How IKEA made Rs. 6,00,00,000 on their First Day of Launch? [Marketing Case Study] || Brand Samosa
IKEA launched its first store in Hyderabad, India after the planning of 12 years and 6 years later after the announcement on August 9, 2018.
The first Ikea store is a 13-acre complex in Hitec City on the outskirts of Hyderabad. The showroom will display some 7,500 products and nearly 1,000 of which would sell for less than Rs 200 apiece.
On the launch day, IKEA broke some records:
- By 1 PM, IKEA sold the products which resulted in Sales of Rs. 2.5 Crores.
- Economic Times reported Rs. 6 Crores of Sales was closed on the First Day of Launch in Hyderabad India.
- Even the restaurant alone earned Rs. 11 lakhs. If these numbers continue like this, IKEA’s restaurant too might become number 1 in India in terms of sales.
In this Marketing Case Study, you’ll be able to understand how IKEA made Rs. 6 Crores in Sales through their marketing. You’ll also get some ideas which you can use for your products as well.
Marketing Tactics Used by IKEA
1. Traditional Offline Marketing
They used a Carton and placed it on the Airport Conveyor Belt on Hyderabad Airport with the message “The IKEA Store is now open at HITEC City” to let citizens know about the opening of their stores in Hyderabad.
2. Video Commercial
IKEA’s Marketing Campaign showed families, and how and what exciting things they can do around their house. The idea is to make Ikea feel like a brand that’s part of their family and has affordable solutions for everyone. They have very clearly targeted the campaign in the middle class so that they don’t perceive Ikea as an all expensive brand beyond their reach.
3. Pricing
IKEA kept the pricing of the products in a very nominal range and within the reach of the common man. India has always been known to a country where price point plays a big role in the success of a brand, especially with masses. ( Ikea is offering 7500 products among which 1000 products are below Rs 200.)
4. Make-Over of a Bus Stop in Hyderabad
The company decked up a bus shelter at a bus stop in Hyderabad City with trendy, brightly colored furniture and rugs, which meant a lot of people stopped by for selfies.
5. Autorickshaws were transformed & had VR Technology.
Ikea transformed regular Black-and-Yellow auto-rickshaws by seats with bright floral-printed covers and painting the vehicles in blue and yellow to match the brand’s colors. And had VR glasses in each of them to give people a virtual tour of the store.
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