What is New Balance’s marketing strategy?

BluCactus Korea - What is New Balance's marketing strategy?

What Is New Balance’s Marketing Strategy in Korea? Among the sportswear giants of the industry in Korea, New Balance is undoubtedly a force to be reckoned with. Founded in 1906 under the name of ”New Balance Arch Support Company” in Boston, the brand transformed into one of the most important footwear manufacturers in the United States and the United Kingdom. In 2024, New Balance is considered a sought-after choice with its innovative and stylish designs. 

 

Behind this success lies an impressive marketing strategy, which aids in expanding the brand’s reach and growing sales. This effective marketing strategy encompasses not only creativity and innovation but also inclusivity, environmentally friendly practices, global expansion, product development, and, most importantly, passion.

 

Who Is New Balance’s Target Audience?

 

The most important factor in growing sales and appealing to a global audience is determining a target audience. While this is a common marketing term, determining your audience and executing alluring approaches is not always easy. However, New Balance is truly successful in committing to its core values and image.

 

As a sportswear giant, New Balance caters to individuals who prioritize a blend of functionality, comfort, and performance. Essentially, the brand aims to elevate the skills of pro athletes while offering a healthy and active lifestyle to health-conscious individuals between the ages of 14 to 24.

 

Here are the key aspects of New Balance’s target audience:

 

  • Demographics:
      • Athletic, style-conscious individuals aged 14 and above.
      • Professional and everyday athletes.
  • Psychographics:
    • Values quality, performance, functionality, and style.
    • Seeks to elevate their sports experience while staying true to their style.

 

Defining Price Positioning: How Does New Balance Sets Its Prices?

 

BluCactus - marketingWhy is New Balance expensive?

 

New Balance employs a premium pricing model that reflects its high status and commitment to quality and improving of sports. 

 

Moreover, unlike its competitors, the brand manufactures its products in the United States, its country of origin. Therefore, the brand’s manufacturing costs are higher, and so is the price.

 

Additionally, its products are crafted with cutting-edge technology, supported by the Massachusetts Institute of Technology (MIT).

 

The Effective Marketing Mix of New Balance

 

New Balance’s marketing strategy focuses on a marketing mix that covers the 4 P’s; product, price, place, and promotion. The following are considered some of the key elements of its successful marketing strategy:

 

BluCactus - marketing1.    How Does New Balance Advertise Brand Products?

 

A well-defined and executed advertising campaign has long been crucial to an effective marketing strategy. Additionally, the sportswear industry is considered one of the largest markets in the world, contributing to the importance of good advertising.

 

Good advertising is part of New Balance’s game-changer approach to remaining on top. New Balance not only promotes its newest collections through TV ads, social media networks, and billboards, it also incorporates collaborations and impressive events, such as the New Balance Nationals Indoor 2024, reaching beyond the sports buffs.

 

In 2024, New Balance partnered up with Miu Miu once again for its New Balance x Miu Miu Spring 2024 Ad Campaign, launching a new design based on its iconic New Balance 530’s. This proves the value the brand holds for the unique fusion of performance and fashion.

 

2.   What Is New Balance’s Branding Approach?

 

New Balance wasn’t established to turn heads; its sneakers were made for performance excellence. However, till a few years ago, New Balance was nowhere near its competitors, such as Nike and Adidas.

 

To overcome their ”dad shoes” reputation, the brand decided to rebrand, dabbling more in the streetwear culture and providing consumers with a rich blend of culture, color, and stories.

 

Following are some of the key factors of New Balance’s branding strategy, which contribute to the allure of the brand:

 

Attainable Yet Special:

What makes New Balance different, unlike its competitors, is its attainable yet special selection of sneakers that provide not only edge but also functionality and top-notch performance.

 

Made in USA:

New Balance is the only major footwear company that still produces more than 4.000.000 pairs of shoes per year in the USA, showcasing its commitment to its origin.

Diverse Storytelling:

The brand partners with under-the-radar brands and figures for unique perspectives and stories to craft sneakers that add value.

 

What Is New Balance’s Product Strategy?

 

BluCactus - marketing

New Balance, a leading manufacturer of sportswear, athletic shoes, and accessories, boasts a diverse array of products, including skirts and hoodies, bags, and socks. Furthermore, it features a myriad of collections to choose from, such as its New York Road Runners or Wellness collections.

 

How Does New Balance Distribute Its Products?

 

The brand employs a selective distribution strategy, making its selection of items available in high-end sports retailers and outlets, as well as its own official stores worldwide.

 

How Does New Balance Promote Its Products?

 

New Balance’s promotion strategy is based on demonstrating that it is technologically superior to the competition. This strategy is even part of its logo; the horizontal stripes in the letter “N” provide a sense of movement and speed.

 

New Balance has even become highly regarded by athletes and sports celebrities like Boris Berian, who was a national 2016 champion and part of the #MyFutureSelf advertising campaign.

 

 

BluCactus - New Balance | Introducing the MADE in the USA 990v6

New Balance | Introducing the MADE in the USA 990v6

 

Get Inspired by the Exceptionally Successful Marketing Mix of Sports Giant New Balance

 

BluCactus - Marketing Digital - Ken Schreck

New Balance’s marketing strategy showcases the perfect fusion of innovation with style, aimed at delivering premium-quality comfort and advanced performance to its clientele worldwide. Through a diverse range of collections, strategic distribution, strong brand image, and eye-catching ads, New Balance remains among the giants of the sportswear industry in Korea. 

 

To elevate your brand with a strategy like New Balance’s, contact BluCactus Korea, your go-to for expert marketing services tailored to the sportswear segment.

 

Contact us now for a free consultation.

 

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