When it comes to luxury cars, BMW is one of the top brands in the world. Bayerische Motoren Werke AG, started as a manufacturer of aircraft engines, has been around for over 100 years and as a brand has always been synonymous with high class and luxury.
Even though many consider owners of BMW cars to be affluent people, the fact is that those who buy BMW vehicles come from all walks of life and have different reasons for wanting to own a BMW.
In this article, we will review the target market for BMW and understand the motivations that drive many people to spend a disproportionate portion of their income to own a BMW.
What Attracts People to the BMW Brand?
BMW. This is a brand that evokes images of luxury, wealth, and success. For many people, owning a BMW is a status symbol – a way to show the world that they’ve made it.
BMW has a long history of luxury and quality. The company has been around for over 100 years and has always been associated with high class and luxury.
BMW cars are known for their performance, safety, and reliability. Many people who buy BMW cars do so because they want a car that they can depend on.
BMW cars are also stylish, and classy, and have a certain “je ne sais quoi” about them. This too is a point of attraction for many. These people opt for a BMW because driving one makes them look and feel good.
Who is the Target Market for BMW?
One of the best ways to understand the target market for BMW is to go deeper into understanding people’s needs and motivations for purchasing luxury cars as opposed to other brands.
By understanding and analyzing people’s motivations, we can divide the target market for BMW into the following customer segments:
- People who love the BMW Brand
- People who like luxury
- People for whom the car is a status-symbol
- People who appreciate quality
- Businesses that give cars to their top executives
Let’s look at each of these market segments more closely.
#1. People who love the BMW Brand
Many people simply buy a BMW because they love the brand. They are fans of the company and its history. They like that BMW cars have always been associated with luxury, quality, and success.
People who love the BMW brand are usually willing to pay a premium for their car because they feel that it is worth it. They see owning a BMW as an investment – not one that appreciates in value (most cars devalue fast) but one that makes them feel good about themselves.
These are people who take pride in owning a BMW and feel that it is a reflection of their own personal success.
People who love the BMW brand are also some of the most loyal customers that the company has. They tend to stick with BMW cars for many years, even decades. And they often upgrade to newer models as they become available.
These people are the ideal target market for BMW.
#2. People who like luxury
The BMW brand is often considered synonymous with luxury. And for good reason – BMW cars are luxurious, and they come with a price tag to match.
People who like luxury cars appreciate the finer things in life. They want to be surrounded by quality and they are willing to pay for it. Also, most BMW cars offer many luxury upgrades including leather seats, premium sound systems, and advanced safety features.
People who like luxury cars also tend to be very brand conscious. They want people to know that they can afford the best of the best. And for many of them, that means driving a BMW.
#3. People for whom the car is a status-symbol
For many people owning a BMW is a way to show off their success. It is a status symbol that tells the world, “I’ve made it.”
People who see their car as a status symbol are often very proud of their achievements. They want people to know that they can afford the best and that they have good taste.
People who care about their status are sometimes the best target market for BMW. Many people who may not even be able to afford a BMW will still try to buy one because of the status that it confers.
#4. People who appreciate quality
BMW cars are known for their quality. They are built to last, and they perform well year after year. This is one of the reasons why BMW cars can fetch high resale prices.
Quality can be looked at from two perspectives – the quality of the product and the quality of the customer service. BMW is known to excel at both.
#5. Businesses that give cars to their top executives
BMW is a common brand of car given as a company car to top executives. Many businesses feel that BMW cars reflect well on their company, and they want their executives to be seen driving them.
BMW cars are also popular as company cars because they are seen as being very reliable. Businesses want their executives to have a car that they can depend on, and BMW cars fit that bill.
And because owning a BMW is such an aspirational goal for many people, businesses know that their executives will be happy to receive a BMW as a company car. This makes companies a very good target market for BMW.
The target market for BMW includes people looking for a luxury car that reflects well on them. It includes people who have a strong emotional connection to the brand and who appreciate the finer things in life.
People who buy a BMW look for luxury, style, class, and reliability. It is also a way for many to show off their success by owning this status symbol.
This is one of the reasons why businesses also make good customers for BMW cars as they can give these cars to their executives as part of their compensation package.