If you haven’t drowned in panic-ridden articles, gloomy reports and presentations on what to do in the current economic downturn quite yet, you’ll find what Hyundai have done in the US a truly pragmatic and equally brilliant idea. It’s not an ad idea, but a marketing idea with the potential to truly disrupt the US car market.
This idea pragmatically addresses a major issue consequential to the slowdown: people are holding off on car purchases because of fear that they may lose their jobs. Based on this understanding, Hyundai asked themselves: “what can we do to get around this issue?” They had realised consumers were “financially constrained” by their future expectations – factoring in a possible job loss – not by their current purchasing power.
Hyundai’s answer is the most concrete and pragmatic ‘downturn idea’ I’ve seen so far and one that will help Hyundai avoid the often irreversible promotions trap (read: offering brand rebate).
But here’s the best bit for me. They didn’t just stop at making an ad simply announcing the mechanics of their new scheme. No. They put a positive brand spin on it to signal the faith they have in their customers – exactly the kind of encouragement and assurance that resonate with people in tough times of great uncertainty. Simple. Pragmatic. Brilliant.
(Thanks to Pete for bringing this to my attention)
Listen to a Q&A with Hyundai’s VP of Sales and Marketing, here.