How Billion Dollar Companies Develop Marketing Strategies

The most important objective of these billion-dollar companies whether its Apple, Google or Coca Cola is projecting a positive brand image among the audience. Their marketing strategies over the years have been tailored to imply this. Additionally, it is not just about making sales, it is about making an impact and lasting impression in the minds of consumers.

Taking inspiration from successful companies, here are the 5 key elements of which these billion dollar companies build their marketing strategies on.

1. Brand Consistency

Some of the leading brands such as Red Bull, Tesla, Apple, Microsoft etc. have been able to create an image in the minds of consumers. People across different countries are able to identify these brands just by looking at their logos or hearing their slogans. Moreover, they have created a unique impression among them with their success.

How were they able to create such a recognizable brand? What marketing objectives did they primarily focused on?

The answer is not as complicated as you might think. It all stems from brand identity and product consistency.

Even though these companies have been around for years, their logos or taglines have stayed almost identical, thus creating a brand image that promotes the same message. It is this level of consistency, whether in their products or marketing campaigns, that has slowly paved the way to building themselves as brand leaders. For instance, the famous Coca Cola has been around for 130 years and have successfully created their own identity with their iconic can of Coke. This just shows how consistency can go a long way in developing a unique recognition for a brand.

2. Story Telling

You’ll find that every mega corporation has a very interesting story behind their existence, Apple with their garage story, Nike with their association with a Japanese brand or McDonalds with their expansion story. Based on the theories of consumer behavior, we know that consumers tend to develop an emotional connection when a brand is marketed to them with the use of a story. Every product has a story, and when its showcased creatively it can help develop a strong brand with a powerful message in support. Such type of marketing strategies also creates a sense of transparency which consumers find attractive, consequently building trust on the product or brand.

3. Building Trust

It would have been impossible for such Fortune 500 Companies to reach the position they currently hold without creating trust between their consumers. Trust is considered to be one of the most important factors to persuade customers in their purchasing habits. Hence, these brands strive to build trust through educating the public about their products and proving to them it’s worth and the benefits it can provide. Most consumers love receiving free information and learning about things that may impact their lives and therefore many brands help build this trust by replicating such strategies.

4. Social Media Presence

Technology has helped evolve marketing in unpredictable ways. Marketing in late 90s used to be quite different with TV ads and billboards considered to be the best ways. However, with the introduction of social media platforms, marketing has changed drastically. In today’s times it has become essential for brands to have their own social media accounts to develop a connection, advertise and invite consumers to try and buy their products. An essential part of using these platforms is to to regularly upload content that is engaging, captivating and in line with the brand. Social media helps to establish brand identity, authority and trust and showcase the brand more frequently and in a cost efficient way. It also helps consumers to engage with brands on a more intimate level, helping the development of a stronger relationship. Many brands, both big and small, find social media as a means to gain wide attraction that otherwise seems impossible, and can grow a business immensely. Whether it’s their marketing campaigns, their clever use of videos and gifs, their promotional events or their regular replies to their followers, your favorite brands such as Starbucks and Red Bull have been able to use social media greatly to their advantage.   

5. Digital Marketing - RACE Framework

Amazon uses an efficient digital marketing strategy that entices customers towards them. Being an e-commerce website, whose majority of business is based on a digital model, it is crucial for them to develop their marketing strategy digitally as well. Therefore, they had an agile and strong approach towards digital marketing developed on the RACE Framework. RACE stands for four important steps in online marketing activities designed to engage with the customers:

Reach: This involves building brand awareness on other websites and other marketing channels to build traffic through driving visits to different web presences. It involves maximizing reach over time to create multiple interactions using various touchpoints.

Act: This step is about persuading prospects or site visitors to move onto the next step. This step is a way of generating leads for the brand.

Convert: This step is the conversion of the sale with the potential prospects changing to current consumers.

Engage: The final step involves long term engagement which aims to develop a long-term relationship with the first-time buyers to generate customer loyalty.  

This strategy is fairly basic but quite effective and can be tailored according to any businesses needs and requirements.

Having doubts about which marketing strategy is the best? Marketing Eye provides great insights into these strategies and help them develop according to your needs.

To be successful in marketing it all starts with having a proper strategy that supports growth and development of your business and the best way to start is by doing an in-depth analysis of your brand. Listing out your strengths and weaknesses and strategizing accordingly can work wonders for your brand. Additionally, maintaining consistency in your brand message will not only create a brand image but will also generate trust among the target audience. Furthermore, sharing of valuable information wherever possible can also help in creating long term success for your brand. Lastly, it is important to note that the marketing strategy needs to be adaptable and open to change in the future. We may not know what the future of marketing might hold, but changes are always imminent and a successful adaptation of such changes can help a brand to stand out.

Image source: Shutterstock (1972811144)