2008 has gone down in the history of the world economy as a crisis year when consumer preferences changed and forced change. One of those who gained the largest share of the market in this critical environment was Hyundai. Moreover, it achieved this without cutting prices. How? In 2009, the South Korean Hyundai launched a campaign in America entitled “Peace of Mind” which was precisely what was needed in the crisis. Along with this slogan, it gave the following message:
“Buy a new Hyundai. If you lose your job as a result of the crisis, Hyundai takes back your car without leaving any question marks in your mind. It enables you to move freely without looking behind you.” This strategy enabled Hyundai to record a success story. Its sales rose by 27 percent and its market share increased from 3.1 percent to 4.3 percent.
The company recorded a similar performance in Turkey. After being the second largest player, it finally succeeded after many years in toppling Renault from its throne.
REPORT CARDS FROM 17 SECTORS
It was not just Hyundai, in 2009 many companies and brands applied various strategies in order to steal a lead in market share. In addition to automotives, there was intense competition in white goods, GSMs, consumer electronics, technology retailing, air transportation, banking, insurance and private pensions. Capital put 17 sectors under the microscope and indentified the champions at increasing their market shares.
According to the results of our survey, out of the 17 sectors, it was automotive companies who recorded the largest increase in their market shares. In the light commercial vehicles segment, Fiat was the leader with a 11.2 percentage points increase in its market share, while in passenger cars Hyundai was the most aggressive with a 7.1 percentage points increase. In flat screen television, LG was the champion in its own sector in terms of the growth in its market share, which it increased by 5.9 percentage points during the year from 8 percent.
BSH, which was second in the white goods sector, where there is intense competition and very strong players, added 2 percentage points to take its market share to 28 percent.
In technology retailing, which has witnessed a rapid influx of new players in recent years, the sector leader Teknosa increased its market share from 12 percent to 14 percent during 2009, becoming the fastest growing in the sector.