How Hyundai found gold in U.S. Recession
It was 2008, US had officially declared recession; Banks had failed, a stimulus package still hadn’t been announced, and unemployment was surging toward 8 percent, up from 4.8 percent the year before.
Escapism was the order of the day.
But one company Hyundai, decided not to give in to recession. Company’s management decided to go for the kill; with this optimism they decided to appeal to their target audience with very specific message, their USP and Irresistible offer. They came up with a scheme and fearlessly communicated it with aggressive advertising campaign.
When everyone was retracting on their ad budgets they increased their budgets and booked expensive ad slots in Superbowl and Academy Awards function.
A voice-over ad was broadcast on the channels; ” *Now finance or lease any new Hyundai, and if you lose your income in the next year, you can return it with no impact on your credit*.”
With that bold stroke Hyundai, an automaker not historically known for fearless marketing — began frontal assault on a recession that was drowning consumer enthusiasm.
Hyundai also took an upmarket route with its successful efforts to push the Genesis; their premium-car in to the market.
When General Motors, then on the verge of bankruptcy, had to be bailed out; For Hyundai, the overall results were clear: Sales and market share were up and its brand image overhauled.
*Hyundai’s market share jumped to 4.3 percent in the first 10 months of 200
9 from 3.1 percent in the same period a year ago*. In September, while the industry overall suffered a 22 percent sales drop in a post-cash-for-clunkers hangover, *Hyundai managed to increase its new-vehicle tally by 27 percent to 31,511 units.
Learning from the Story
1. Recession is an opportunity to change and grow.
2. Know your Target Audience and Know your USP, find the ways to communicate your USP to them effectively.
3. You are not short of resources, you are just short of ideas & creativity.
Questions to ask ourselves
1. What opportunities lie in these recessionary times, how can I use those to change and grow?
2. Who is my Target Audience, What is my USP & How do I give an Irresistible Offer?
3. How do I learn all this and thrive in these times just like Hyundai?
If you really want to Learn what Hyundai did and just like them if you want to find your Target Audience, define your USP and attract thousands of them by giving an Irresistible Offer; here’s my personal invitation to our seminar “Business On Autopilot”.
