Central to the Lloyds Black Horse growth strategy was the aim of growing market share by creating more effective sales journeys through dealers.
They identified that they were losing huge amounts of business to dealer financing. Customers were checking their finance options with Black Horse online but once in the showroom they were being sold something else. Thus Black Horse was missing out on vital sales opportunities.
We were challenged with creating a solution that removed this leakage point with a joined-up sales journey that would empower customers and reduce lost sales.
Working in collaboration with the Black Horse team, running customer focus groups and a thorough technology review we developed a clear understanding of the challenge.
Our research showed that Black Horse could strengthen their market position without relying on a costly acquisition strategy. Instead, by creating an integrated experience that connected online activity with in-dealer interactions, we could efficiently deliver better dealer relationships, remove sales journey leakage and deliver more rewarding experiences for customers too.
Streamlining the sales process.
At the heart of our solution was the concept of a digital token for an approved budget: a pre-authorized loan on your phone. Customers would be able to clearly understand their options and get approved for an amount to spend at a dealer.
The digital token would give the customer confidence in their options and digitise the journey, making it trackable from end-to-end.
By connecting the pre-authorised loan token on your app with i-beacons in the showroom, we could further enhance the experience. Black Horse would be able to proactively connect with the dealer and further streamline the sales process. Making the entire journey simpler, more measurable and vastly reduce drop-off.
A seamless solution.
Our strategic thinking led to the creation of a an entirely new intelligent process that linked car and finance options and delivered a seamless process - from reviewing finance options online at home to purchasing a car in the dealer.
Our solution gave Black Horse a route to market that would be more efficient, measurable and strengthen market position by reducing dropped sales. We are continuing to work with Lloyds and Black Horse to innovate further aspects of the experience and offer market-leading experiences for customers.