New vehicle sales fell last month (37%-ouch!), but Hyundai's marketshare has doubled. How have they been able to generate sales when prospective car buyers are reluctant to make any moves right now?
There have been several attempts to get buyers into dealerships recently (GM's and Toyota's zero percent financing and GM's offer to lock in gas prices at $1.99). But, they haven't been working. People are afraid to make a large purchase such as a new vehicle.
Yet Hyundai has created a novel deal that is a direct psychological play. Here's what their deal is: if you buy a Hyundai and lose your job, you can return the car. Simple and direct. Since our economy is so uncertain right now, their idea taps into a prominent psychological component. By removing that fear from the equation, customers are drawn in. (and, obviously, buying)
What can you do in your business to create an offer that helps remove fear? Just a little something to think about.