Key lifestyle trends, such as the need to lead an active lifestyle, have spurred massive developments in various sectors of the economy. The footwear industry, for instance, has been a significant beneficiary of the fact that many people today are becoming conscious of their fitness levels. Eyeing the opportunities offered by this billion-dollar industry, the number of footwear brands is continuously on the rise.
Some leading athletic footwear brands such as Nike, Adidas, and Under Armour attribute their success to being strategic in their dealings. If you are trying to get into the footwear industry, you need to learn from these big boys. Strategy forms the foundation of every success story in any business environment. For a starter who is trying to model Nike Athletic Shoes, it would help if you learned from their strategies. That said, here are some fundamental principles observed among leading athletic shoe brand strategies.
Product and Pricing
The pricing and product strategy can influence the success of any shoe brand. Leading athletic shoe brands employ a high/low pricing strategy. Ideally, this approach helps in catering to the needs of customers from different occupations. Adopting a ‘high price strategy’ alone could make your brand appear luxurious, thus leaving out a massive chunk of the market who do not have much money to spend on athletic shoes. Make sure that everyone is on board when coming up with a pricing and product policy.
You cannot overlook the importance of digital and social media marketing. An active social presence helps the company to stay connected to the audience, a fact that makes it easy for marketers to complete sales. Looking at Nike’s social media activity, you will realize most of their posts are relevant, short, and motivating. Part of being strategic means that you should identify what works for you and be consistent.
The only way you can make a name in the shoe business is through innovation. Leading athletic footwear brands are constantly coming up with new and better ideas. As you come up with a brand name, know what leading shoe brands are doing, identify their strong points, and identify your target market or niche. If you want to focus on running shoes, for instance, you can easily grow your brand through innovation.
Consumers are increasingly becoming conscious of the environment. As such, embracing sustainable business practices could improve your businesses considerably. For instance, you might join a cause that seeks to reduce environmental pollution.
It is quite reasonable to affirm that strategy is what propels most footwear brands. Besides being strategic in running a footwear brand, you also need to ensure you offer your customers unprecedented quality. Branding, which should be enshrined in your strategy, needs to be particularly deliberate to ensure that your brand stands out.