The news for US automakers didn’t get any better this past month. GM reported January 2008 car sales plunged 51% compared to last year, Chrysler down 55%, and even the darling Toyota down 32%.
Yet, there was one car maker who reported an increase in sales for January. Let me say that again. There was a car maker who reported an increase in car sales for January. Hyundai posted an impressive 14% increase over last year’s sales. How did they do it? It’s simple. They listened to the customer and were willing to step up and deliver value to their customers. 
In a bold move, Hyundai announced their Assurance Program for new car buyers. They are the first automaker in the U.S. to offer a return program that allows you to walk away from your loan or lease without having to worry about negative equity. It lets you return your vehicle in case of certain life-altering circumstances. In other words — they are simply saying “we’ve got your back, customer.”
This is an excellent example of a win-win strategy. Gone are the days where it’s me or them. Now, welcome the days where success will be measured differently – success will be measured by the ability of companies to develop innovative strategies that will garner market share and loyalty. I wonder how much impact this program had on their customers’ psyches and the long-term loyalty they earned.
Of course the remaining automakers will play follow the leader — you can count on that. But, Hyundai gets the credit for being the one who first stepped up and delivered for the customer.
For all entrepreneurs, this is an important lesson. There is growth for companies who find ways to add value, and address the concerns of your customers. Innovative thinking does get rewarded!
Tags: Customer Value, Innovation