No denying that family-owned businesses have a great contribution to the American economy. Studies show that nearly 60% of the workforce in the US is employed by family-owned business establishments. However, families that are involved in the automotive dealership business can easily understand with the presence of multiple players in the market, the industry is becoming more and more competitive. According to Jeff Lupient, who exemplified his business insight in 2007 by overhauling his family-owned Minneapolis-based Infiniti Store, from a loss-making to profitability running – that considering the market scenario, it is high time for companies to set strategies to get a competitive advantage over other auto dealership business.
- Reach The Base Market Thoroughly
Operating an auto dealership business in Minneapolis is completely different from running one in Michigan. They are entirely different markets, and thereby, if the business owner doesn’t know everything about his/her market, competing with rivals happens to be daunting. So, research well about the demographics area, key players in the market, special offerings and kind of customer services others provide, the top car-buying seasons of the area, and so on. Having extensive research will provide a thorough insight into the local car market and can help in deciding further strategic steps.
- Franchising With Top Brands
While franchising enables global brands to expand their market reach and continue to grow, it offers small and family-owned businesses an opportunity to carry on their operations with 100% support and assistance from their parent company. Especially, when it comes to the automobile business, partnering with a top car brand unlocks an opportunity to secure major market territories for expansion and thereby leads to long-term business success.
For instance, The Lupient Automotive Group planned to open their newly franchised Nissan brand for location in Minneapolis in 2020. It was inaugurated by the President and CEO, Jeff Lupient to represent Nissan brands of cars in three areas including Minneapolis, Brooklyn Park, and Milwaukee, and simultaneously cater services to Nissan customers.
- Nurture Relationship
Family-owned business operators and small businesses who remain busy while wearing several hats, often wonder, even if with needed skills, brands, and top-notch services, what is the missing thing that hinders them from reaching a competitive edge. According to Jeff Lupient, its answer lies in the most overlooked aspect of operating a business – nurturing relationships.
Promoting healthy relationships in business does not mean merely chitchatting, however, it is a priceless investment that incentivizes a business in multiple forms such as customer loyalty, strong reputation, and rich business partnerships. Also remember that building relationships with major stakeholders like customers, parent companies, or business partners is not an overnight job. It needs time, commitment, and a lot of effort. Business owners need to nurture trust and loyalty with employees, customers, and business partners through transparency, honesty, and consistency.
Conclusion
Getting equipped with globally popular brands helps gain customers across the areas in which a business operates. However, to keep customers engaged make sure to send e-newsletters, share updated models and new features send special offer coupons, apart from personalized services to keep getting off the ground and stay at the top in the competitive landscape.
