You don’t need to reinvent the wheel to turn an industry on its head.
The taxi business has been rolling right along since 1897, until Uber made everyone a potential cabby and provided smartphone technology that makes taxi’s look outdated.
You used to simply purchase a car … then you could lease it … today, you can subscribe!
You’ve probably seen the Volvo ads:
Volvo has done something very cool. It’s kind of like leasing, but totally different. For one non-negotiable, flat monthly rate, you can get your new Volvo, auto insurance and maintenance bundled.
No matter where you live, how old you are, or how many miles you drive (up to 15,000/year). Everyone pays the same each month and gets the same Liberty Insurance policy and car care.
It’s brilliant! This idea:
- Simplifies the ownership experience
- Provides a group discount on insurance
- Eliminates budget surprises
- Reduces consumer hassle
Learn more at this video:
I “built” a $35,800 Volvo S60, online, that I can “subscribe” to, for two years, at $775 per month
To compare, at 46 years old, in a safe neighborhood in the Midwest, it would cost me roughly $766 per month for a 5-year car payment, insurance with $500 deductible and routine maintenance on the same vehicle. If the convenience of bundling was worth a few bucks a month, I might consider it. But consider a younger driver or someone in Detroit, New Orleans, Jersey City or any other high-insurance rate city. $775 per month for a brand-new Volvo with insurance and maintenance would be a steal!
What does this mean to you?
First, it’s yet another way you WILL NOT be getting that auto loan!
More importantly, I hope that this gets your creative juices flowing. As banks and credit unions, we help people with a countless variety of purchases from vehicles to homes, from appliances to home improvement. We have deposits, loans and insurance.
What can YOU bundle and repackage to help your customers to:
- Simplify the experience?
- Provide discounts?
- Eliminate surprises?
- Reduce hassle?
Love this financial marketing blog?
Get the book! Click here to download “Aha Moments,” our
FREE ebook, chock-full of 80 short articles just like this.
In addition to being a strategic consultant for community banks and credit unions, MarketMatch also has nationally and internationally requested speakers. Contact us to bring our marketing ideas to your institution or next conference.
email me directly (click)
Follow us on Twitter @MarketMatch