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What It is and Why It Matters

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What It is and Why It Matters

91% of marketers are confident that their making marketing decisions will positively impact revenue. Are you one of them?

As marketers, we’re well-versed in the main goals of internet marketing: to generate leads and new business. Revenue generated from online marketing justifies why we include online channels in our marketing efforts.

How then, do marketers come up with a winning online marketing strategy that directly ties to their revenue goals?

If you’re unsure of the answer, we’ve got you covered. In this article, we’ve outlined the steps that you can take to plan successful revenue marketing campaigns.

Let’s explain revenue marketing a little bit more.

If you were to implement a revenue marketing plan, you would look at your revenue goals first instead of your business goals. For example, if the business has a goal to attract 10,000 new customers, but the revenue goal is to make $150,000 more than last quarter, a revenue campaign would strategize all the ways the team could generate $150,000 — ideally from 10,000 (or more) new customers.

Benefits of Revenue Marketing

Marketing efforts are typically broken down into four broad categories: Traditional marketing, lead generation, demand generation, and revenue marketing.

Many companies move through marketing efforts in this order. Traditional marketing comes first and includes a focus on building your brand — generating name and product recognition in the hope of driving sales later on.

Lead generation comes next. Here, marketing teams look to pinpoint high-value leads that are likely to take action and drive sales. Demand generation follows, and sees marketing and sales teams working in tandem to create multi-channel campaigns that bring interested B2C and B2B buyers to your site or sales platform.

Revenue marketing looks to scale up lead and demand generation processes by tying them to specific metrics and making them both reliable and repeatable. Effectively implemented, revenue marketing offers three key benefits.

Increased Customer Focus

Traditional marketing efforts are all about finding ways to boost demand by making products or services more appealing at scale. Revenue marketing flips the script to focus on what customers want.

What do customers want from the product? What would make them likely to buy more? Buy less? What non-product areas — such as speed of customer service response or the ability to easily navigate websites — have an impact on the likelihood of conversion? By focusing on the cultivation of long-term customer relationships, revenue marketing can help drive sustained sales.

Enhanced Team Alignment

Marketing and sales teams are often at odds. Where marketers look to positively raise brand profiles at large, sales teams are more concerned with the specifics of individual conversions. As a result, efforts from these two teams may work in opposition rather than tandem, in turn frustrating both outcomes.

Revenue marketing, meanwhile, helps put these teams on the same page with a singular focus: The customer. By getting everyone on board up-front — from sales and marketing team members to C-suite sponsors and even IT if needed — companies can align goals and outcomes across their organization.

Improved Goal-Setting

Speaking of goals, revenue marketing prioritizes — you guessed it — revenue, rather than leads, prospects, or potential demand. By tying success metrics to the generation of revenue from specific sources, it’s possible to create goals rooted in the reality of current sales volumes rather than predicated on predictions of potential customer action.

1. Customer Data Acquisition

First up? Data acquisition. Here’s why: The more businesses know about their customers, the better they’re able to create marketing and sales strategies capable of driving action. Effective acquisition starts with permission — make sure customers know what’s being collected, and why — and gets up to speed with data analysis tools capable of deriving patterns from real-time data sets.

2. Stakeholder Alignment

Given the scope of revenue marketing efforts, it’s also critical for companies to ensure stakeholder alignment. This means taking the time to sit down with relevant team members and create a strategy that gets everyone on board. Not only does this provide a roadmap moving forward, but sets a tone of collaboration from the outset.

3. Process Definition

Process comes next: What does the big picture revenue marketing campaign look like, and what specific processes will help achieve the goal? This often involves discussions around demand management, targeted marketing efforts, and the use of customer data to drive personalized campaigns.

4. Technology Implementation

From email newsletters to mobile apps and social media sites, technology is instrumental in effective revenue marketing. As a result, it’s worth looping in IT staff as soon as possible to identify services and software — such as in-depth big data programs and powerful CMS platforms — that can help companies reach their revenue marketing goals.

5. Results Management

Last but not least? Effective results management. This includes pinpointing the key metrics you’ll use to measure success — such as total number of sales over a specific period or revenue growth year-over-year — and how these metrics will inform revenue marketing efforts moving forward.

Developing an Effective Revenue Marketing Strategy

It’s not enough to know that you need a revenue marketing plan — you need a strategy to achieve this goal. Not sure where to start? We’ve got you covered with our 4-step process.

How to Develop a Revenue Marketing Plan

1. Set SMART revenue goals.

To reach your revenue goals, you have to make them! If you’re a little confused on how to start making them or unsure of how to set them so they’re effective for marketing campaigns, let’s talk about how you can set measurable goals.

Before you set out to conduct online marketing strategies, your goal should be clearly defined and understood by the team working on the campaign. The easiest way to do that is to make sure your goal(s) is SMART: Specific, Measurable, Attainable, Relevant, and Time-based.

For a little refresher on SMART goals and how they pertain to setting revenue goals for marketing campaigns, let’s walk through an example.

Let’s say a marketing team for a company is generating $10,000/month in revenue through online and traditional marketing efforts, but wants to generate more revenue through beefing up digital campaigns. They have decided on a goal to double their revenue.

While doubling revenue is a fantastic goal, it doesn’t have any basis for how to get there. To make this goal SMART, the team can add some terms to make their path a little more clear.

So, instead of the marketing teams’ goal being “Double revenue,” it can be restructured to, “Through an online marketing campaign, the goal is to double revenue in six months by using channels chosen based on previous ROI data.”

This goal gives a time span, is specific, relevant to the task, and measurable. While doubling revenue is a high goal, SMART goals can change; they’re merely a guide to making sure your goals are reachable.

Begin by planning out your revenue goals. If you are still shaky on SMART goal making, HubSpot offers a free template you can download to guide you while writing them.

2. Audit your current website and marketing ROI.

Marketing analytics software can be used to measure the number of visits, leads, and generated sales you earn for each of your marketing channels. For example, HubSpot’s Marketing Hub offers the tools marketers need to measure the success of their digital marketing campaigns, such as website metrics.

When you want to determine the initial ROI of online marketing efforts, using analytics tools is extremely critical. These tools have customizable settings that you can configure, so the platforms only track the metrics you care about.

If you want to use your revenue goals to inspire your internet marketing plan, the metrics that will be useful may vary based on your business goals, but here are a few that are especially helpful: SEO metrics, ROI from pay-per-click (PPC), your blog’s conversion rates, and social media engagement.

Those metrics will tell you how your marketing efforts are ranking on Google, how many people are clicking on your ads or campaign offers, how helpful your content is to readers, and how your brand is perceived by its audience.

In general, if you intend to make money from a marketing channel, it’s important you continue to measure and iterate your strategy based on that channel’s core metrics. Once you know your analytics, you can use that data, paired with monthly revenue data, to estimate the conversion rate you aim to earn with your next campaign.

3. Conduct research to determine actionable steps.

If you’re unsure of how to determine actionable steps in your plan, it’s always helpful to do some research.

I know, I know: you might not have the time to devote to copious amounts of research. However, by seeking out some information, you’ll be able to uncover actionable steps that work for similar companies’ revenue marketing efforts.

For instance, we’ve talked about how leveraging data can help build your online marketing strategy. Before you start planning, if you’re unsure of where to begin, refresh your memory of must-haves when writing a marketing plan. This post is a good place to start.

You can also look into downloading a report from a company that used revenue marketing. For instance, HubSpot offers this study, which details how revenue marketing worked for a campaign, and provides highlights of the report for those strapped for time.

Additionally, you can look at a case study to get an understanding of how a revenue marketing plan looks from a bird’s eye view. This directory of case studies is organized based on industry, company size, and company goals, so you can easily find a case study that illustrates the plan you’re considering for your own business.

Don’t forget to look into how using SEO can help make smarter marketing decisions. If you are confident in your SEO efforts, look at keyword and competitive data to figure out how much time and money you should invest in pay-per-click to hit your goals.

Finally, research can help you determine if you’re following the best practices for lead generation and tracking. You can find new ideas for converting leads into customers using online marketing channels, such as blogging and email, as nurturing tools.

To gain an understanding of how your marketing efforts help one another, and how to structure a chronological plan, a little research is necessary.

4. Put it all together.

Once you’ve got an idea of your current return, have set reasonable revenue goals, and know a bit more about the channels and methods you want to use, it’s time to put it all together.

When you’re building your internet marketing campaign, keep in mind that every step in your plan should be based on revenue goals. If you’re going to use Facebook Ads as part of your campaign, for example, it should be understood by the team why that method will help you reach your revenue goal.

Spend some time ensuring the content you want to create for the campaign will resonate with its audience, as well. Blog posts need to be valuable to readers (Keyword research helps you figure out what readers are searching for) and social media content needs to engage followers, for example.

During your internet marketing planning process, outline how you’re going to measure success. Revenue is the obvious metric to measure, but what software will you be using? How are you going to interpret the revenue you earn?

Once you’ve worked through your marketing plan, you should have all the resources in place to write a marketing report or case study from your findings on your own. Who knows — your report could even turn into a valuable content offer for your next revenue-based campaign.

Realizing Revenue Goals

Revenue marketing combines sales and marketing efforts to create campaigns that go beyond lead and demand generation to link campaigns with reliable and repeatable ROI.

Best bet? Start with a clear strategy to help identify sales opportunities, pinpoint conversion-ready leads, and create metrics that effectively align campaign efforts with revenue outcomes.

Editor’s note: This post was originally published in March 19, 2020 and has been updated for comprehensiveness.

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MARKETING

How to Increase Survey Completion Rate With 5 Top Tips

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How to Increase Survey Completion Rate With 5 Top Tips

Collecting high-quality data is crucial to making strategic observations about your customers. Researchers have to consider the best ways to design their surveys and then how to increase survey completion, because it makes the data more reliable.

→ Free Download: 5 Customer Survey Templates [Access Now]

I’m going to explain how survey completion plays into the reliability of data. Then, we’ll get into how to calculate your survey completion rate versus the number of questions you ask. Finally, I’ll offer some tips to help you increase survey completion rates.

My goal is to make your data-driven decisions more accurate and effective. And just for fun, I’ll use cats in the examples because mine won’t stop walking across my keyboard.

Why Measure Survey Completion

Let’s set the scene: We’re inside a laboratory with a group of cat researchers. They’re wearing little white coats and goggles — and they desperately want to know what other cats think of various fish.

They’ve written up a 10-question survey and invited 100 cats from all socioeconomic rungs — rough and hungry alley cats all the way up to the ones that thrice daily enjoy their Fancy Feast from a crystal dish.

Now, survey completion rates are measured with two metrics: response rate and completion rate. Combining those metrics determines what percentage, out of all 100 cats, finished the entire survey. If all 100 give their full report on how delicious fish is, you’d achieve 100% survey completion and know that your information is as accurate as possible.

But the truth is, nobody achieves 100% survey completion, not even golden retrievers.

With this in mind, here’s how it plays out:

  • Let’s say 10 cats never show up for the survey because they were sleeping.
  • Of the 90 cats that started the survey, only 25 got through a few questions. Then, they wandered off to knock over drinks.
  • Thus, 90 cats gave some level of response, and 65 completed the survey (90 – 25 = 65).
  • Unfortunately, those 25 cats who only partially completed the survey had important opinions — they like salmon way more than any other fish.

The cat researchers achieved 72% survey completion (65 divided by 90), but their survey will not reflect the 25% of cats — a full quarter! — that vastly prefer salmon. (The other 65 cats had no statistically significant preference, by the way. They just wanted to eat whatever fish they saw.)

Now, the Kitty Committee reviews the research and decides, well, if they like any old fish they see, then offer the least expensive ones so they get the highest profit margin.

CatCorp, their competitors, ran the same survey; however, they offered all 100 participants their own glass of water to knock over — with a fish inside, even!

Only 10 of their 100 cats started, but did not finish the survey. And the same 10 lazy cats from the other survey didn’t show up to this one, either.

So, there were 90 respondents and 80 completed surveys. CatCorp achieved an 88% completion rate (80 divided by 90), which recorded that most cats don’t care, but some really want salmon. CatCorp made salmon available and enjoyed higher profits than the Kitty Committee.

So you see, the higher your survey completion rates, the more reliable your data is. From there, you can make solid, data-driven decisions that are more accurate and effective. That’s the goal.

We measure the completion rates to be able to say, “Here’s how sure we can feel that this information is accurate.”

And if there’s a Maine Coon tycoon looking to invest, will they be more likely to do business with a cat food company whose decision-making metrics are 72% accurate or 88%? I suppose it could depend on who’s serving salmon.

While math was not my strongest subject in school, I had the great opportunity to take several college-level research and statistics classes, and the software we used did the math for us. That’s why I used 100 cats — to keep the math easy so we could focus on the importance of building reliable data.

Now, we’re going to talk equations and use more realistic numbers. Here’s the formula:

Completion rate equals the # of completed surveys divided by the # of survey respondents.

So, we need to take the number of completed surveys and divide that by the number of people who responded to at least one of your survey questions. Even just one question answered qualifies them as a respondent (versus nonrespondent, i.e., the 10 lazy cats who never show up).

Now, you’re running an email survey for, let’s say, Patton Avenue Pet Company. We’ll guess that the email list has 5,000 unique addresses to contact. You send out your survey to all of them.

Your analytics data reports that 3,000 people responded to one or more of your survey questions. Then, 1,200 of those respondents actually completed the entire survey.

3,000/5000 = 0.6 = 60% — that’s your pool of survey respondents who answered at least one question. That sounds pretty good! But some of them didn’t finish the survey. You need to know the percentage of people who completed the entire survey. So here we go:

Completion rate equals the # of completed surveys divided by the # of survey respondents.

Completion rate = (1,200/3,000) = 0.40 = 40%

Voila, 40% of your respondents did the entire survey.

Response Rate vs. Completion Rate

Okay, so we know why the completion rate matters and how we find the right number. But did you also hear the term response rate? They are completely different figures based on separate equations, and I’ll show them side by side to highlight the differences.

  • Completion Rate = # of Completed Surveys divided by # of Respondents
  • Response Rate = # of Respondents divided by Total # of surveys sent out

Here are examples using the same numbers from above:

Completion Rate = (1200/3,000) = 0.40 = 40%

Response Rate = (3,000/5000) = 0.60 = 60%

So, they are different figures that describe different things:

  • Completion rate: The percentage of your respondents that completed the entire survey. As a result, it indicates how sure we are that the information we have is accurate.
  • Response rate: The percentage of people who responded in any way to our survey questions.

The follow-up question is: How can we make this number as high as possible in order to be closer to a truer and more complete data set from the population we surveyed?

There’s more to learn about response rates and how to bump them up as high as you can, but we’re going to keep trucking with completion rates!

What’s a good survey completion rate?

That is a heavily loaded question. People in our industry have to say, “It depends,” far more than anybody wants to hear it, but it depends. Sorry about that.

There are lots of factors at play, such as what kind of survey you’re doing, what industry you’re doing it in, if it’s an internal or external survey, the population or sample size, the confidence level you’d like to hit, the margin of error you’re willing to accept, etc.

But you can’t really get a high completion rate unless you increase response rates first.

So instead of focusing on what’s a good completion rate, I think it’s more important to understand what makes a good response rate. Aim high enough, and survey completions should follow.

I checked in with the Qualtrics community and found this discussion about survey response rates:

“Just wondering what are the average response rates we see for online B2B CX surveys? […]

Current response rates: 6%–8%… We are looking at boosting the response rates but would first like to understand what is the average.”

The best answer came from a government service provider that works with businesses. The poster notes that their service is free to use, so they get very high response rates.

“I would say around 30–40% response rates to transactional surveys,” they write. “Our annual pulse survey usually sits closer to 12%. I think the type of survey and how long it has been since you rendered services is a huge factor.”

Since this conversation, “Delighted” (the Qualtrics blog) reported some fresher data:

survey completion rate vs number of questions new data, qualtrics data

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The takeaway here is that response rates vary widely depending on the channel you use to reach respondents. On the upper end, the Qualtrics blog reports that customers had 85% response rates for employee email NPS surveys and 33% for email NPS surveys.

A good response rate, the blog writes, “ranges between 5% and 30%. An excellent response rate is 50% or higher.”

This echoes reports from Customer Thermometer, which marks a response rate of 50% or higher as excellent. Response rates between 5%-30% are much more typical, the report notes. High response rates are driven by a strong motivation to complete the survey or a personal relationship between the brand and the customer.

If your business does little person-to-person contact, you’re out of luck. Customer Thermometer says you should expect responses on the lower end of the scale. The same goes for surveys distributed from unknown senders, which typically yield the lowest level of responses.

According to SurveyMonkey, surveys where the sender has no prior relationship have response rates of 20% to 30% on the high end.

Whatever numbers you do get, keep making those efforts to bring response rates up. That way, you have a better chance of increasing your survey completion rate. How, you ask?

Tips to Increase Survey Completion

If you want to boost survey completions among your customers, try the following tips.

1. Keep your survey brief.

We shouldn’t cram lots of questions into one survey, even if it’s tempting. Sure, it’d be nice to have more data points, but random people will probably not hunker down for 100 questions when we catch them during their half-hour lunch break.

Keep it short. Pare it down in any way you can.

Survey completion rate versus number of questions is a correlative relationship — the more questions you ask, the fewer people will answer them all. If you have the budget to pay the respondents, it’s a different story — to a degree.

“If you’re paying for survey responses, you’re more likely to get completions of a decently-sized survey. You’ll just want to avoid survey lengths that might tire, confuse, or frustrate the user. You’ll want to aim for quality over quantity,” says Pamela Bump, Head of Content Growth at HubSpot.

2. Give your customers an incentive.

For instance, if they’re cats, you could give them a glass of water with a fish inside.

Offer incentives that make sense for your target audience. If they feel like they are being rewarded for giving their time, they will have more motivation to complete the survey.

This can even accomplish two things at once — if you offer promo codes, discounts on products, or free shipping, it encourages them to shop with you again.

3. Keep it smooth and easy.

Keep your survey easy to read. Simplifying your questions has at least two benefits: People will understand the question better and give you the information you need, and people won’t get confused or frustrated and just leave the survey.

4. Know your customers and how to meet them where they are.

Here’s an anecdote about understanding your customers and learning how best to meet them where they are.

Early on in her role, Pamela Bump, HubSpot’s Head of Content Growth, conducted a survey of HubSpot Blog readers to learn more about their expertise levels, interests, challenges, and opportunities. Once published, she shared the survey with the blog’s email subscribers and a top reader list she had developed, aiming to receive 150+ responses.

“When the 20-question survey was getting a low response rate, I realized that blog readers were on the blog to read — not to give feedback. I removed questions that wouldn’t serve actionable insights. When I reshared a shorter, 10-question survey, it passed 200 responses in one week,” Bump shares.

Tip 5. Gamify your survey.

Make it fun! Brands have started turning surveys into eye candy with entertaining interfaces so they’re enjoyable to interact with.

Your respondents could unlock micro incentives as they answer more questions. You can word your questions in a fun and exciting way so it feels more like a BuzzFeed quiz. Someone saw the opportunity to make surveys into entertainment, and your imagination — well, and your budget — is the limit!

Your Turn to Boost Survey Completion Rates

Now, it’s time to start surveying. Remember to keep your user at the heart of the experience. Value your respondents’ time, and they’re more likely to give you compelling information. Creating short, fun-to-take surveys can also boost your completion rates.

Editor’s note: This post was originally published in December 2010 and has been updated for comprehensiveness.

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MARKETING

Take back your ROI by owning your data

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Treasure Data 800x450

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Other brands can copy your style, tone and strategy — but they can’t copy your data.

Your data is your competitive advantage in an environment where enterprises are working to grab market share by designing can’t-miss, always-on customer experiences. Your marketing tech stack enables those experiences. 

Join ActionIQ and Snowplow to learn the value of composing your stack – decoupling the data collection and activation layers to drive more intelligent targeting.

Register and attend “Maximizing Marketing ROI With a Composable Stack: Separating Reality from Fallacy,” presented by Snowplow and ActionIQ.


Click here to view more MarTech webinars.


About the author

Cynthia RamsaranCynthia Ramsaran

Cynthia Ramsaran is director of custom content at Third Door Media, publishers of Search Engine Land and MarTech. A multi-channel storyteller with over two decades of editorial/content marketing experience, Cynthia’s expertise spans the marketing, technology, finance, manufacturing and gaming industries. She was a writer/producer for CNBC.com and produced thought leadership for KPMG. Cynthia hails from Queens, NY and earned her Bachelor’s and MBA from St. John’s University.

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Revolutionizing Auto Retail: The Game-Changing Partnership Between Amazon and Hyundai

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Revolutionizing Auto Retail: The Game-Changing Partnership Between Amazon and Hyundai

Revolutionizing Auto Retail The Game Changing Partnership Between Amazon and Hyundai

In a groundbreaking alliance, Amazon and Hyundai have joined forces to reshape the automotive landscape, promising a revolutionary shift in how we buy, drive, and experience cars.

Imagine browsing for your dream car on Amazon, with the option to seamlessly purchase, pick up, or have it delivered—all within the familiar confines of the world’s largest online marketplace. Buckle up as we explore the potential impact of this monumental partnership and the transformation it heralds for the future of auto retail.

Driving Change Through Amazon’s Auto Revolution

Consider “Josh”, a tech-savvy professional with an affinity for efficiency. Faced with the tedious process of purchasing a new car, he stumbled upon Amazon’s automotive section. Intrigued by the prospect of a one-stop shopping experience, Josh decided to explore the Amazon-Hyundai collaboration.

The result?

A hassle-free online car purchase, personalized to his preferences, and delivered to his doorstep. Josh’s story is just a glimpse into the real-world impact of this game-changing partnership.

Bridging the Gap Between Convenience and Complexity

Traditional car buying is often marred by complexities, from navigating dealership lots to negotiating prices. The disconnect between the convenience consumers seek and the cumbersome process they endure has long been a pain point in the automotive industry. The need for a streamlined, customer-centric solution has never been more pressing.

1701235578 44 Revolutionizing Auto Retail The Game Changing Partnership Between Amazon and Hyundai1701235578 44 Revolutionizing Auto Retail The Game Changing Partnership Between Amazon and Hyundai

Ecommerce Partnership Reshaping Auto Retail Dynamics

Enter Amazon and Hyundai’s new strategic partnership coming in 2024—an innovative solution poised to redefine the car-buying experience. The trio of key developments—Amazon becoming a virtual showroom, Hyundai embracing AWS for a digital makeover, and the integration of Alexa into next-gen vehicles—addresses the pain points with a holistic approach.

In 2024, auto dealers for the first time will be able to sell vehicles in Amazon’s U.S. store, and Hyundai will be the first brand available for customers to purchase.

Amazon and Hyundai launch a broad, strategic partnership—including vehicle sales on Amazon.com in 2024 – Amazon Staff

This collaboration promises not just a transaction but a transformation in the way customers interact with, purchase, and engage with their vehicles.

Pedal to the Metal

Seamless Online Purchase:

  • Complete the entire transaction within the trusted Amazon platform.
  • Utilize familiar payment and financing options.
  • Opt for convenient pick-up or doorstep delivery.
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Hyundai’s Cloud-First Transformation:

  • Experience a data-driven organization powered by AWS.
  • Benefit from enhanced production optimization, cost reduction, and improved security.

Alexa Integration in Next-Gen Vehicles:

  • Enjoy a hands-free, voice-controlled experience in Hyundai vehicles.
  • Access music, podcasts, reminders, and smart home controls effortlessly.
  • Stay connected with up-to-date traffic and weather information.

Driving into the Future

The Amazon-Hyundai collaboration is not just a partnership; it’s a revolution in motion. As we witness the fusion of e-commerce giant Amazon with automotive prowess of Hyundai, the potential impact on customer behavior is staggering.

The age-old challenges of car buying are met with a forward-thinking, customer-centric solution, paving the way for a new era in auto retail. From the comfort of your home to the driver’s seat, this partnership is set to redefine every step of the journey, promising a future where buying a car is as easy as ordering a package online.

Embrace the change, and witness the evolution of auto retail unfold before your eyes.


Revolutionizing Auto Retail The Game Changing Partnership Between Amazon and Hyundai

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