Introduction
New Balance has provided its clients with superior goods and services. The company has a solid reputation in the industry and is well-known for its sneakers. In recent years, despite its solid reputation, New Balance has had significant difficulties. Competitors have been gaining market share, and the company’s brand exposure has been dropping. Consequently, sales have stagnated, decreasing the amount of income earned. Therefore, the company must find a means to raise brand exposure and boost sales. The proposal will revamp the orthopedic footwear line and diversify the business towards specialty goods such as sports sneakers.
Target Product
New Balance is known for its shoes which come in different varieties. Therefore, the target product will be sneakers due to increased competition from such companies as Nike and Adidas offering more diversified shoes. Moreover, the sneakers are chosen as the target product because the company has strength in delivering shoes with various customizations. This will address the company’s weaknesses, such as limited market share growth and limited presence and marketing in emerging economies targeting the Gen Z population.
Target Market
The target market segmentation of the New Balance sneakers includes Gen Z, specifically sports enthusiasts men and women, and children for shoes such as sneakers. In the target group, New Balance’s market campaign proposal will target young men aged 18-25 years and kids aged above ten from the upper-middle-class segments, which comprise most of the Gen Z population. According to Petro (2020), the vast majority of Gen Z, comprising 54%, is ready to pay an additional 10% or more for sustainable items. As such, since New Balance makes shoes from recycled paper and is environmentally friendly, the limited market share will grow.
Communication Marketing Objectives
- To increase brand recognition of the redesigned sneakers to Gen Z population athletes.
- To increase the sales of sneakers to its target market, the Gen Z population athletes.
- To promote client retention and loyalty among the Gen Z population athletes.
Media Plan
A media strategy specifies which audience will be reached, by which channels, when, and with what message. A successful media strategy will result in a collection of advertising options that target a particular audience and fit within the company’s marketing budget. The company will employ several marketing channels to meet its marketing communication goals. In addition, it will use a variety of promotional tactics, including discounts and competitions.
TV
The marketing communication team will broadcast television advertisements amid prime-time programs on major sports and athletes networks. Furthermore, the team will sponsor popular reality TV programs like NFL, NBA, and the Premier League, which are the most-watched athletics TV channels (Chandler, 2022). For instance, if one sells New Balance sneakers, Gen Z population buyers watching the NFL, NBA and the Premier League may see the product’s advantages and how they can be used in athletic activities.
Radio
The marketing communication team will broadcast advertisements on major radio stations throughout the morning and evening driving hours. It is a cost-effective media that makes it simple to create a frequency with one’s target audience. According to studies, the period between exposure to a radio advertisement and purchase is the shortest of any media (Theisen, 2019). Furthermore, combined with other media, the advertisements will be more successful. Radio advertisements, such as using ESPN Radio Programming, have a local appeal, enabling advertisers to target specific geographic areas or regions during their market campaigns.
The marketing communication team will run advertisements in leading newspapers and periodicals. Additionally, the group will distribute discounts and fliers at local establishments. After being read, magazines typically remain in a consumer’s possession for two to four weeks (Sama, 2019). Since individuals read quicker than they can listen, information in this format is often kept for longer. Therefore, information about the New Balance sneakers will showcase the quality and durability of the sneakers to the Gen Z population as printed in the Runners World and Sweat Magazine.
Electronic Media
Banner advertising will be placed on famous websites by the marketing communication team. Additionally, the team will send email blasts to prospective consumers.
Social Media
The marketing department will establish and manage accounts on crucial social networking sites. Additionally, the team will launch social media marketing and competitions. Social media is a very cost-efficient and highly targeted channel, enabling advertisers to target based on factors such as interests, age, and marital status. Social platforms are built on a community foundation, allowing brands to interact with customers more personally. It also provides the opportunity for the brand’s content to become viral.
Frequency
The number of times an individual consumer will see an advertisement throughout the campaign is referred to as the campaign’s frequency. There are some well-liked ways that marketers use when choosing frequency.
Continuity: Throughout the campaign, advertising will run on a steady schedule, for example, two weekly spots. The continuity technique is often used for non-seasonal products that need consistent reinforcement to remain top-of-mind.
Flighting: This refers to intermissions or alternating intervals of adverts followed by a complete absence of advertisements on the channel. Flighting is effective for seasonal items or those with a smaller advertising budget. For instance, when there is a break in a flighted television campaign, advertisers will instead run print commercials.
Media Plan Evaluation
Utilizing a range of measures, including sales data, customer surveys, and online traffic statistics, the marketing team will analyze the media campaign’s effectiveness. The team will also monitor the redemption rate of coupons and fliers. The team will also identify the essential sales KPIs, such as the win rate and average contract size. The firm will use such devices as Customer Relationship Management (CRM) software, which is a significant improvement from spreadsheet software (Kuligowski, 2022). According to Kuligowski (2022), CRM offers better customer retention, increased sales, and detailed analytics and evaluation management. Therefore, the software will be used as it saves the team’s time would otherwise be lost on data entry and ensures you always keep track of discussions with leads.
Sales Data
The Net Promoter Score (NPS) has become a standard component of several customer satisfaction surveys, and it is an excellent method for measuring client loyalty and forecasting customer retention rates. NPS is calculated by subtracting the proportion of detractors from the proportion of promoters.
Web Traffic Statistics
Web traffic data reveals the items and services users search for, discuss, purchase, and use. Through appropriate content and advertising offers, these insights boost viewer engagement. Market Segmentation: The subdivision of target clients into smaller parts facilitates the delivery of targeted communications and relevant offers. Google Analytics is the most excellent free tool for tracking website traffic and a fantastic place to begin evaluating a website’s performance (Fox, 2022). To begin tracking, one must implement the Google Analytics code on their website.
Conclusion
The designed comprehensive marketing communications strategy will boost New Balance’s brand awareness and market exposure. The company’s goals are to promote brand recognition of sneakers, boost sales, and strengthen customer loyalty among the Gen Z population athletes. The firm’s promoter will employ many marketing platforms to accomplish these goals, including television, radio, print, and social media. Moreover, the team will engage in various promotional techniques, including discounts and competitions. The marketing team will assess the plan’s performance using various measures, including sales statistics, customer surveys, and website traffic data.
References
Chandler, M. (2022). What is the biggest sports league in the world? Premier league v La liga v NBA v NFL. Web.
Fox, M. (2022). 5 ways teams can use Google Analytics to improve business. Web.
Kuligowski, K. (2022). 11 benefits of CRM systems. Web.
Petro, G. (2020). Sustainable retail: How Gen Z is leading the pack. Web.
Sama, R. (2019). Impact of media advertisements on consumer behavior. Journal of Creative Communications, 14(1), 54-68. Web.
Theisen, S. (2019). Radio is still the top medium for advertising effectiveness. Web.