I really admire how Hyundai made a killing in the US market mostly through clever marketing techniques. Offer a buyback option without impact on credit score to car buyers who are to lose jobs after the purchase during the recession? Gutsy and risky for the company but it worked and whoever thought of that can now be regarded as genius.
Some people call it “anxiety” marketing and who doesn’t want to place themselves on the safe side when it comes to big purchases? I would. Heck, even I would consider getting a Hyundai with that kind of deal even if I’m all for Japanese cars.
Anxiety marketing is about placing the buyer in a “no-worries” mentality. Worked pretty well during the height of US recession. While most companies try to do that through hyping on product benefits and brand loyalty, long-term money-back guarantees, credit score security, and the chance to get out of obligations look much more appealing.
Now, on a business standpoint, I wracking my brain trying to think of anything similar marketing drive done here in the Philippines. Oftentimes when you put down your money for a purchase, that’s it. All the protection you have is the warranty, if you’ve been un-cheap enough to opt for it. Such offerings will surely be welcome for most buyers.
Thing is, I think this ploy only works for B and C markets and companies might just be exposing themselves to bigger risks given that those market segments are just a wee portion of our population. The rest of us have been fine with tingi-tingi marketing for the longest time.