Throwback to 1964, Nike, a well-reputed multinational sportswear apparel and footwear company, was named Blue Ribbon Sports.
In 1971, it officially changed its name to Nike.
Which thing comes to your mind when you read, “Just do it”?
Undoubtedly, Air Jordan sneakers come to your mind quickly.
According to a specific report by Morgan Stanley, Nike’s athletic footwear and apparel will skyrocket in the market in the next five years.
It means that Nike’s business will flourish largely.
Nike has adopted an excellent digital marketing presence. The social strategy at Nike case solution uncovers all the facts about how it engages its consumers.
The brand has found social media as the biggest channel to get closer to its customers. This case study reveals how Nike has benefitted from social media during the early stages of evolution.
In addition, the case solution also discusses how this leading company has become a companion for amateur athletes worldwide.
To get a deeper insight into its social media strategy, you can read this case.
Why Nike’s Business Is Dominating the Market?
These Are Some of the Key Reasons That Are Making Nike Unbeatable.
People Are Now More Health Conscious
Morgan Stanley report unveiled that the total number of people taking part in the running event has significantly increased to 9% every year since 2005.
The statistics show that hundreds of thousands of people believe exercise is necessary for human health.
This increased exercise activity leads to buying more athletic apparel and footwear.
High Competition Leads to Innovative Products
Nike’s competitors, Adidas, Underarm our, Lulu lemon, and New Balance, are trying to catch the pace of this brand.
This high-intensity competition has led to a rush to introduce better and more innovative products that attract consumers.
Do you know Nike Fly knit shoes have become the talk of the town these days?
This lightweight product made its debut in February 2012.
Athletic Apparel Has Become International Now
The demand for athletic apparel among youngsters has been increasing at a lightning-fast speed.
Thus, this growing market provides massive opportunities to the companies like Nike.
Business Strategies of Nike
The Most Common Types Of Business Strategies Targeted By Nike Are Discussed Below:
See Consumers’ Interests First
These days, people really appreciate great products featured with numerous benefits.
According to them, the things that give them multiple benefits are easy to justify.
Following this approach, the Nike Moon shoes exactly did this job.
As a result, people started to understand the concept of jogging and its advantages for their health.
Value All Marketing Mediums
First, Nike focused on print publications. Later, it pays great attention to modern social media platforms.
In simple words, Nike has embraced new technologies today.
This business strategy requires the company to sell its top-notch products at the lowest possible costs.
This strategy helps Nike to strengthen its position in the marketplace. Moreover, the brand aligns raw material procurement and marketing with the interest of middle-class customers.
This is another vital strategy that Nike adopts. Here the brand focuses on a particular audience in a specific region.
With that in mind, it targets a set of people with unique needs. The plus point here is that Nike does not face competition in targeting the specific needs of people in a small market.
This strategy gives the firm an edge over competitors.
This business strategy includes all the distinctive features of a particular product.
Following this strategy, Nike targets less cost-conscious and more quality-conscious people. It is the opposite of the cost-cutting strategy.
Here the company keeps the cost of products above the average. This is the only reason their product prices are at their optimum prices.
How Nike Inspires People and Its Employees
Nike’s top-quality products have inspired countless athletes worldwide for decades.
Most importantly, the brand also focuses on encouraging and empowering young girls across the globe.
In its “Made to Play” program, it paid great attention to kids facing numerous barriers. In times like these, girls are participating in sports and games two times less than boys.
Its Los Angeles initiative is a project that influenced many young girls.
Nike also encourages its employees to willingly take part in making a solid impact. Almost 79,100 employees work for Nike.
If any of them wants to do something for their community, the brand supports them.
Three Steps to Apply Nike Marketing Strategy to Your Business
These tips and tricks will help you apply Nike’s marketing strategy to your own business. Here you go!
Know Your Target Audience and Their Needs
In this digital era, people use the internet to find answers to their queries.
One of the simplest yet effective ways to strengthen your business and build blog authority is to write engaging content that covers your target audience’s key concerns.
Doing this means comprehending the needs of your audience.
For example, in Nike’s case, consumers were opting for innovative ways to stay in shape. Just like jogging became famous, people purchase jogging shoes.
Keeping this in mind, Nike positioned itself as a company that assisted people in meeting their health and fitness goals.
Find the Best Way to Reach Your Target Audience
Once you identified your target audience and their key concerns, now is the time to figure out ways to reach them.
Find the social media channels they most commonly use. You also need to run paid social media campaigns.
Plus, you can also write email newsletters for your potential prospects.
Most significantly, you also need to determine what type of content your target prospect likes.
Craft Amazing Content for Them
Your content should address customers’ primary needs.
However, if your content does not respond to their queries properly and fails to solve their problems, they will not read it.
So, mention all the challenges they are facing right now and show them how your specific product can brush off their pain points.
This article covered all the key points on how Nike turned consumers’ passion for profiting.
In order to make your business a real brand, you can follow its marketing tactics. If you have any queries about this article, you can ask in the comment section.