What are They Doing That You Aren’t?
To market home and building products in the current economic climate, companies have to dig deep and find new ways to reach their customers. As companies and consumers spend less, convincing your customers to buy your product or service is getting harder. There are, however, many companies making the grade and continuing to fare well.
Weathering the Storm
Two of the hardest hit industries – automobile and housing – have produced a number of failures.
Regardless of the automobile industry’s troubles, however, Hyundai out-performed every car manufacturer in the retail sector during the first quarter this year. In the housing sector, brands such as LG and Andersen Windows are leaders in their divisions. What are they doing that others aren’t?
Proven Marketing Strategies
The main difference is that successful companies are continuing to market and promote their brand, all while demonstrating compassion for their customers. Successful companies understand their core customers and ensure they are building relationships, not just selling a product.
Instead of retreating, Hyundai made a fierce push into the limelight with its Hyundai Assurance Program. While the majority of other car companies posted double-digit losses for the first quarter of 2009, Hyundai suffered a mere 1.5 percent decline according to the Washington Post.
Similarly, LG Electronics made a strong push with its marketing and product innovation by accompanying a new product release with both television and print advertisements. In today’s economy, sitting by the wayside is a sure way to be forgotten in the minds of consumers.
Andersen Windows seems to understand this, ensuring it remains at the forefront of consumers’ thoughts by piggy backing on the current tax credits for energy efficient upgrades to homes. The company unveiled a new program called EcoExcel™, which allows consumers to easily identify which products meet the stringent criteria and are eligible for tax credit.
Companies We Admire
Combining aspects of social responsibility, innovative marketing, customer service and social media, Comcast’s Comcast Cares Campaign has taken strides in strengthening its image. The company recently sponsored a national volunteer day to beautify schools, parks and neighborhoods. They have defied the recession and posted a 5.4 percent increase in the first quarter of 2009.
Rubbermaid is a great example to follow when considering social media. The company uses Facebook, Twitter and its blog – Adventures in Organization – to further its positive brand image.
Similarly, Mr.Steam started a group on LinkedIn where participants in the manufacturer’s Passport Program can discuss ideas, sales strategies and challenges.
A New Way of Thinking, A New Way of Marketing
It’s easy to be caught up in doing things the way they’ve always been done. But new times and challenges call for new measures. To make sure your company is well positioned for an upturn, keep your audience in mind and have empathy for what toll the economic climate may have taken on them. When things turn around, your business will remain a leader by showing loyalty and compassion for your customers.