How FMI Helped a Technology Start-up Challenge Auto Giants’ Hegemony in the Electric Vehicles Market
An emerging player in the electric vehicles market launched its brand a couple of years ago to capitalize on the ongoing electrification of the automotive industry, especially in developing economies. The client promised to deliver superior features, such as the comfort of an ultra-luxury passenger vehicle, precise handling, and other Internet-based intelligent features of its upcoming electric vehicle. Though the company gained the reputation of a potential leader in the electric vehicle landscape, creating strong competition for global auto giants, it was a must for the client to support its claims with an actual vehicle launch. The attitude of its potential customers was skeptical, as leading automotive companies failed to keep the promise of successfully introducing next-generation technologies in electric automobiles. The client needed a revolutionary agenda to dispel its customers’ doubts and generate pre-orders by gaining their trust in the company’s business model.
Ongoing advancements in automotive technologies and the imposition of stringent environmental regulations have bolstered developments in the electric vehicles market in recent years. Increasing incorporation of technologies in the field of mobility and the ever-growing demand for electric vehicles are marking a revolution in the global automotive industry. As such, automotive manufacturers need to endure their existence in the industry by going beyond the concepts and delivering the experience they promised. Despite the dominance of top-tiered automotive companies in the electric vehicles market, small businesses and start-ups are scaling up in the market by collaborating with technology companies, battery manufacturers, and other SMEs (small- and medium-scale enterprises) in the industry.
On studying the competitive environment in the electric vehicles market, FMI came up with constructive solutions that would be helpful, not only for the client but also for other new entrants that are trying to establish a luxury car brand in the electric vehicles market. FMI suggested that the client focus on a few strategies, including customer relationship management (CRM) that will facilitate communication between the manufacturer and its potential customers. Implementing a good CRM strategy to establish seamless communication with customers about the updates on each phase of vehicle manufacturing could help in gaining customers’ trust. Another factor that FMI predicted would make a difference was visual marketing materials and style guides for customers, which would help them in visualizing the interface of the car.
The client changed the complete outlook of its website with more visuals of its future electric car and its attractive features. The company also adopted new marketing strategies that concentrated more on CRM and maintaining communications with potential customers through visual content. The adoption of communication tools that change geographically helped the client in improving the effectiveness of customer communication. This led to a substantial increase in the number of pre-orders. Meanwhile, the company collaborated with leading battery manufacturers, local distributers in various countries, and other technology companies in the market to improve the tech-based features of its next connected electric vehicle. With a significant rise in pre-orders, the company also expanded its manufacturing facilities around the world, and also managed to receive funding from regional governing bodies by following FMI’s exclusive marketing strategies.