Nike Inc. is a leading American multinational company that is involved in the designing, developing, manufacturing, and marketing of clothing, footwear, equipment, accessories, and services. The company began its journey in the year 1964, and since then, it has come a long way such that the name of Nike needs no introduction worldwide. The estimated revenues of the company stand at over $25.3 billion which speaks highly of its success. The fact that the brand started its journey in the 1960s and still continues to make its mark speaks volumes about its superior strategy. The brand has always been associated with fashion and coolness quotient and has earned the love of both gen-x and gen-y.
While there are many brands out there that came to the market with Nike but only a few have managed to survive the race. So, it goes without saying that there is a lot to learn from Nike about getting a successful marketing strategy for your business. Wondering how Nike has been able to maintain its position and popularity for so long? Read on to find out the things that you need to learn from this global success.
1. The needs of the customer come first
Customers deserve great products, but that is not the only way for a company to survive. In order to be in demand, you need to serve the customers with what they need. Nike brought out the Moon shoes just when the customers were looking for good quality jogging shoes. Bill Bowerman, the co-founder of Nike, said that his aim was promoting something that the brand believes in and the customer’s benefit from.
2. Believe in what you sell
The original aim of the founders of Nike was definitely not centered on becoming millionaires. The goal was to believe in the idea that they had in mind and to promote the sports. The prime point in successful marketing is that you need to believe in the ideas and products that you are selling.
3. Sell the benefits more than the products
Focus on selling the benefits more than the products as that will attract more customers than ever. Take the example of the waffle tread that became one of the most popular products of the brand. The goal of the brand was to make the most lightweight running shoes as the makers believed that simply making the shoes easier on the feet can help a runner go on for longer distance with more ease.
4. Base the marketing strategy on felt need
Jogging was not as popular among people in the 1970s as you see it now. The growth of the white-collar jobs paved the way for promoting cardiovascular health and this trend led to the felt need for jogging shoes. Nike was quick to catch on to this trend with its latest innovations in the world of running shoes.
5. The endorsements are the key
Nike as a brand spends up millions of dollars in sponsoring the athletic teams or athletes. Think of celebrities associated with Nike and immediately some of the top names like Michael Jordan and the likes come to your mind. It leads to people associating the brand with high-performance and the generation of positive reputation.
6. Simplicity is the best policy
Notice things like the strapline, designs, and logo of the brand and you will see that the brand lets the simplicity to shine through. The strapline of “Just Do It” is applied to everything that the brand does, right from the website to the products. It is so simple and catchy that people know the company just by this name.
7. Staying ahead of the competition
Nike makes sure that it stays ahead of the competition with the implementation of the latest developments in the world of technology. Nike has its own app to reach out to a wider audience and the launch of smart ranges like Nike Fuel has made sure that the brand never loses its relevance. From features of the products to the marketing strategies, Nike never fails to keep track and stay one step ahead of the competitors.
8. Staying true to its original sense of purpose
In all these years of surviving and innovating, Nike has never lost its basic sense of purpose. The marketing strategy has been continually centered on promoting the benefits of the products and not really the features. The branding has always focused on helping the customers to be better at what they love to do.
9. They never fail to create engaging content
If you keep a close eye on the ads and other PR works of the brand, you will notice that the engagement factor is always there. They make sure that the audience gets up and takes note. The visibility is not the only key to their success; it is more about being smart about the way they are reaching out to the audience.
10. The best way to reach more audience
There is a need to understand where the audience hangs out more, be it blogging platforms or social media. Your marketing strategy needs to be modified and developed in keeping with those numbers. Nike has imbibed this strategy by promptly moving and creating the content to the platforms where there are more customers.
It always helps to take a leaf out of a global business giant when starting your own venture or to think about innovative ways to ensure the progress of your venture. So, take up these strategies and who knows, maybe someday your brand will reach the same heights as Nike has.
