Nike has an upper hand….ALWAYS!!!
Nike is one of the top brands in the world right now. It not only owns 48% of the market for American footwear but its market for basketball footwear is amazingly 96%. All the Nike’s products are manufactured almost entirely outside united states, 34 different countries. Nike puts a significate importance on marketing the company and its products. It aggressively bonds with highly influential and successful athletes, teams and leagues to popularize its brand and products. To sustain its dominance in the industry and competitiveness, Nike actively sets the trend and provides consumer preference by adjusting the existing products or developing a new product and marketing it aggressively. For Nike, internet, television and magazines remain the primary source for marketing and advertising.
Marketing
NIKE was based on a strategy in which the production costs were low and the products’ prices competitive but profitable. the production-costs are 10 percent or less of the price for which the good can be bought; the other 90 percent are due to the success of a perfect brand-marketing. Nike’s marketing is incomplete without its swoosh logo and its slogan. The motivational slogan not only helped Nike to establish itself as a sports brand but also a lifestyle and a fashion brand. It could achieve this by not only targeting athletes but all people of all age, gender and occupation. Even though Nike’s high-profile endorsement probably plays a role, for most of the part, Nike’s dominance comes far more than endorsements.
Inspiration and Aspiration
Apart from good marketing Nike also markets inspiration by using inspirational storyline.
“IF YOU HAVE A BODY, YOU ARE AN ATHLETE”
By putting forth such slogans Nike provides a certain feeling of power in an individual which helps Nike to build up a loyal clientele. Nike targets consumer by its emotional advertisements. Most of the Nike ads are carefully crafted on the feelings and needs of consumer which can be fulfilled by Nike products. The foundation for the story are usually motivational and adrenaline pumping. One of the most famous ads of Nike was that of 2010 FIFA world cup consisting of famous players like Cristiano Ronaldo, Ronaldinho, Didier Drogba, Wayne Rooney etc. which portrayed NIKE’s sport spirit. This synergistic partnership of Nike with athletes helps it to establish itself as an aspiration brand.
Keeping up with ‘Watercooler Moments’
It’s vital to have your consumers talking about your brand. It keeps you at the forefront of your customers’ minds, and allows you to reach those who have not heard of you. One way of achieving this is by creating ‘watercooler moments’ — experiences so exciting that people would talk about them for days on end. It’s something Nike’s very good at doing.
Always striving for better products due to competition
Nike is facing competition from companies like UnderArmour, New Balance, Adidas, and Lululemon. The arms race has led to a rush of innovation, and products that consumers can’t resist. Also Nike is very professional in terms of its competition on paper.
Innovation at its best
After reaching the major target audience for its products, Nike is now targeting the audience which is mostly forgotten by major brans- KIDS!
Nike has now started an initiative where they are advertising at “Getting kids active” This initiative involves programs like ‘Equality’, ‘Active Schools’ and ‘Marathon Kids’. Harnessing the power of sport as a unifying force, they are committing to help kids reach their greatest potential and build more equal playing fields.
Nike never fails to stop bringing on new programs under community impact which helps it reach to more and more number of audiences.
Sustainable Innovation
“AT NIKE, WE BELIEVE IT IS NOT ENOUGH TO ADAPT TO WHAT THE FUTURE MAY BRING — WE’RE CREATING THE FUTURE WE WANT TO SEE THROUGH SUSTAINABLE INNOVATION.” -Mark Parker, President and CEO, NIKE, Inc.
Nike shows its involvement in moving towards a sustainable way of living and can thus be categorized as a sustainable brand. This attribute of Nike has brought it closer to a wide range of customer market as a lot of people are now moving towards the thought of a sustainable environment.
Consistency
Nike, Inc. is a company rooted in competition. From equipping athletes with the finest sports equipment in the world to continuously improving our own financial performance, Nike dominates its competitors. Phil Knight and Bill Bowerman probably could not have imagined in 1962 to what degree their $500 investments would yield in 2000. They did know that product quality and innovation would help athletes to achieve greater goals. Nike still operates on this philosophy today. It is one that has helped athletes and stakeholders alike to realize athletic and financial greatness. Despite a changing marketplace for athletic footwear, they continue to expand our product lines and marketing reach thus have become a powerful global brand.
