One of my top companies to follow is Nike.
They're doing it right, and they're able to drive the growth rate to over 10 percent per year even though they made $30.6 billion in 2013.
However, that's not what motivates me. Their impressive numbers are merely proof of their efficacy. What is inspiring about them is threefoldtheir strategy, mission and their focus on the customer.
- Mission
Their goal is to "bring inspiration and innovation to every athlete* in the world (*if you have a body, you're an athlete)."
Like many other great branding firms, Nike understands that they aren't involved in selling athletic apparel and shoes. Instead, they encourage people to be better athletes and to achieve their personal highest (Just Do It! ).
All top brands realize they are simply vehicles to address more aspirational demands. By defining their business in relation the goals customers seek to achieve rather than restricting their focus to their current offerings, nike dunk also encourages employees to explore and invent different methods of achieving their goal of "bring inspiration and innovation to every athlete." This extends beyond the realm of sporting shoes and clothing and is far beyond what the founder Phil Knight could imagine.
- Strategy
Another important aspect of Nike's plan includes its "category offense." In 2008, the company revamped its operations around specific sports and, as per Nike the sales have increased by 70% since. Nike is the leader in the athletic shoe market across many sports and have a swath of the closest competitor , with an impressive 62 percent market share. Skechers 5 percent.
- Customer focus
Based on Mark Palmer, Nike's chief executive officer, the reason they're so successful in every market is because of their concentration on the needs of athletes in every sport, which, according to my terms in relation to what the athletes from every sport are trying to achieve.
Nike integrates researchers into sports teams of different levels. The researchers study the goals athletes try to achieve and determine the areas where certain products might not be able to help athletes meet their goals.
Sometimes, existing products aren't enough or the gap isn't filled due to the lack of products. This knowledge of their customers' needs that aren't met allows Nike to apply their entire range of technology and capabilities to take advantage of the largest opportunities available in the marketplace and fulfill their goal "to bring inspiration and innovation" to athletes and establishing themselves as the market leader.
We can take lessons from the past
There are some important lessons for us all in this. First, don't limit your business to the product, service or technology you offer; they are only means to achieve a higher goal. Instead, focus on selling the aspirational goal your solution can help customers reach.
Then, you can implement your own strategy of category defense by determining the various things your customers' target market is trying to complete within your specific domain and the areas where they have difficulty with the current technology. The knowledge you gain will help you apply your entire set of capabilities in determining the most important things to your customers, develop new and improved solutions and gain competitive advantage. is a luxury retailer specialised in the sale of limited edition sneakers and streetwear. Operating a store in the center of Milan, Italy, and online at dropoutmilano.com, dropout stocks products such as Nike Dunk, Nike Air Force, Jordan 1 Mid, Jordan 1 High, Supreme, Off-White, Adidas, Fear of God and YEEZY.
