{"id":32092,"date":"2010-02-22T23:39:33","date_gmt":"2010-02-22T23:39:33","guid":{"rendered":"http:\/\/www.corporate-eye.com\/blog\/?p=32092"},"modified":"2010-02-23T02:41:58","modified_gmt":"2010-02-23T02:41:58","slug":"hyundai-a-lesson-in-reinventing-a-brand","status":"publish","type":"post","link":"https:\/\/www.corporate-eye.com\/main\/hyundai-a-lesson-in-reinventing-a-brand\/","title":{"rendered":"Hyundai – A Lesson in Reinventing a Brand"},"content":{"rendered":"

\"hyundai_genesis\"Twenty years ago the Hyundai<\/a> brand represented cheap, starter cars.\u00a0 It was a brand that people poked fun at, and it was a brand that was not known for quality.\u00a0 Today, the Hyundai brand still carries some of those old stigmas, but they’re more of a distant memory than anything else.\u00a0 Today, the Hyundai brand doesn’t mean cheap.\u00a0 It means affordable.\u00a0 And it means a lot more, too.<\/p>\n

While other automobile brands have struggled to maintain sales, Hyundai’s sales have actually grown.\u00a0 And while other auto brands have reduced advertising and marketing spending in recent years, Hyundai has increased their own spending.\u00a0 As a result, Hyundai’s market share has grown with no signs of slowing down.\u00a0 In fact, consumers named Hyundai Marketer of the Year for 2009<\/a> in an Ad Age poll.\u00a0 Clearly, the new brand image is being heard and believed.<\/p>\n

Hyundai’s path to reinvent its brand didn’t happen overnight.\u00a0 The first step came in 1998 when Hyundai became the first auto manufacturer to offer a 10-year, 100,000 mile warranty.\u00a0 Next, car designs were revamped making them more competitive aesthetically with popular brands like Honda and Toyota.\u00a0 New models like the Santa Fe, Tuscon, and higher-end Genesis were released, again, elevating the brand image.\u00a0 Quality problems were addressed, and with the excellent warranty giving consumers peace-of-mind, new car sales grew.<\/p>\n

Fast forward to 2009 when Hyundai responded to economic problems consumers faced with its assurance program that allowed customers to return the Hyundai vehicles they purchased that year if they lost their jobs.\u00a0 Later that year, Hyundai introduced its Assurance Gas Lock program (when gasoline prices were soaring to record levels in the United States) rather than offering discounts and dealer incentives, which can negatively affect brand perception.\u00a0 The Assurance Gas Lock program guaranteed $1.49 per gallon gasoline to consumers who purchased Hyundai vehicles during the summer months of 2009.\u00a0\u00a0 During a time when consumers were actively looking for brands they could trust, Hyundai was the first to step up to the plate with innovative programs (similar in nature to its pioneering warranty program that most auto manufacturers have since copied in some form).<\/p>\n

Hyundai’s efforts to reinvent its brand have worked.\u00a0 Not only is Hyundai’s market share at an all time high, but in 2009, 60% of consumers were reported to be aware of the brand and willing to buy it, which was up from just 40% two years earlier.\u00a0 While U.S. car manufacturers are using bailout money, and other popular brands are battling quality problems, Hyundai seems to be doing all the right things to successfully reinvent its brand and continue to reap the rewards.<\/p>\n

What do you think?\u00a0 Has Hyundai successfully reinvented its brand or is there still more work to be done?<\/p>\n

Image: Flickr<\/a><\/em><\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

Twenty years ago the Hyundai brand represented cheap, starter cars.\u00a0 It was a brand that people poked fun at, and it was a brand that was not known for quality.\u00a0 Today, the Hyundai brand still carries some of those old stigmas, but they’re more of a distant memory than anything else.\u00a0 Today, the Hyundai brand […]<\/p>\n","protected":false},"author":4,"featured_media":32095,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[95],"tags":[103,104,105,100,6203,6201,6202,3221],"class_list":{"0":"post-32092","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-brand","8":"tag-brand-image","9":"tag-brand-message","10":"tag-brand-promise","11":"tag-brand-strategy","12":"tag-hyundai-advertising","13":"tag-hyundai-brand","14":"tag-hyundai-marketing","15":"tag-rebrand","16":"entry"},"yoast_head":"\nHyundai - 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