Nike Case Study
It is a fact that when market is throwing big challenges to a company, then they should react proactively by looking at different perspectives. One of the important perspectives for Nike is to improve their customer relationship management (CRM). The CRM is a great tool for Nike to understand that currently what relationship they have build with their customers, and how they are identifying as well as fulfilling the needs of their customers. There can be various ways to improve relationship with customers by improving brand perception. It has been told that Nike+ partnership with Apple has been a good one for the company. They have been able to gain better brand perception in the digital market by increasing their product line with Nike+.
Such steps can be vital in so many ways for Nike, because when a company looks to increase its customer bases, they have to keep coming with new things so that customers’ attraction is obtained. Nike is dealing its business in a competitive market so they need to look for more partnerships with other brand so that they can reach out more customers with better marketing and can achieve better brand perception. So, in next 12 months or so, Nike should make partnership with Amazon. They should make partnership with Amazon, because it will help them to get interaction with the customers, who visit Amazon for shopping different things. Amazon is one of the biggest online platforms, and when Nike will have an official presence on it, they will be able to manage their marketing activities, which ultimately would help them to catch the attention of current customers as well as potential new customers. Nike’s marketing a s well as supply chain will get a boost and it will also help to increase relationship with customers as well as increase sales & revenue.
The market research is always a key thing in terms of improving customer relationship. With a CRM standpoint, the extensive data gathered by Nike can be crucial for them to identify most important initiatives, which they can take to improve their relationship with customers. For every business, connecting with customers is critical for their long term success. A good relationship with customers can help to increase customers’ retention rate, which is always a positive sign for every business. To get more market data as well as information about their current & potential customers, Nike should at least focus on three initiatives. First initiative for Nike is to conduct online surveys. In today’s digital world, most of the customers have access to internet and so they sue social networking sites. Nike can use these online platforms to conduct online surveys to gather useful information by their customers. The second initiative could be to give customers an opportunity to talk on immediate basis like having a live chat function so that customers can contact any time for their complaints and feedback. The third initiative could be to give rewards to your loyal customers to retain them by developing a great CRM system, when Nike makes a partnership with Amazon.
It is a fact that Nike+ along with partnership through Apple was a great addition in their current product line. But the question is that is it enough for them, or should they find new product line to engage more customers. The answer for Nike is to increase their product line especially by offering some products equipped with digital technologies. Nike+ was a good one for the runners as it gave lot of information like how much distance has been covered etc. Nike can enhance the usability for Nike+ by offering a new product which gives more options for a runner or sportsman. The new product should provide information after each running sessions that how many calories have be burnt by the runner. Moreover, the new product should have built in program, which allows people to set targets to get fit and smart. The program should have already installed data regarding age and weight of a person, and allow people to burn calories to get fit and smart as per their age and weight. Moreover, they should introduce new specialize shoes for old age people both men and women with their requirement. This new product will allow them to target old age customer segment, and increase their relationship with more potential customers.
The use of internet and social media platforms is increasing with each passing day, so this thing is also a great opportunity for brands like Nike to reach out more customers. The potential of social media marketing is huge as it can reach customers all around the world. The role of TV ads cannot be denied, but a TV ad may be developed for a certain audience in a given country. But with the help of social media marketing, the company can target customers on global scale, which is a huge plus. They should increase their presence on all social media platforms like Facebook, Twitter, Instagram, and Snap chat etc. They should conduct online surveys on these platforms, hold different competitions for customers to engage them as much as possible. Like it is mentioned above that they should make partnership with Amazon, so they should develop a great social media marketing strategy to spread the word. A partnership between Amazon & Nike is big news and it can create a great Buzz on social media. They should provide initial offers and discounts, when they launch their official shop on Amazon. It will not only retain loyal customers, but attract more and potential customers.