What is New Balance’s marketing strategy? When talking about the current market, we must mention the New Balance brand. It was founded in 1906 under the name of “New Balance Arch Support Company” in Boston and has become one of the most important footwear manufacturers in the United States and the United Kingdom.
New Balance uses an impressive marketing strategy to stay at the top of the sports footwear industry. In this blog post, we will explain the details. Continue reading to discover what makes New Balance’s marketing strategy so effective!
Who is New Balance’s Target Audience?
Once companies in the footwear industry determine their target audience, they can aim all their marketing strategies toward engaging that audience.
New Balance’s target audience consists of men and women of all ages.
What is New Balance’s Price Positioning?
Why is New Balance expensive? New Balance’s prices are high — however, the brand knows how to justify these prices. For instance, the brand’s factories proudly remain in their country of origin, the United States.
Additionally, they use technological developments when creating their products. These are based on technological developments supported by the Massachusetts Institute of Technology (MIT).
New Balance’s 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. This is based on two elements, which are the following:
1. Advertising
1. AdvertisingAdvertising is now essential for any company. It has become especially critical sports shoe industry which 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, in 2015, this brand made one of its most impressive advertisem*nts with the goal of positioning itself among giant brands such as Adidas and Nike.
The marketing campaign was called “Always in Beta” and it was the launch for the Fresh Foam Zante collection. These shoes were perfect for runners because they provided a sensation of greater speed due to the lightweight materials used in the manufacturing process.
2. Branding
For many years, New Balance only wanted to be a brand associated with fashion. 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.
So, to align their marketing strategy with international brands such as Adidas and Puma, they made a considerable change in branding. They’ve now established themselves as a sports brand that offers sportswear to improve performance.
The business’s visual elements now represent the New Balance mission and vision that they want to fulfill with their customers and their values.
New Balance Marketing Mix
Business marketing strategies help the success of New Balance by achieving its business objectives.
Specifically, New Balance’s marketing strategy focuses on a marketing mix that covers the 4 P’s: product, price, place, and promotion.
Read the section below to learn how New Balance’s marketing mix works so you can understand its strategy better.
Product 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. These include the following:
- Sports Shoes
Sports ShoesThis brand offers sports shoes for running and walking as well as sports like soccer, tennis, basketball and golf. It also offers footwear you can use for work. Whatever type of sport you do or whatever kind of athlete you are, New Balance will have the type of shoe you’re looking for.
Clothing
New Balance has made a wide variety of clothing: jackets, hoodies, pants, long-sleeved and sleeveless shirts, socks, shorts, accessories and much more.
Price 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. Other companies manufacture their products outside these countries and then sell them in the European and American markets.
Because of New Balance’s high prices, they use a premium marketing mix as their main strategy. Although, when it comes to competing, New Balance must ensure the price of its products roughly matches the quality.
So, although its price is high, the brand knows 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.
Distribution Strategy
Distribution StrategyNew Balance sells its products through its brand stores and multi-brand sales outlets. This brand has many stores represented by a team of professionals who are responsible for helping customers find products that are perfect for them.
Also, you can buy any of their products online from their website.
Promotion Strategy
Promotion StrategyNew Balance’s promotion strategy is based on demonstrating that they are technologically superior to the competition. Its promotion strategy is even part of its logo; the horizontal stripes in the letter “N” provide a sense of movement and speed.
New Balance has even become highly regarded by athletes and sports celebrities like Boris Berian, who was a national 2016 champion and part of the #MyFutureSelf advertising campaign.
New Balance | Introducing the MADE in the USA 990v6
Do You Want the New Balance Marketing Strategy for Your Brand?
Now that you know all about New Balance’s marketing strategy, it’s time to ask yourself if you want to use their marketing techniques for your own brand. As you can see from reading this blog post, New Balance has several great tips you can implement.
BluCactus is here to help you with that.
Here at BluCactus, we can create an action plan that will allow you to meet your objectives and achieve a better position so you can reach your potential customers.
Please contact us now for a free consultation and we will gladly assist you.
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