever before, greater availability of used ones and more competitive pricing. Yet many customers are still reluctant to buy them.
Overcoming the EV barriers
Many of the typical barriers to buying an EV – from high prices to the charging infrastructure – can be addressed and explained. And this puts car retailers in an ideal position to engage with customers and share some of their expertise.
Some of the best performing groups for EV sales have positioned themselves as EV experts, sharing the best practices they have gleaned over recent years to help inform conversations they have with customers.
EVs are not for everyone, which is why it is critical to engage with customers to understand their car usage and advise accordingly on the best fuel type for their needs.
This is where videos can play a pivotal role.
EV video sales opportunities for retailers
Analysis of our most recent data shows the power of video in the sales process with a 15% increase in conversions when enquiries were followed up with a personalised video. That equates to 12% more cars being sold if every response to a new car enquiry was accompanied by a video, rising to over 31% for used cars. Opportunities are four times more likely to be lost if a video has not been sent.
Now imagine applying our findings to EVs.
As a minimum, all new and used EV listings on retailer websites should include walk around videos highlighting key features and prices. And every enquiry should be accompanied by a video, especially where there’s an opportunity to make a bespoke video addressing any questions or issues raised by an enquiry.
Potential EV customers making enquiries need assurance and responding with a personal video shows you value them and gives you the opportunity to invite them to the showroom to see the car and take it for a test drive.
EV video aftersales opportunities for retailers
With EVs requiring less regular servicing than combustion engine cars, retailers need to be more proactive in how they manage their aftersales relationships with customers. Video is already playing an important role in making this happen.
An opportunity here is to ensure all over the air software upgrades are accompanied by a personal video from the retailer explaining what’s been done and any key features that will benefit the owner.
Sharing this type of information means that communication remains ongoing between services.
These videos also provide an opportunity to invite the customer in for a free health check, enabling retailers to check the condition of tyres and brakes, where wear is typically faster than on ICE vehicles.
EV sales and aftersales present retailers with opportunities to present themselves as trusted experts and video can play an important role in sharing that knowledge and building lasting customer relationships.
Discover more about how CitNOW Sales and CitNOW Workshop can become part of your EV sales and aftersales processes.
