How is Nike becoming a Lifestyle Brand?
'Nike! Just Do It '. Yes just do it with your Nike Sportswear. Nike is not just a Sportswear brand it's a part of every single person's life who is making an effort to lead a healthier lifestyle.
When we talk about sports, Nike automatically comes to our mind because it's not just a brand, it's the trust of people that makes it the most successful athletic company in the world. Nike is one of the most globally trusted brands, with one of the highest profit rates. Nike, Inc., is an American multinational corporation, which is the world's largest supplier and manufacturer of athletic shoes, apparel, and sports accessories. Nike is a champion brand builder. Its advertising slogans- "Bo Knows", "Just Do It", "There Is No Finish Line"- have moved beyond advertising into popular expression.
Every brand has its own history, Nike's roots go back to a company called Blue Ribbon Sports, founded on January 25, 1964, by Bill Bowerman and Phil Knight, and officially became Nike, Inc. on May 30, 1971. The company takes its name from Nike, the Greek Goddess of Victory. Nike headquartered in Beaverton, Oregon in the United States.
Nike, famous for its 'Swoosh' logo as well as its "Just Do It" slogan, markets its products under its own brand, as well as Nike Golf, Nike Pro, Nike+, Air Jordan, Nike Blazers, Air Force 1, Nike Dunk, Air Max, Foamposite, Nike Skateboarding, Nike CR7 and subsidiaries including Brand Jordan, Hurley International, and Converse. Nike sponsors many high-profile athletes, such as Cristiano Ronaldo, Rory McIlroy, LeBron James, and Roger Federer as well as sports teams like Barcelona, Manchester City, and Paris Saint-Germain.
In terms of success Rate, Nike, as of 2020, is the most valuable global apparel brand, with a brand value of over 34.8 billion U.S. dollars, which was an increase of over two billion U.S. dollars from 2019.
Nike also held the largest market share of the global apparel market. The company also has a very strong financial record, generating over 30 billion U.S dollars in revenue each of the last four fiscal years. Nike has three main business segments: footwear, apparel, and equipment. The converse is owned by Nike and is one of the company's success stories, generating steady revenues year after year.
Nike employed about 75,400 people worldwide in 2020. The North American region of Nike generated the largest portion of the company's revenue with approximately 14.48 billion U.S. dollars in 2020. The United States is a core market for Nike, with the company generating approximately 39 percent of their overall revenue there in 2020.
Nike is one of the most popular brands amongst men and women when it comes to athletic apparel worldwide. In the United States, it is also the favorite sports apparel brand of both men and women. Unsurprisingly a large proportion of Americans own Nike brand apparel.
Nike, a lifestyle brand:
Lifestyle brands work by figuring out what their customers want to achieve and tailoring their brand to the experiences that their clients crave, along with the people, things, and ideas that inspire them. The top lifestyle brands know that succeeding in today's world isn't just about creating the ideal running apparel, but convincing your audience that your company can support them in becoming just like the athlete they idolize.
When you're trying to grow your reputation, you need to do more than market your products or services. You need to connect with your customers. You need to turn your company into something that inspires your audience and makes them want to be associated with your brand. This is called lifestyle branding and it's the fastest-growing brand marketing method out there.
Lifestyle branding has become more and more popular in recent years. Ultimately it is referring to branding a way of life and delivering strong social benefits for the desired customers. However, not every brand can be a lifestyle brand regardless if it strives to portray it. When pursuing to create a lifestyle brand, it is good to remember that there is a difference between something being a part of life and something being the way of life.
In today's world, where people are consistently trying to improve their health and show off their physical beauty. Nike tells its customers to "Just Do It". And this, one of the things that makes Nike one of the top lifestyle brands, that it has a compelling concept that can easily connect with anyone. Nike also uses its lifestyle brand marketing strategies to show just how broad their target audience is. Nike doesn't just appeal to the standard athlete, but anyone who wants to make a change to their health and fitness.
Nike is currently the leading sportswear company in the world. The company has managed to create a unique, interesting, and versatile marketplace that has taken its place in customer's hearts. Nike's ultimate goal is to deliver innovative products to everyone through enhanced performance, reduced injury, strengthening perception and feel. However, Nike is much more than an apparel company. Nike is an ultimate lifestyle brand that encapsulates the idea of an active lifestyle and pushing the limits on an everyday basis.
How did Nike Grow?
Nike has continued to sell sportswear but moved into different product lines like selling streetwear and sports equipment too. But their business has grown exponentially over the years, due to their smart marketing and global strategies. See, any business can be a success with the right marketing. It just takes time and investment, and Nike has undoubtedly invested.
Nike launches its brand into a global success, by executing its branding and marketing campaigns in the right manner. How has Nike marketed their business and product lines so well over the years?
1) Working with Big Names:
One of the most significant parts of Nike's initial marketing strategy was to collaborate with basketball legend Michael Jordan, to create Air Jordans back in 1984, Jordan has been associated with the brand identity, rolling out millions of pairs of Air Jordans across the globe.
In the early days of Nike, when they were primarily a sports brand, they collaborated with athletes from around the world, including Cristiano Ronaldo and Tiger Woods. They have made kits and trainers for various sports teams around the U.S and the globe. When Nike began branching into casual and streetwear, the brand collaborated with celebrities too. To this day, celebrities are thought to have more influence on the trainer market than athletes now. Associating a brand with the right industry professional is key to market a business well.
2) Being Consistent:
At the heart of Nike's brand is the swoosh logo. We all recognize the Nike tick from a mile away, and that's because it has been part of the brand's logo since 1971.
Even Nike's signature slogan has been the same for 30+ years- Just Do It. They've remained consistent in their branding and global marketing strategies throughout the duration of the company. Through maintaining their brand and visual identity, they've become a reputable company that is recognized globally. Brand consistency puts businesses in a trustworthy light, which makes consumers want to purchase their products or services. It's a master marketing move, to make people want things that they don't actually need. And these people buy things because they trust the brand and corporate identity.
3) Making a Splash:
Nike's biggest strength is that they continually innovate and aren't afraid to shy away from bold branding and advertising campaigns. It's essential for a business to make itself known. To constantly push boundaries and stay with the times. Many companies have moved into creating eco-friendly products, but Nike does this and more. They improve trainers with new technology, stay on trend with the latest fashion and create adverts that you remember. Because that's one of the key ways to success; being memorable.
4) Social Media:
Another thing the brand gets right is managing their social media. Social media marketing has grown into one of the leading forms of digital marketing over the past years. Social media networks can be used to cultivate your online image as well as advertise it too.
Nike has a whopping 133 million followers on Instagram alone. Their social following across various networks is an impressive number, as they tower above their competitors. That's because they retain this brand consistency throughout their business, and that extends to their social media too. All their social media channels strike the right balance between ads and lifestyle also.
The Nike marketing strategy, in summary, is, invest heavily in marketing, use emotional advertising that every human being can identify with, offer premium products at premium prices and sell their products primarily through 3rd party retails stores.