Sure, the high-profile celebrity endorsements probably play a role, but for the most part, Nike’s dominance comes from far more than just throwing money at athletes, actors, and artists. Nike believes in “pyramid of influence”, and it strategically positions itself and uses celebrity marketing as its core marketing strategy to create its brand image • Pros – A repeatable model allows managers to refine skills and systematize processes. Nike has 8 million views in every first week of launch thus; a company is managing product effectively (Berger, 2011). How to organize all of your marketing with CoSchedule best practices. At the end of the course, you'll have a well-thought-out marketing strategy of your own. During that time Nike already has the likes of Kobe Bryant and LeBron James as the face of the company when it comes to the basketball market. Let’s start by catching your attention first. For example, the company specializes in shoes that are designed to satisfy the needs of professional basketball and football athletes. The Nike marketing strategy that most of us recognize isn’t the one that made them famous, at least not in the early days. A company’s business goals shape its strategy. Click To Tweet. if(gclid){ Test every headline before you publish. Nike is engaged in several community outreach initiatives both within the US, and globally. Jogging, the accidental content marketing showpiece by Nike founder Bill Bowerman. Nike as a brand commands high premiums. They aim to meet the requirements of people of all ages belonging to varying categories. Company’s like Reebok and Adidas also have significant war chests in regards to finances which they can use in marketing activities. We all think we know the classic Nike marketing strategy. Success! As the marketing landscape has changed since the 70s, so has the Nike marketing strategy. This means you need to do your research first: In terms of your blog and overall digital marketing efforts, this means that you need to figure out where your audience hangs out on the Web and how you can best reach them there. setCookie('gclid', gclid, 90); Nike China’s 2019 revenue was $6.21 billion US, which is about 15% global revenue. Nike’s favorable product icon has been kept optimistic because of the strong relation with the company logo that is quite distinct and unique as well as the product slogan that has been utilized in commercials for a long … The same goes for us here at CoSchedule. Thanks to exceptional branding and marketing strategy throughout the years, Nike has become one of the most loved brands today. After all, if you're going to try to market like Nike, then you can't afford to settle for the status quo. For instance, Adidas can simply offer the Indian cricket team a bigger sponsorship in the efforts to take up Nike’s market share. Nike’s pricing strategy makes use of vertical integration in pricing wherein they own participants at differing channel levels or take part in more than one channel level operations. Late last night, I just finished reading Phil Knight’s book Shoe Dog. According to Statista, return... © 2020 All rights reserved. They want their purchases to have a positive impact on the environment and on society, and they don’t hesitate to reward brands that do. } The key to Nike's marketing strategy is partnering with elite professional athletes to help it spread the message of never backing down from any challenge, be it in life or sports… His goal was to make the world's most light–weight running shoe. By 1979 Nike had captured half of the US running shoe … Key Advantages; Nike: The Beginning. So Nike contracted with many athletes’ spokesperson, professional teams and college athletic teams to advertise and promote their products to customers. The corresponding intensive strategies grow Nike’s global sports shoes, apparel and equipment business. Nike Place & Distribution Strategy: Following is the distribution strategy of Nike: Nike uses three channels to sells its wide variety of the products to its consumers: 1. It consists of rockers and rappers, artists and thinkers, entrepreneurs, athletes and other individuals – and not just professionals, but regular people, too. function getParam(p){ While you would think that jogging wasn’t something that needed to be invented, it wasn’t all that popular as an exercise or activity at that time. for(var i=0;i < cookie.length;i++) { This because the promotional strategy in the marketing mix of Nike is extremely comprehensive, … readCookie('gclid'); It is about providing value and building trust with customers. } Since then, it has worked hard to ensure that never happens again. In this case, they could have simply said something to the effect of, “Check out our women’s footwear and apparel profile, and our general running product profile.". In fact, it’s remarkable how well the brand has adapted its approach to new trends and technologies without losing the core of their identity or brand voice. What sort of marketing strategy has Nike used to achieve and maintain this level of market dominance? Certainly, running was already popular among kids and athletes in the 1970's, but it wasn't the widespread social activity that we see it as today. The Changing Shape of Nike Marketing Strategy. It also directs viewers to the #BetterforIt website, which contains more detailed content for those interested in initiating and improving their fitness journey. In this way, Nike builds strong relationships with their customers, making them more likely to repurchase from Nike in the future. Price in the Marketing mix of Nike. A prime example of Nike’s emotional branding (Nike). Direct Marketing: Direct marketing strategy helps Nike to expand its promotion to target markets. Nike makes some of the best ads in the business. How to Implement a Return Policy that’s a Win for Both You and Your Customers Returns, refunds, and exchanges are vital parts of online business that can break or make a business. This should make us pause as marketers. they don’t hesitate to reward brands that do. ‍ latest post. if (c.indexOf(n) == 0){return c.substring(n.length,c.length);} Nike transformed its marketing strategy by embracing key digital strategies such as data analytics, social engagement and storytelling. no: 200903073C). In fact, it’s remarkable how well the brand has adapted its approach to new trends and technologies without losing the core of their identity or brand voice. Nike's marketing strategy has succeeded in sustaining a global brand while many of their competitors have come and gone from the spotlight. Once the trend was ingrained, the need shifted and the "jogging shoes" themselves became the felt need. Create “Watercooler Moments” 3. Nike’s audience is versatile. How Nike’s Marketing Strategy Evolved. The store opened to huge lines, with customers queuing up 2 days before its launch! This can control costs and influence product pricing. Throughout their current content marketing initiatives, Nike makes sure their brand message hasn’t gotten lost over time or across channels. Nike Marketing Strategy #1: The ‘Ask for Forgiveness, Not for Permission’ Mantra that Allowed Phil Knight to Start Nike with Limited Capital Phil Knight wasn’t born an entrepreneur. So, what can entrepreneurs and business owners learn from Nike's marketing strategy? 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