Marketing Strategy of Nike
An excellent business depends upon an excellent marketing strategy. Known for its great quality athletic products, Nike is famous globally and holds a very large market share, close to half in US. However, being a celebrity brand does not come easy and you needto do a lot of marketing and branding before you achieve the position of your customer’s most favorite. The product plays an important role and its quality determines the brand’s popularity but things also depend upon the success of the marketing strategy.
It is why the best selling products and brands are those that are made and marketed well. If Nike rules the market then the credit also goes to its great and well differentiated marketing strategy. Nike’s marketing strategy has remained a subject of study. Starting from its Swoosh logo to the famous ‘Just Do it Slogan’, these are important factors differentiating it from its competitors. Nike’s strategy is focused upon the young generation. It is a brand made for the youth and its logo and slogan reflect the same young energy. Nike is known as a cool brand that makes trendy products designed to attract the youth.
Nike was founded in the year 1964 and then renamed Nike in 1978. It depends upon product innovation for growth and success. Its product range includes sports shoes, gear and accessories. These products are mainly meant for athletic use. However, Nike does not make products just for athletes but they can be used for sports as well as for fashion. These products are of great quality and equally beautiful design. Design innovation is an important factor that has turned it into consumer’s favorite. The athleisure market has evolved with time and Nike makes products that are in sync with the demand of the audience.
Since its foundation, the brand has focused on product and design innovation to gain market share. It used technology and creative designs to produce great quality and great looking shoes and accessories. Technology has played a very important role in the growth of the brand and a large part of the credit goes to the focus on technology and innovation for Nike’s growth. The edge that Nike has today is because of its creativity and technological innovation.
In terms of marketing too, Nike is just as inspiring a story as it is in terms of product innovation. Apart from the celebrity endorsements, there is much more to its marketing and advertising strategy. It does not just spend on celebrities, sports personalities or artists. It has an advertising strategy with an edge. Nike has always been a master at creating buzz. Its products and technology have always inspired conversation.
Most importantly, it gives its marketing and advertising campaigns a very unique touch and that is how it has been successful at engaging its customers. While its technology has always been a centre of attention and created buzz, its adverts have also been just as inspiring and great. Its marketing strategy has evolved overtime through several stages. Apart from embracing new technologies, the brand has also been quick to adapt to the needs of its audience. Rather than focusing on sales only, the brand has focused on identifying important needs and then crafting its strategy accordingly. It does not sell products but easily identifiable needs. Whether in terms of online or offline marketing, the brand has always stayed true to its purpose.
There are two important things about a great marketing strategy. The first is to identify the needs of the audience and then find a method to connect with it. However, your advertising strategy must be just as compelling and must identify with your target market. For Nike It all started with the Just Do It slogan. The slogan marked a comeback for the brand when it was facing decline. The slogan was a step in the right direction at a time when Nike had lost its position of the US’ best selling top shoe brand. Since then Nike has released a series of commercials featuring athletes and entertainers.
From Michael Jordan and Spike Lee to Andre Agassi and Pete Sampras, Nike has used several sports stars to attract sports fans in large hoards. Today, Nike has come very far from where it was in the 80’s. However, in the mid 80’s it had to learn its lesson the hard way. Since then it has focused on constant innovation. Nike ads have been great at connecting with customers and most of its video ads have an inspirational theme. Its Unlimited You ad released some ten months ago was about breaking the limits. The ad spoke about defying your limits to realize your potential. Life is not about finding your limits. It is about realizing that you have none.
However, Nike is doing it even better on the social media. Apart from making fun and inspiring ads, the brand also strikes a deep connection with the community and customers through several channels including the social media. It has more than 28 million followers on Facebook. Apart from promotion of the brand through its Facebook account, it also brings news and events to its followers and important product releases.
Nike is a socially conscious brand and uses the social media to keep its customers and followers engaged. It makes short, inspiring and fun posts that are shared by its customers and followers. So, the focus is on customer engagement and building strong and long lasting relationships. Strong customer relationships are a must in the 21st century and Nike has managed its very well. Its strategy is to keep its followers motivated and inspired to break the limits. These are the most important points of its marketing strategy that have also helped it create a differentiated brand identity. On Twitter too, it has several accounts that include its main brand and sub brands. It uses them all to talk to its customers and keep them deeply engaged. Nike’s ‘Just Do It’ has become an inspiration for the other brands too in terms of marketing.