It doesn’t take a genius to work out that during recessions; consumers are likely to be less willing to take risks. It's what has killed the housing, travel and auto markets for the last year.
We’ve been arguing that the best way to survive the recession is not to cut back on innovation, but to the focus on reframing your brands in ways that emphasise their value … and wherever possible remove risk.
We’ve identified the strongest strategies, collated a number of really compelling case histories and prepared a Brand Reframing workshop framework that we have used successfully to help brand owners reframe their brands; making them stronger and more resilient to the recession.
It’s great to see that one of the most compelling case histories we have been using has been recognised by the readers of Advertising Age as Marketer of the Year 2009.
Whilst most of the brands we have been working with are household names that have “just got a bit flabby” during the boom years, Hyundai is a relative newcomer to American auto industry known best for selling relatively cheap and cheerful cars. It not only had to add-value and build credibility in a tough economic climate … but it also had to remove risk.
It did this thanks to a simple insight. Whilst most auto makers were offering huge discounts off the sticker price, they were doing nothing to reduce the risk inherent in making such a large commitment as buying a car. Hyundai removed the risk completely, by promising to tear up the credit agreement in the event you lost your job. Unsurprisingly, relatively few agreements have ever been torn up, but they have sold a lot of cars!
Genius. They had the courage to tackle the consumer’s real issue, boldly and creatively.
A deserved Marketer of the Year, in a very difficult year … and a great example of Brand Reframing in practice!
