How Hyundai Grew sales by more than 30% when its competitors all saw a drop.
How did they do it? Here’s the story:
By understanding their customer’s pains better than anyone else and moving faster than their competition to implement a solution Hyundai created an unfair advantage and won.
During the time of the Global Financial Crisis, Hyundai became a prime example of how businesses should adapt to change FAST.
At a time when all car companies were experiencing low sales numbers, Hyundai made a concentrated effort to dig deeper and learn what their customers wanted. Contrary to what the industry as a whole believed, it wasn’t that people did not have the money to buy a car – they were concerned about losing their jobs and how they would continue to afford new car payments after being laid off.
In response, Hyundai launched a program guaranteeing that customers who experienced a layoff after buying a new car from Hyundai could return the car without any negative credit reporting. Not only was Hyundai the first car company to launch such an initiative, but they did also so just 37 days after it was first discussed in a Superbowl ad. While other car manufacturers were reducing ad spend, Hyundai was offering real value to customers and doing so on one of the most expensive ad platforms available.
So what? How does that help me sell tyres?
You may not be able to offer customers the opportunity to hand back tyres when times get tough, but you can offer customers better payment terms like Zippay and Afterpay.
By offering these two payment syles studies show that people increase their basket size as repayments are more affordable when spread out over time.
Want to know more about these two payment providers, Check out our article of ZippayVs Afterpay here.
So my questions to you are …
- Do you know your customer as well as Hyundai did during the GFC?
- How fast are you making decisions when change happens?
- How long does it take you to return a customer enquire online?
- If no/yes What are you doing about adapting to change, how future-proofing your business?
Chances are that a lot has changed recently with why people buy (or don’t buy) from you.
So taking a step back and reviewing your customer problems in today’s world might be exactly what you need to drive the growth you’re looking for.
If you’d like help with defining personas or any part of creating a marketing strategy then just hit ‘reply’ and shoot through any questions.
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