Marketing must be regarded not merely as a business practice, but as a social institution. Bartels, Robert (1976) “The History of Marketing Thought,” 2nd edition,
Much has gone into developing marketing into the modern day activity that is joined at the hip with sales and stands apart with a distinct role. Without marketing most of today’s brands would perhaps have not existed in the form that we are familiar with. Right from our Colgate’s to our Ariel’s, an invisible army of marketers have toiled to nurture and endow these brands with attributes that render them necessary to our lives. A remarkable example of the modern marketer comes from Austria’s only billionaire, Dietrich Mateschitz. An ardent sales man at Unilever, Mateschitz was enamored with quest of creating his own business. His quest lead him to create the leading energy drink ‘Red Bull’
Marketing is based on thinking about the business in terms of a customers need and also developing a demand for your product. But for Mateschitz, the market wouldn’t have existed if he didn’t create it. To create the product that “Red Bull” is today, involved cutting through the traditional push model that companies are generally familiar with.
Marketing serves as the basis of a company’s sales strategy. It is one factor that is continually evolving. It has to be reviewed, evaluated and adjusted to suit the needs of the company. It is vital to be able to judge if your company’s marketing plan is delivering the best possible results in order to ensure success.
This company works to conduct events and they make sure these events are given large press coverage. This coverage encourages potential consumers to find out more about the products. At major events it is a common sight to see a red bull wings team handing out samples drinks and talking to people about the product. These people in turn go out and become advocates for the brand creating a sort of promotional ripple effect.
Red bulls marketing campaign focuses more on digital and social media. This means that they set up direct and relevant channels of communication with their main audience i.e. youth. With Facebook, twitter and other social platforms, getting the word of mouth around is very easy as exchange of information Is quick through these sites thereby making their pull strategy very effective.
Red Bulls unique marketing strategies make their campaigns quick to adapt and refine. However, in order to ensure that these campaigns remain effective, their marketing team is faced with the task of analyzing the impact of the campaigns. This is when marketing evaluation steps in.
Evaluation of Red bull’s marketing strategies
The evaluation step of a marketing plan focuses on 1) Quantity – such as the number of sales leads, customers reached and financial amounts achieved – and 2) Quality – such as measures of customer satisfactions. Market evaluation means looking at the quantitative and qualitative data available and checking if the company has achieved its strategy objectives. If it did, the steps can be replicated for future success. If not, changes can be made to improve performance and results.
The effectiveness of Red Bulls word of mouth strategy can be very hard to measure compared to more traditional methods of promotion; due to which they have to resort to other means of evaluating the success of their marketing strategy. There are several ways that they achieved this crucial step in the marketing process:
Red Bulls Return on investment:
ROI essentially is trying to determine how profitable a brands investment is. However, red bulls social and digital campaign make it hard to put value to word of mouth promotions that the brand mainly focuses on. Over the years the brand has adopted a strategy that is both progressive and continuously evolving while keeping social and digital media as their marketing corner stone.
Customer Response: Red Bull has a dedicated team that is Going out into the public and conducting surveys to ensure that the brand is still well liked among the youth. They also carry out Continuous evaluation of the coverage received in newspapers and magazines
Expansion: Their dedicated social media team continue to Measure the frequency of blog mentions the product receives and if they are a trending topic on the internet. Monitoring and keeping active their social media pages. Making sure the number of subscribers to these pages are on continuously on the rise
Target for sales Returns – while exact effective Is hard to measure, number don’t lie, which is why in order to evaluate if their applied strategy is working, Red bull sets a sales target at all of their promotional and sponsored events and aims to meet that target.
Sales people: Red bull has a dedicated sales team called Red bull wings team to go out and talk to people, ensuring that existing and potential future consumers get personalizes one on one time with the brands representative.