Brand development strategy: A case study of Nike
Introduction
Brand development strategy is one of the innovative ways to establish the brand in the market and attract audiences across the international markets where it is possible for the company to strengthen their customer’s base (Roll, 2015). In the recent years, marketing communication as well as branding strategy of the company are beneficial for all the multinational corporate firms to improve brand image and identity in the market so that the customers can identify the brand in the market (Keller, 2015). The aim of the paper is to identify the branding strategy and marketing communication tactics of the organisation and understand brand portfolio of the company so that it is easy to recommend some suitable suggestions for further expansion of the brand where the objective of the company can be fulfilled successfully. This study focuses at branding strategy of the company Nike as well as the tactics of Nike through which it tries to expand their brand cross the international nations. This paper also provides a scope to suggest some recommendations for improving branding strategy of the company Nike through which it can establish the brand and imporve brand reputation across the globe.
Background of the organisation
Nike, Inc. is and American multinational corporation that is famous for its development, design, manufacturing and sales of footwear, equipment, accessories, apparel and service for the customers across the world. it is the world’s largest suppliers of the athletic shoes and apparel for which bran d reputation is enhancing year to year. the company serve across the globe and the products of the organisation are athletic footwear and apparel, sports equipment and athletic and recreation products (Nike, 2018).
The revenue of the organisation in the last year was $34.35 billion in 2017 and net income of the company in 2017 was approximately $ 4.24 billion where the brand is successful in retaining the customers and enhance their performance in the market (Nike, 2018). Total numbers of employees in Nike in the recent years is approximately 74400 where the staff members are also skilled to serve the customers with quality products and efficient services (Nike, 2018).
The mission of the company is to drive the people to do everything possible to expand human potential. the brand focuses on ground breaking sport innovations, manufacturing sustainable products, building creative and diverse global team by making positive impacts in the soil communities. The mission and statement are considering as inspiring for the people mainly for the individuals who are athletes or engaged with sports (Nike, 2018). Quality of the products as well as the innovative design and comfortable products are the main success factors of the brand in retaining the customers across the globe through which the company becomes successful. Nike Inc. includes Nike, Hurley, Converse and Jordan brands where the conglomerate is successful in serving the customers and inspiring the people across the world (Nike, 2018).
Branding strategy
Excellent business depends on the branding strategy of the company and in this regard the company Nike is known for the best athlete’s product across the globe with large market share as compared to Adidas and Puma. The brand was founded in the year of 1964 and it depends in the product quality and innovative design for its growth and success. the company focuses on emotional branding and the slogan “Just Do It” is effective to inspire the athletes across the globe which further influences the athletes to improve engagement with the brand Nike and make effective purchase decision for the quality products of the company. emotional benefit of the customers as well as brand logo through extensive marketing investment are helpful for successful branding of Nike. Nike manly focuses on the quality of the products as well as creating innovative products that help the athletes to perform better and in this regard the organisation focuses at technological innovation and creativity in design so that the comfort level of the customers during performing sports can be maximised. The advertisement for emotional branding of the company further helps to improve customers loyalty which is effective for improving engagement with the customers (Burgelman, 2017). Creating compelling tagline for the past years resonates with about everyone. It connects the individuals across the world allowing everyone to come up with their inspirational activities and innovative products. it further helps to create relationship between the brand and the individuals mainly the athletes.
Additionally, empowering the target audiences especially the women for improving connection with the audiences in the market (Krisnawati et al., 2016). The company aims at building strong relationship with the customers through delivering the best quality products and efficient services to the consumers so that it is easy to retain more individuals and inspire the athletes successfully. In additional to these, social media is one of the effective platforms for successful branding of the company Nike where it is possible for the brand to provide proper information and connect with the audiences across the international markets. In this regard, hashtags and theme is another inspiring way to motivate the athletes where #Just Do It and #Nike Women are effective program through which it is easy to inspire the social communities and improve engagement with the individuals across the world. the organisation Nike optimises and dominates social media by creating a sense of community and connection with its fans.
As per the above figure, it can be seen that, the company Nike has the highest followers in the social media as compared to other competitors Adidas and New Balance. the company is successful for its branding strategy through social media post where all the individuals including athletes are engaged through social media. Creating amazing content as well as empowering the customers through social media for developing two-way communication between the brand and the audiences (Pratap, 2017). Brand value of Nike includes innovation, creativity, determination and perseverance where the company focuses at inspiring the whole world through encouraging the athletes with innovation and creativity. Continuous innovative actions and creativity in their organisational products are also the successful branding strategy through which the company Nike is successful in expanding their business across the globe by improving engagement with the individuals in the social communities mainly the athletes.
As per the above figure, it can be seen that, the company Nike has the highest followers in the social media as compared to other competitors Adidas and New Balance. the company is successful for its branding strategy through social media post where all the individuals including athletes are engaged through social media. Creating amazing content as well as empowering the customers through social media for developing two-way communication between the brand and the audiences (Pratap, 2017). Brand value of Nike includes innovation, creativity, determination and perseverance where the company focuses at inspiring the whole world through encouraging the athletes with innovation and creativity. Continuous innovative actions and creativity in their organisational products are also the successful branding strategy through which the company Nike is successful in expanding their business across the globe by improving engagement with the individuals in the social communities mainly the athletes.
Apart from the taglines. the company also focuses at the social campaign for inspiring different social communities and motivate the athletes to perform better. ‘Dream Crazy’ 2018 is one of the innovative campaigns for inspiring the athletes to fulfil their dream by performing better. Moreover, there are other social campaign such as ‘Nothing Beats a Londoner’ (UK, 2018), ‘Want It All’ (2017), ‘Voices’ (2012) and also ‘Just Do It’ (1998). Nike also focuses at cobranding with various sports such as Nike and Olympics, Nike and FIFA, NFL and Nike as well as NBA and Nike are effective and provides a scope to the organisation for successful branding where brand reputation and identity are maximised through various sports (Nike, 2018). Hereby, the company mainly aim at branding strategy of digital marketing, sports sponsorship, improving customer relationship management and emotional branding (Keller, 2017).
In order to have successful branding, the company utilises social media as well as point of sale, celebrity endorsement, television advertisement for creating media relation. In this context, celebrity endorsement is also another strategy of Nike for effective branding where Lebron James, Kobe Bryant, Michael Jordan, Tiger Woods, Cristiano Ronaldo and Maria Sharapova are efficient to endorse the brand across the globe (Nike, 2018). The kids as well as the athletes follow the sporting heroes and they seek to wear clothing and shoes of their role models and celebrity endorsement is therefore on of the best strategic planning for successful branding of the company Nike. Innovative and stylish products further attract the audiences where the products of Nike further inspire the customers and improve their level of confidence during their performance (Leary, 2017). Hereby, the products quality and innovative design are also effective for branding of Nike. These are the major strategies of Nike for their branding where the brand is successful in strengthening their customer’s base by creating consumer loyalty and inspiring the individuals across the social communities.