Nike is a company that needs no introduction. The success of the company over the last few decades cannot be attributed to its quality products and innovative culture only but also to its marketing strategies which often employ out-of-the-box thinking. The company continues to maintain an edge over rivals such as Adidas and Puma and while it doesn’t look like it may be dethroned from the top anytime soon, past success doesn’t always guarantee future success as well. Nike has mastered the art of sponsoring leading sportsmen and sports teams but times have been changing and Nike may need to employ the same strategy somewhere else to ensure sales and profitability growth.Popular rapper Kanye West broke away from Nike to join Adidas. While it may not be known for a while whether Nike was wise to let him go rather than accepting his demands, the company cannot afford to ignore the growing influence of showbiz celebrities such as musicians, models, and actors. These celebrities often have millions of followers on social media which give them tremendous marketing power. Nike could enter into multi-year sponsorship deals with showbiz personalities that promise long-term marketing potential and Nike may discover the opportunity to develop another lucrative brand like Air Jordan.
Nike may be mostly known for its sports and active lifestyle products but it has the brand power and resources to develop a dominant position in fashion and lifestyle sector as well. Some of the showbiz celebrities that may be suitable candidates for Nike include Katy Perry and Brad Pitt. Nike has always been known to think outside the box. In reaching the same marketing deals with popular showbiz celebrities that it has historically struck with sports celebrities, Nike will demonstrate it is closely watching the external environment.
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