Hyundai’s brave new strategy
Posted by Mal Chia on March 16th, 2009 at 2:43pm
As marketers, one of the things we’ve been told is that if you stop marketing in a recession, expect to see your share of the market erode.
Korean automaker Hyundai appears to have truly taken this piece of advice onboard. While most of their competitors appear to have scaled back their marketing and advertising spending in 2009, Hyundai have pushed even harder with the Hyundai Assurance program (and accompanying Superbowl ads) that launched in January.
Basically, if you purchase a new Hyundai and lose your job in the next 12 months you can return it free of charge.
This genius move has not only generated heaps of positive press coverage but has also given nervous customers some much needed confidence in these uncertain times that has resulted in a 14% sales increase compared to this time last year.
With Hyundai’s brave strategy converting new customers faster than the competition, other automakers run the risk of emerging to find a new market leader if they continue to bunker down and wait out the storm.
Posted in Advertising, Branding, Marketing Strategy
