Honda has stayed in the business for over 70 years and for a business to set still need proper strategy and where marketing strategy is a vital part.
Marketing strategy of Honda helped the company to sustained in the business for this long.
The companies establishment also proclaims the effort and time the company had put in to achieve it.
Which made the company achieved huge success in their tenure.
However, when Honda was established, the company was unsure about the marketing which resulted in the slow sales in the beginning.
Honda was facing problem in their initial start as the company was new in the market and was unable to market their product.
Honda managing director Takeo Fujisawa came up with a strategy in 1954 was to contacted every cycle shop in Japan.
Which was around 50 thousand and convinced them to join with Honda and sell their motorized bike to the customer.
What we will be learning about is
- Formation of Honda marketing strategy
- Various Honda marketing strategies
- Honda Sponsorship endorsement
- The Future approach of Honda
Formation of Honda marketing strategy
The managing director helps the company to establish the company and helped to arose for its hardships.
Takeo Fujisawa helped the company to strategised the marketing of the product which helped in the growth of the company.
Honda has become one of the largest company in the world and marketing was a vital part of the role.
The company took various sports events and formed a racing team to promote its product through marketing.
The company was not only specialised in motorbike but also in much other product which also includes power equipment.
Power equipment was gain huge success as it was a request of the farmers for a tool which help them.
Honda holds a different line-up for its power equipment and has a variation of products in it.
The company has performed various method to promote their products and one of them is the dealership.
The company had demonstrated its outboard engine which claimed to be an environment friendly than a traditional engine.
Companies variation in marketing helped the consumers to attain more attention to the effects of which people were unaware.
Honda was one of the first company to produce a 4-stroke engine at that time.
The company made several assurances to the customer before making it into the market about its quality and feature.
Honda claimed that the engine did no experience oil leakage issue and was quieter than the traditional outboard engine.
Traditional outboard engine faces several issues which were harassing to the customers as well as for the environment also.
Earlier traditional 2 stroke engine faced oil spillage issue and was very loud which create a lot of noise and water pollution.
Honda has its racing team which promote by showcasing how Honda technology and new design.
Honda created the racing team to further show its futuristic and edge cutting designed to give an upper hand in their sales.
Sponsorship racing helps the company to promote its product and increase its sales.
Companies are able to show their expertise and product on a racing field to the customer.
The company can showcase its automobile performance by showing its features on the track.
However, showcase their automobile on the track which is not possible in regular days to the customer.
Companies win races and creating new record makes highlight the companies and image and create an increase in sales.
Honda also endorsed its cars in movies to use as a stunt prop.
The company can show their product detail through movies which are a good strategy to promote their product.
Brand loyalty of a customer is also acting as a word to word promotion of the product.
The companies always have to keep an eye on the competitor so as promote their product according to their competitor strategy.
Various Honda marketing strategies
Honda started its company from the motorized cycle in 1949 to the world largest bike selling company now.
Honda first marketing strategy was the base of marketing planning of the future which upholds Honda company.
Honda wanted to expand its business in the world so they try in the US as it was the idle country.
The company thought that the US will give a better exposure to the company to expand its business.
Honda manager, managing director Takeo Fujisawa accepted the challenge of promoting their motorcycle in the US.
The company had concerns as in the US motorcycle was looked merely like a toy not a mean of transport.
The company decided not to our word “motorcycle” in their advertisements and campaign.
Honda started the campaign in the US in which they mad a slogan that “You meet Nicest people in Honda.”
which was soon widely got popular in middle-class customers.
The method which was used to sell the product was transformed into the new era method of product dealership.
Dealerships where the customer seller interacts and learn about the physical feature of the product before buying it.
When the world was in a boom period the company wanted to take this opportunity and performed their sector.
To achieve the desired result the company ahead came up with new and innovative marketing strategy.
Therefore, companies grow they implement the new technique to pitch their product where a salesperson tries to convince the customer.
Corporation has achieved various achievements and established thousands of dealership around the world.
Honda has different segments of the motorcycle and cars which made them perform various surveys and polls launch their product.
As the research and development in this category were very expensive and if the company fails to sell it will cost them millions of dollars of loss.
When the company makes premium automobiles they take extra care by advertising them more often through television and newspaper.
Showcasing the product in movies was a clever and brilliant technique to display the feature of the product.
The endorsement in movies created to advertise their products to a huge mass of people.
The company interactive nature through social media as well as showing features through social media creates the customer.
The social media act as a pre-index poll for the vehicle which determines the result of the companies future.
The companies use social media to create hype about the product so when they enter the market with their product does need to have to suffer.
Pre-Booking offers is done to analyse the future result of the product.
Therefore the company’s strategise their market plan accordingly to its growth in sales.
This championship is popular because of how much money the companies spend to create vehicles for the race which cost millions of dollars of parts and uncountable measure of times that vehicle manufacturer put in to create.
The bike on the field shows the brand on the field and how it is showcasing its feature.
In these races, they use their best advance technology and cutting edge design to show the people.
What a company can do when the vehicle is on the tracks it is not only the vehicles but also the companies name drivers name is also on the field which makes the difference as car or motorcycle wins the race
The company shows the advancement of the vehicle which made it possible to accomplish it.
The technical advances of the product create a fan base of the brand which made fan believes in the company.
Honda continues to have interaction with their customers through social media #cheerance they usually give information about their new product to create the hype or share achievement through various promotions to make the people know that why they need appreciation for which product or sharing some humour to keep the people entertain and make a friendly term with them so they can interact more easily.
The company also uses promotions in some festive month of discount to clear their stock for the arrival.
A new product they inform the customers through social media, newspaper and television
The Future approach of Honda
Honda pre-planned their marketing strategy up till 2030.
The company had already approached the concept of its new product through both digital and traditional marketing.
Where they will show visualize a model of the car and explain its feature.
The company has signed many famous athletes so they will be used in the advertisements and they will use as the face of the product in the market.
Honda sponsors in many events to make awareness of their product among the people.
They will continue to promote their products through advertisements in newspaper and television and also in movies.
As companies are following e-vehicles so they have also planned to promote the vehicle with a campaign about the environment.
Honda started its marketing 1949 through various stores bicycle stores now the stores is being represnted as dealerships.
Dealership marketing is most active and interacting marketing performed by any company.
Honda markets its product through television and newspaper.
However,the company provide their product in the movies to be used as a stunt prop which is a clever way marketing the product.
Honda has sponsorship in both MotoGP and Formula 1 racing which helps to attract attention toward their premium sports type vehicle.
No, Honda is not looking open more dealership because of the global economic slowdown, in fact, they are going to shut down some of the inactive dealerships.
As for Honda who already left formula 1 and then came in just to provide the engine to the Formula teams. Honda came with the deal for two years with Red Bull there are possibilities that they are going extend their deal.
Festive offers is like a herd of marketing promotion as every company market come with an offer to sell their product during that season.