Groupthink: Making Crowdsourcing Work in Auto Finance
As a way to celebrate its 5 millionth fan on Facebook, Porsche asked all those followers to help it design a special edition Porsche 911 Carrera 4S.
More than 54,000 fans voted on features and specifications, and the final product was a blue — Facebook blue, that is — 911 with black and white racing stripes. On the doors are the words “5M Porsche Fans,” while “Personally built by 5 million Porsche fans” is displayed inside on the dashboard.
But the German luxury automaker didn’t stop there in honoring its social media milestone. One fan, who will be picked based on how many of his Facebook friends are also fans of Porsche, will be able to drive the car at a British racetrack. Second- to tenth-place runners-up will receive a scale model of the fan-designed Porsche.
This is a perfect example of a brand using crowdsourcing — the search for ideas, content, and more from the masses via online channels like Facebook and Twitter — not only to engage followers but to then have those followers act almost as ambassadors for the brand to gain even more followers.
It would be interesting to see auto lenders take a similar approach with existing or potential customers. What better outlet to find out what consumers think or want of your service? Why not ask them what perks or incentives they want to see, and then reward them for letting you know? Granted, it doesn’t have to be as large as putting someone behind the wheel of a limited-edition car, but people generally like to get something in return for their time or responses.
A likeminded example that comes to mind is a promotion called “Take 5 on Us” going on this week at Toyota Financial Services. The captive is asking Twitter followers to share their volunteer story using #TFStake5. Of those entries, TFS will pick 25 winners throughout the week to give either a $5 Starbucks or $50 American Express gift card. Anyone can participate — as long as they use the hashtag as a follower of @ToyotaFinancial.
Engaging with followers beyond just the auto finance connection and offering them a chance to get a reward for taking part in a promotion is a great way to endear a lender to its customers. Chances are, those fans and followers who took part in a crowdsourcing promotion might be more inclined to remember the lender when the time comes to get a new vehicle.
