Solving the future of Cox Automotive’s relationship with consumers in the era of electrification, mobility, and distributed digital products
Whilst ensuring Brand Longevity and Relevance
As the trusted vehicle valuation service, for over 90 years, Kelley Blue Book continues to be the number one trusted resource when it comes to vehicle valuation in America. Recent research studies has shown that this brand recognition and appeal does not hold true among the younger audiences
In the next 5 years (2025) the US Population will have 90M Millennials - 45M Gen Z aged 20-29.
In an effort to future proof the brand in December 2018 Cox Automotive tasked a small team of Product Designers and Product Managers to start doing some Discovery work and research about potential future solutions for both Kelley Blue Book and AutoTrader. In particular the emergina markets of Electric vehicles
The group discovered a number areas of improvement. Most importantly in their editorial approach and the type of content that resonates with those audiences.
Through research the team discovered how there was a need to create an online news & Tools resource that would empower audiences regardless of where they were in their shopping journey.
This outlet would cover all things mobility for all emerging technologies not just within the automotive but also the transportation industry.
Some of the Key findings in regard to young audiences include some of the ways that this group of people prefer to engage online:
They expect personalization,
They expect content ONDemand - to come to them in channels where they play,
They expect to be able to connect on Social Media - with the content and be part of the conversation within the channel itself
They look for validation within their family and friends a for purchase decision
Unfortunately Cox Automotive and their brands was not able to pivot very easily and take advantage of alternative channels to deliver the same value to its visitors through either brand.
Revenue commitments and years of technical hangovers meant that they needed to continuously deliver high number volume of page impressions to meet their advertising criteria.
So the team was then tasked to provide disruption to our products without disruption of our current revenue models.
KBB.com and AutoTrader.com have a median user age range of 49 years old.
Younger audiences (-35 y/0) do not think that Kelley Blue Book or AutoTrader is an unbiased trusted resource. Or have little to no brand recognition.
We need to provide Disruption to our products with minimal disruption of our revenue. A new brand needs to be created that can deliver on those premises. Also, this solution needs to be financially viable and vetted by the team to be proven to be scalable for implementation at an Enterprise level across all brands.
Ride By Kelley Blue Book: An online news and tools resource targeting young audiences 40 years and younger. This site would become the ultimate resource for all emerging technologies in the consumer mobility and transportation space.
After sizing the market based on a rigorous competitive analysis. We agreed on a phased market-test approach that would validate the business case for a $151M-208M Revenue Opportunity
Leads based revenue Model: RIDE ADVISOR
After establishing a new audience set we were now ready to monetize.
We developed a tool that provides tailored transportation alternatives based on personal preferences and circumstances.
These recommendations would become high value paid leads for our commercial partners. Allowing Cox Enterprises to partner with a wider range of business outside the automotive industry. Thus, creating new revenue streams.