The world’s fourth most valuable company Coca-Cola is one of the most recognizable brands today.
According to researchers, Coca-Cola is available in every country, including Cuba and North Korea (through the grey market). Furthermore, Coca-Cola sells 1.8 billion bottles every day and the numbers are still rising.
It’s quite hard for organizations to reach the magnitude of Coca-Cola, but using the right marketing strategies may give a huge boost to increase worldwide brand recognition.
If we thoroughly analyze Coca-Cola marketing strategy, we’ll see that it’s heavily linked with the concept of “4P’s.”
Coca-Cola focuses on improving the community relationships and increasing their happiness, that positively reflects on their public image, resulting in customer and revenue rise.
Coca-Cola Marketing Strategy: How it Works
If a company plans to grow and progress, it’s essential to analyze and understand their current situation to formulate and determine target markets.
Brands can benefit from the statement above by contributing to their marketing objectives and corporation goals.
Developing marketing strategies is connected with high-level of planning, that helps to achieve certain goals within a specific period of time and with limited resources.
Marketing strategies, also entail gaining an upper hand over your competitors by efficiently managing existing possibilities.
Coca-Cola marketing strategy is one of the most complete and diverse strategies today. To fully understand how they act, let’s discuss the components of their marketing strategy.
Pricing Strategy – Today, it became quite popular for startups, for a day or two, to offer their service or a product for free, and then increase their prices. Though, Coca-Cola chose a different approach and made the challenge even tougher. From 1886 to 1959 (73 years), Coca-Cola had a fixed price and it only cost 5 cents.
Today, due to the fierce competition with Pepsi (their rivalry dates back to 1975), Coca-Cola pricing strategy is strictly updated because if the prices between them noticeably change, then one of the brands will definitely suffer, and the other one will surely benefit. For instance, if the price of Cola-Cola will too much exceed Pepsi’s, then consumers may shift to the cheaper one.
On the other hand, if the prices will drop, it might make customers doubt the quality of the product it sells.
The Classic Bottle Of Coca-Cola – Coca-Cola’s bottle was a part of the corporation’s defensive marketing. But, after time, they started promoting it as much as the logo and product. Furthermore, Coca-Cola’s bottle design was inspired by the shape of the cocoa pod.
Coca-Cola Logo/Font – In 1923, when the corporation’s logo was normalized, Coca-Cola decided that as the recipe, the logo must have remained untouched. As a result, Coca-Cola’s logo has been messing with the minds of the society for a very long time.
Sponsorship – Coca-Cola is one of the most recognized sponsor brands, it has a long sponsorship history that includes American Idol, The Olympic Games, BET Network, NASCAR, etc.
- American Idol – The sponsor of one of the most reputable and famous TV show American Idol is Coca-Cola that officially sponsored all ten seasons.
- The Olympic Games – The Amsterdam 1928 Olympic Games were the first time when Coca-Cola got involved in the Olympic sponsorship. Since then, Coca-Cola has become one of the most long-term partners of the games. Moreover, in 2012 when London held the Olympic Games for the third time, to celebrate, Coca-Cola Great Britain produced a special bottle that featured a special picture (it was a rose that illustrated the games being handover to London from Beijing)
- NASCAR – For over 50 years, Coca-Cola has been an official sponsor of the National Association of Stock Car Auto (NASCAR).
Social Media – Considering that social media has become the greatest tool for marketing, of course, Coca-Cola has taken the advantage and created its social profiles on reputable media like Facebook, Google+, Twitter, Pinterest. And let’s see how they manage each of them.
- Facebook – The strategy that Coca-Cola uses is quite unusual and unique, it’s something similar to Starbucks. Taking into account, that Coca-Cola is the most recognized brand, it’s easy for them to attract dozens of fans without even trying. But still, engaging and interacting with consumers is still something that must be done. For instance, apart from Red Bull and ASOS, Coca-Cola isn’t that active on Facebook, they may go even a week without any updates. But, post engagement is still unbelievably good. Moreover, due to the fact that Coca-Cola doesn’t own any stores to drive customers, their aim is to increase awareness for future ads, expand brand recognition and increase authority.
- Twitter – Coca-Cola is one of the most active brands on twitter I’ve seen. The company has 3M+ followers and more than 129K tweets. The way Coca-Cola uses Twitter is quite unique. They spend a lot of their time replying @mentions. So, as Nike, social media is a vital part of the Coca-Cola marketing strategy.
- Pinterest – The way, that Coca-Cola uses Pinterest is quite entertaining. Rather, than focusing on marketing messages, Coca-Cola simply gathers images that are somehow related to the Coke, itself. For example, many of the images uploaded on Coca-Cola’s Pinterest account are random images from Flickr, that weren’t taken for the sake of advertising, but for entertainment and joy. In addition, it’s an awesome idea that Coca-Cola came up with, because this way, they can encourage people to interact with the brand more often, and inspire the society to take their chance and get featured on the brand’s official social profile.
- Google+ – The Google+ Page of Coca-Cola isn’t that impressive. They do have about 2M followers, but they are less active, compared to Facebook and Twitter. Furthermore, the fans are also less engaged, than on other social media. The only interest that Google+ drives, is the hangouts hosted with Coca-Cola’s awesome fans.
Advertising – The best part of the Coca-Cola marketing strategy is advertising. Coca-Cola is often addressed as a revolutionary organization that had a significant impact on the American culture.
Psst… Don’t Forget The “Coca-Cola Marketing Strategy” Presentation
Till today, Coca-Colas has changed their slogan many times. For instance, “Make it Happy,” “Life is Good,” “I’d like to buy the world a Coke,” and “Coke is it,” etc.
Besides the cool slogans and the revolution we spoke about, it’s hard to believe that Coca-Cola was such game changer. So, let’s examine some of the most entertaining, positive and joyful commercials Coca-Cola has ever had.
Coca-Cola’s “Friendly Twist” Commercial – Your first day at school, college, university, work, etc. can be really frustrating and boring. It’s a day when talks and interactions are reduced to zero.
So, Coca-Cola came up with an awesome idea to help people make new connections and change their first day experience to something unforgettable. Here’s the heartwarming ad that Coke brought to us; an excuse to talk:
Coca-Cola Presents “Unlock the 007 in You” – When the new James Bond movie 007 was announced, Coca-Cola decided to handover exclusive tickets, BUT they weren’t free. People had to complete a special mission within 70 seconds to unlock their inner 007 and earn their exclusive tickets.
A way to Unite Pakistan and India, Coca-Cola’s “Small World Machine” – The relationship between India and Pakistan has been tough for years. People were saying that instead of improving, it was getting worse. Furthermore, what saddens the people most, is knowing that together they could do wonders. So, Coca-Cola decided to launch an awesome campaign that could help Indian and Pakistan citizens get together for the first time in a long time.
Coca-Cola is one of the most successful companies today. Approximately, 98% of the world’s population recognizes the brand name.
Without a doubt, Coca-Cola marketing strategy has played a crucial role in increasing the corporation’s brand recognition, authority, revenue and becoming one of the most reputable companies today.