What is New Balance’s marketing strategy?
What is New Balance’s marketing strategy? When talking about the current market, we cannot fail to refer to the New Balance brand. It was founded in 1906 under the name of “New Balance Arch Support Company” in Boston. However, it has become one of the essential footwear manufacturers in the United States and the United Kingdom. Being the places where it manufactures.
After so many years in the sports footwear industry, new balance marketing has had a lot to do with continuing to stay in the top places, and in this post, we will go into details.
What is New Balance’s target audience?
Once companies in the footwear industry determine their target audience, it is easier to learn their interests.
In the case of New Balance, its products are available for a segmentation made up of groups of all ages. Also, their products can be used for both men and women.
What is New Balance’s price positioning?
Why is new balance expensive? New Balance’s price positioning turns out to be high. However, the brand knows how to justify these prices.
And it is through technological development that they apply to each of its products.
Their products are based on technological developments that, in most cases, are supported by MIT (Massachusetts Institute of Technology).
Likewise, its price positioning is also because its factories and remaining in its country of origin (United States) are also located in the United Kingdom.
New Balance Marketing Strategy
To put New Balance’s marketing strategy into practice, the brand has focused on differentiating itself from the rest by taking care of its objectives based on two elements:
1. Advertising, New Balance’s marketing strategy.
Advertising is now essential for companies in any sector. However, it has become even more critical in the sports shoe industry. As it is one of the largest markets in the world.
Therefore, New Balance has kept working on an advertising strategy that makes its products eye-catching and makes a difference. As an example of this, for the year 2015, this brand made one of its most impressive advertisements. And the goal was to be able to position itself among big brands, such as Adidas and Nike.
This new balance marketing campaign was called “Always in Beta,” and through it, the Fresh Foam Zante collection was launched.
A perfect shoe for runners as it provides a sensation of more incredible speed due to the light technology that has been used for its manufacture.
2. Branding, New Balance’s marketing strategy.
To be an international brand like Adidas, and even Puma, New Balance has done a great job of having a good brand image.
The business’s visual elements represent the New Balance mission and vision that they want to fulfil. With their customers and their values.
Therefore, to retain their customers and so that the brand doesn´t go unnoticed, they made a considerable change in branding. For many years, it has not only wanted to be a brand associated with fashion. This is why it has always tried to establish itself as a sports brand by offering products that can improve performance.
Indeed, brand director Rob DeMartini argued a few years ago that his goal was not to be a fashion business, although many brands work for it.
New Balance Marketing Mix
New Balance’s marketing strategy has also focused on a marketing mix to cover the 4Ps: product, price, place, and promotion. Likewise, business marketing strategies help the brand’s success by achieving its business objectives.
Let’s see how the new balance marketing mix works to understand its strategy better:
Product Strategy, New Balance’s marketing strategy.
New Balance is a company famous in the United States for being a leader in manufacturing accessories and sportswear. Also, over the years, the company has diversified through different products:
This brand offers sports shoes for running, walking, or sports such as soccer, tennis, and golf. Also, it provides footwear that you can use for Basketball, like work shoes, and other purposes.
It has made a wide variety of clothing: jackets, hoodies, pants, long-sleeved and sleeveless shirts, socks, shorts, accessories, etc.
To be an international brand like Nike or Adidas, New Balance has also made products that can meet the needs of any athlete. So, you can wear your shoes and clothes for running or playing different sports.
Price strategy, New Balance’s marketing strategy.
We’ve already talked a bit about New Balance’s price positioning. Unlike its competitors, this brand manufactures its products within the United Kingdom and the United States. Others manufacture their products outside these countries and then sell them in the European and American markets.
Consequently, New Balance’s manufacturing price is badly high, so it charges a higher price than its competitors. For this reason, they are guided by a Premium marketing mix as their primary strategy. Although when it comes to competing, it has a balance in its prices so that they remain about the quality of each of its products.
Although its price is high, the brand has known how to provide value to its customers through the following characteristics:
- Maintaining the quality of its products at an optimal level.
- Differentiating their products through their qualities.
- Including more USK numbers to fit different foot widths and sizes.
New Balance sells its products through its brand stores and multi-brand sales outlets. Similarly, your website provides customers with the ease of finding the store that is closest to them. However, this brand has many stores represented by a team of professionals responsible for helping customers find the most suitable products. Also, you can buy any of their products online from their website.
Promotion Strategy, New Balance’s marketing strategy.
Their promotion strategy has been based on demonstrating that they are technologically superior to the competition. Similarly, they have become known as highly regarded by athletes and sports celebrities like Boris Berian. This national champion (2016) was part of the #MyFutureSelf advertising campaign.
Similarly, we can see its promotion strategy in its logo, with horizontal stripes in the letter “N,” which provides a sense of movement and speed.
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This is New Balance’s marketing strategy. Finally, we want to add that this brand has also been active in environmental causes. By evaluating the impact of the life cycle of all its products on the environment.
If you are into this type of content or need a marketing strategy for your brand at BluCactus, we are here to create an action plan that will allow you to meet your objectives and achieve a better position to reach your potential customers.
You just have to contact us, and we will gladly assist you.
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