How New Balance bounced back in the shoe industry

 

 

The backstory 

When referring to the current market we cannot fail to ignore the New Balance brand. The brand was founded in 1906 under the name of "New Balance arch support company" in Boston, MA. New Balance was then considered one of the biggest footwear manufacturers in the United States and United Kingdom as those were the main places which the shoe brand manufactured its shoes. 

What is New Balance Target Audience? 

New balance has a target audience of all ages which made it easier for new balance to turn into one of the most known shoe brands of all time. Once footwear companies find a target audience it makes it easier for the company to then dive into marketing strategies such as Social Media, Tv advertisements and so on. 

What is New Balance Price Positioning?

Although the price positioning for New Balance is high it is also considered justifiable from most customers and through technological development with this being said MIT (Massachusetts institute of technology) support with producing the best technology for New Balance shoes. Also with manufacturing remaining in its country of origin (US and UK) the prices are therefor going to be higher. But considering that a lot of brands such as Nike have been accused of manufacturing their products in sweatshops which affected their relationships with customers impacting the company financially, the prices are justifiable as a lot of people including myself would rather there clothing and shoes aren't made in inhuman conditions. 

New Balance Marketing Mix? 

New Balance marketing strategy has included the 4 p's: product, price, promotion and place: similarly to most companies having a marketing strategy is essential to help the business achieve their goals. 

Product Strategy 

New Balance 550s 

Shoes -  New Balance offers a high variety of different types of shoes such as sports shoes such as walking and running, tennis, golf and basketball shoes or just a pair that you can wear everyday. 

Clothing - The brand has made a high variety of clothing such as jackets, hoodies, trousers, t shirts and accessories.

Sport - It has also made a good effort into joining the sports market competing with big business names such as Adidas and Puma. Making products which meet the needs for any athlete. 

Pricing Strategy 

Although I mentioned a bit about the reasoning for the high prices of New Balance shoes, I did not mention how the brand knows how to provide value to its customers through the following characteristics; 

- Providing quality of its products at an acceptable level

- Differentiating their products their products through their technology and other qualities 

- including different foot sizes to fit different foot widths and sizes. 

Distribution Strategy 

New Balance sells its products through its brand stores as well as their e-commerce website. However what makes New Balance special is that with their trained employees they will help you find the best fitted shoe for you and your needs. 

Promotion Strategy 

Their promotion strategy has been all based on their highly advanced technology which are superior to the competition. 

They have also been highly respected by many athletes and sports celebrities such as Boris Berian ( a national champion in distant running, for the United States) who was part of the #MyFutureSelf advertising campaign 

You can also see its promotion strategy in its logo, with the horizontal stripes in the letter 'N' which shows a sense of movement and speed. 

References 

https://www.nicekicks.com/exclusive-foot-locker-new-balance-550/

https://www.mbaskool.com/marketing-mix/products/17540-new-balance.html

https://hypebeast.com/2021/8/new-balance-joe-grondin-collaborations