Marketing Today

Marketing Today

New Marketing techniques

Live experience

The use of live experience is mostly to engage customers, and the most successful brands in marketing know its value. For instance, Facebook’s Live experience program brought the user data in a more visible way for marketers (Glazer, 2020). The live campaign entailed innovative ways to show customers how to use Facebook and Instagram to their full potential. To best use experiential marketing, the campaign should be viewed in three stages. In the beginning, a brief plan of the event should be created, informing attendees of what they should expect. The event itself, which is the third stage, should offer attendees opportunities to remind themselves with the use of the campaign’s hashtag in social media. The last stage is a “dessert” to build customer loyalty by establishing follow up emails or texts.

Mobile-oriented storytelling

Several companies are aware of storytelling as a method of engaging their customers, but mobile phones have not used be adapted in this tactic (Glazer, 2020). With the high number of mobile phone users, these devices can be important for brands to tell their stories using creative visuals. Attractive infographics are important in mobile storytelling as millennials mostly watch videos from their mobile phones, so brands that do not engage in video marketing are missing a major opportunity.

Multitouch attribution

Customers often interact with an organization through various touchpoints before deciding to make a purchase. Marketers in the past attributed success to the last touchpoint before purchase, for instance, if a client makes a purchase after getting an email about the product, then the emails get the credit. When using multitouch attribution, a brand will get a better accurate picture of the parts of the marketing campaign that are effective and need to be allocated with resources accordingly (Glazer, 2020).

Red Bull’s strength and risks in the energy drink category

The Red bull’s marketing strategy has made the company stand out against its competitors who have joined the energy drink category. Their marketing strategies are aligned perfectly with their target clients around the world. The company’s marketing team have utilized modern strategies like events and social media to reach their customers and audience. Based on their messages, it is more likely that Red Bull is targeting males between 18 and 34 and often reach out to their customers during sporting events (Burton, 2017). Red Bull also reach out to their audience by attending or organizing events. Through team ownership and ambush marketing, the company has proved to be one step ahead of its competitors in the marketing world. However, the company is facing some major competitors, there are risks associated with this competition, and they include:

• Loss of consumer group in case the competitors bring out a competitive product
• Since major players like Coca Cola possess a strong brand name and a customer relation, they may interfere with Red Bull’s market share
• Competing with such firms may be a costly affair, which is not good for Red Bull

The pros and cons of Red Bulls non-traditional marketing tactics

Red Bull has a unique marketing method that has set them apart from their competitors in the energy drink sector. Rather than sticking to the standard advertising techniques, Red Bull has focused on the non-traditional means of marketing (Kotler et al., 2012). This method of advertising has proved to be effective on the company in the following ways

• It has enabled Red Bull to target a specific demographic audience
• The non-traditional are cheaper and engaging making it possible for the company to reach a wide audience hence improving their sales

While the non-traditional advertising method may be engaging, cheaper, and targetable, they may be unpredictable and difficult to measure since they rely on strategies that are not in traditional marketing (Bruce, 2015). It is also hard to quantify the success and failure of the campaign. Another disadvantage of this marketing method is that if the campaign is executed poorly, it may confuse the customers hence destroying the brand image.

Should Red Bull try traditional advertising?

Red Bull has not tried out some traditional means of advertising such as in television, ads, and radios; however, the company may consider them to reinforce their image. Red Bull has employed traditional advertising before to strengthen its brand in mature markets but not to establish markets (Kotler & Keller, 2012). The company has already been successful with its unique marketing strategy, and trying to employ the traditional advertising methods will make the company lose the uniqueness it has. The use of ambush marketing and sponsored events has helped the company to achieve its success, and it would not be a good idea to shift to the traditional methods of marketing.

How effective are Red Bull’s sponsorships?

Red bull has excelled greatly at sponsoring the event as the company’s sponsorship programs are all over the world. This sponsorship program has attracted various consumers to the company where they get to experience the product at a subsidized cost. As a result, the attendees in these events get to be ambassadors of the product as they get to spread awareness all over the world.

Recommendation

Red Bull needs to evaluate their marketing programs regularly to make sure that they stay relevant and effective. The company should also make sure that they monitor the market now that major competitors in the major competitors are in the energy drink sector.