The adage ‘a picture paints a thousand words’ has never been more relevant when presenting car finance solutions, writes Paul Bennett, Senior Partner at Madox Square LLP.
Transforming customer research through visualisation
High-quality static vehicle imagery, interactive 360° videos and VR presentations have significantly boosted online consumer engagement when researching a new or used car. However, choosing the right car is only one-half the job and, one could say, it’s the easier part. The other half is understanding and selecting the right finance plan which can often prove a daunting task, especially given the potential commitment to meaningful amounts of debt, typically repayable over a 3, 4 or 5-year period.
Understanding how people learn
Learning styles fall into three categories—visual, auditory, and kinaesthetic (VAK). Most people use a blend of these styles, but their primary preference often drives how they absorb and retain information:
- Visual learners rely on sight.
- Auditory learners process information through sound.
- Kinaesthetic learners benefit from hands-on interaction.
While using a combination of all three styles (VAK) ensures potential maximum impact, visualisation is key to transforming complex financial offerings into digestible and appealing information. Interactive video, infographics and strategic branding helps consumers to navigate the challenging financial landscape, fostering informed decisions that benefit both them and the finance provider.
Video and infographics are particularly potent tools, taking what can sometimes be bewildering financial jargon and presenting it in a manner that is both relatable and intuitive. By breaking down complex concepts such as loan terms, interest rates and payment schedules into a simplified visual format, buyers can better understand the product as well as their own potential financial commitments. This transparency is crucial as it creates a superior customer journey, building trust and confidence in financial decision-making.
The power of visuals in decision-making
The subliminal power of visualisation cannot be overstated. By nature, visuals have a profound impact on our subconscious. They simplify decision-making by reducing the cognitive load required to process information. For consumers, especially in the automotive sector, visualisation enhances memory retention and recall, helping them piece together research then analyse when it’s time to decide. Brands that leverage this power effectively can create a more memorable and engaging experience. By doing so, they not only facilitate but enhance the consumer’s emotional connection to the brand and the buying process itself. Driven by visually satisfying interactions, this connection encourages positive sentiments and loyalty.
Access the most comprehensive Company Profiles
on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Company Profile – free
sample
Thank you!
Your download email will arrive shortly
We are confident about the
unique
quality of our Company Profiles. However, we want you to make the most
beneficial
decision for your business, so we offer a free sample that you can download by
submitting the below form
By GlobalData
Car Finance: the engine driving sales
Recent data from the UK’s Finance & Leasing Association (FLA) confirms their members provided £52 billion of funding to consumers and businesses to purchase new and used cars in 2023, including over 78% of private new car registrations. As such, it is imperative that buyers have a sound understanding of the different finance solutions available: the most popular retail products being PCP, HP, PCH and more recently subscription. A plethora of choices, product acronyms and financial jargon abound, which can often prove a bamboozling prospect for customers to fully understand.
Meeting ‘consumer duty’ with innovation
I believe that customers would be better served by financiers, both captive and independent, working in partnership with their retailer introducers to borrow the tried and tested approach from the publishers of national daily digital newspapers whose readers regularly use digital imagery and interactive video to consume news. Using these channels to better promote customer understanding of finance products online and/or in-dealer would ensure that consistency and accuracy are delivered every time to every customer.
Technology as an enabler
So, if the facts tell us we all learn using VAK, let’s utilise its power effectively. By equipping dealers with handheld tablets loaded with high-quality interactive video tutorials that are accurate, informative and easy to understand would, in my opinion, be of considerable benefit to all stakeholders. Doing so would ensure that buyers are equipped to make an informed decision about which product from which provider best suits their needs. This form of education has never been more relevant than today, especially considering the furore currently surrounding the sale of car finance in the UK. As we all absorb information in different ways let’s deploy a mechanism that allows for maximum absorption and understanding.
Embracing visualisation for the future
In an industry where finance underpins the purchasing journey, adopting advanced visualisation strategies is no longer optional. As technology evolves, so too should the strategies that bring financial products to life for the consumer. Financiers and automotive trade professionals must embrace this transformative approach, merging cutting-edge visual techniques with consumer engagement strategies to craft a purchasing journey that is as enriching as it is constructive.
