What the Auto Industry Can Teach Us About Business Growth

The automotive industry is one of the oldest industries, and one that remained almost unchanged until just recently. It’s experienced its ups and downs and cities like Detroit, which were once booming because of the industry, have experienced hardships because of things like overseas manufacturing.

But, it’s also an industry that has seen a surge in growth due to adapting to new technology and evolving with the times. The car has advanced so much over the years, with new technology and features, as well as a focus on making the car more one with its driver.

So, with that being said, there are several ways that we can learn from how the automotive industry has rebounded and since advanced, and these lessons can be applied to almost any other business.

Every business wants growth. It’s how they thrive. Use this information to help your business and you, just like the auto manufacturers, can see a nice upward growth chart.

Technology Always Wins

When Tesla broke onto the scene many wrote them off. People said nobody would want to switch to electric cars because they were slow and it took too long to charge them.

Well, now their performance is as good, if not better, than most other cars and their drive time per charge has increased significantly.

Why? technology has advanced rapidly. Technology always wins because consumers want the best available, and that is why Tesla is valued more than the oldest auto makers.

So, no matter what industry you are in, you have to understand that your customer is always going to want (and demand) the newest technology. Failing to introduce that will leave you in the dust of your competition.

You Have to Be Innovative & Willing to Advance

Companies like Ford and Chevrolet took a dip when Tesla took off, but now have since seen growth because they are adapting the newest technology. Rather than try to fight electric cars, the auto manufacturers are developing their own.

They are also focused on keeping up with the latest trends and making sure their drivers’ needs are always met.

From making sure there is enough space for the newest sizes of suitcases and other often transported items, to making sure cars have the ability to sync with the driver’s phone — innovation is key.

Little things like implementing the latest technology for customer support is key. While years ago the only customer support option was a phone call that was routed to a call center, now the car industry is heavily connected on social media and online.

Now, if you have a question you no longer have to pick up the phone. Now, you can DM the company on Twitter, send them a Facebook message, or start a live-chat on their website.

If you are not always moving forward and improving, your customer is going to find a company that is up to speed with what they want and expect.

Branding is Key to Long-Term Survival

Look at the long-term players in the auto industry. Just hearing “Ford” or “Chevy” will make their logo appear in your mind, right? That is because they have focused on branding from day one.

Chris Dziak of Pure Nootropics says, “Companies like Ford and Toyota spend a lot of time, effort and money on branding because they understand its long-term impact.” This is why these companies focus on sponsorships and branding campaigns across all media — from TV and print to online.

You have to take the same approach, and while most businesses don’t have that kind of budget, if you are constantly thinking with a brand-forward approach, you are going to stand a much better chance at experiencing growth over time.

Author: Ken McGrath