By Rhonda Campbell
Just as only a few people might be aware of your company, few people had heard of Hyundai 10 years after the company was founded. The few drivers who owned a Hyundai were thought to be cheap. They were also perceived as having poor taste. After all, who wanted a car no one had heard of, and a small car at that.
Low Hyundai prices pulls in a niche market
Keeping the prices on your products lower than what the competition is willing to do (it sure worked for Amazon) might also help distinguish you from the pack as well. Just make sure that the quality of your products is something worth talking about.
Even still, it might take your products several years, perhaps a decade or longer, to catch on. It took awhile for Hyundai Accord’s to catch on with American drivers. In fact, it took so long that a lot of people might be surprised to know that Hyundai was founded in 1967. Two decades passed before you saw as many Hyundai’s on the road as you saw Toyota Corolla’s.
Innovation propels new Hyundai sales
Should your company’s story follow a similar path, relying on older products to start picking up in sales might not work. Hyundai didn’t wait for millions of drivers to fall in love with its cars before building and marketing the Sonata, the company’s first semi-luxury car. Luxury for Hyundai has expanded to the Equus and Genesis. Built with an eight-speed transmission, leather seats and 19-inch wheels, when it comes to competitors, the Genesis offers the same advantage the company’s first car did.
“What the Genesis 5.0 does is beat competitors in value, with all of the major options included in the $48,000 price. It also gets a 10-year/100,000-mile power train warranty,” according to Bloomberg. However, there are still kinks to smooth out. As Bloomberg goes on to report, “Of course not all is perfect. Hyundai has been on a design roll recently — but the current Genesis is still using older, stilted design language. The front end (which has no logo on the grill) looks like a reinterpretation of a Mercedes, and the sides are bland.”
For Hyundai hard work and dedication paid off. It’s a similar commitment to excellence and performance that you’re business needs to keep advancing. Feedback you receive about your products offer clues as to how you’re performing.
In closing, if a major publication was reviewing your products, would they compare what you offer to what leaders in your industry are doing? Are you distinguishing yourself in value as much as with price? Are you making your products a top choice for a segment of the population?
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Sources:
http://www.bloomberg.com/news/2013-08-29/hyundai-s-48-000-genesis-beats-luxury-car-competitors.html (Bloomberg)
