A marketing strategy for Patagonia is a direct reflection of its vision, mission, goals, and objectives. This is because a strategy is exactly the path that Patagonia must go through to arrive at the stages in which the company is seen by its stakeholders in the short and long term. A strategic marketing plan is a collection of many complex factors that influence decision-making and can lead to top positions in the competitive sportswear market.
Using target audience profiles allows us to build marketing depending on the needs of these target customers who are interested in Patagonia. After analysis, the marketing plan is built around the interests, hobbies and preferences of the customer profile. This allows the marketing to maximize its reach and increase the conversion from potential buyers to real ones. To achieve the maximum effect, various marketing and sales channels are used, which are the most popular and often used by the target audience.
The company uses the principle of price-quality correspondence. Thus, the price differs slightly from the costs, but at the same time, it is profitable for the company. Aiming at reaching audiences between 18 and 35 years old, Patagonia is reasonably priced. At the same time, market segmentation such as gender, age and location allows the company to sell in the countries where the product will be most popular. Also, thanks to segmentation, Patagonia is working with the female sex, revealing the lack of sportswear products in this segment.
The middle price category will attract the largest number of buyers. The company’s product will be able to afford both those who are in the upper social strata with a high level of earnings and those who receive an average wage. Additionally, the quality of sportswear will become an additional marketing tool for the company since satisfied customer reviews, personal recommendations and ratings are among the important criteria.
For distribution, all available channels will be used, including physical stores and their branches, and online distribution on various sites and in social networks. The focus is on online channels as a twenty-first-century trend (Li et al., 2019). Thus, such a mix of distribution channels will maximize profits. To work with custom relationship Management, special employees will be allocated who will be responsible for customer satisfaction, the quality of the product provided and its consistency, loyalty programs, and work with advertising in order to optimize and improve the interaction between the company and the client. Buyer’s behavior, tendencies, level of satisfaction, conversion, and other key performance indicators will be assessed on an ongoing basis through questionnaires and the number of clicks on online advertising. This will track buyers and optimize the marketing strategy.
A separate loyalty program will be developed that will accumulate bonuses for customers who make purchases. Also, when participating in the loyalty program, customers will be sent birthday greetings if it was indicated in the questionnaire, information about available promotions and much more. This customer engagement strategy should increase customer engagement in the company and increase market awareness. Modern technologies are an integral part of a company’s life since they allow marketing on online platforms, including social networks, and organize a loyalty program that will allow remote interaction with customers. Also, modern technologies allow us to communicate with the audience on social media platforms and create online sales.
In conclusion, the marketing strategy for Patagonia includes comprehensive approaches to advertising, customer acquisition and retention. It is such an integrated approach that allows getting the maximum effect from advertising, since trends change and constant analysis and search for new sales channels is necessary. However, with a specific target audience, various ways to increase brand awareness, and other developments, Patagonia can become a strong player in the market.
Reference
Li, G., Zhang, X., Chiu, S. M., Liu, M., & Sethi, S. P. (2019). Online market entry and channel sharing strategy with direct selling diseconomies in the sharing economy era. International Journal of Production Economics, 218, 135-147.