One of the most recognizable brands in the world, worth 16 Billion Dollars in revenue alone, The shoe and athletics sportswear company “Nike” wreaks of Success. Their products are considered high performance, new, creative, innovative, aspirational and also inspirational on and off the field. So how does a company such as Nike continue to deliver their high value product and branding success? Read on to find out!
when NIKE first started they ran by another name Blue Ribbon Sports. Blue Ribbon Sports was stuck in a cesspool of sporting brands out there as just another sporting company on the block, Nikes founder Phil Knight noticed this and decided to go back to the drawing board to re create a new image and new name.
Now, there are a few basic principles contributing to success that will always apply in whatever business you are in. To mention a few, you need a brand name that your customers will remember; you need a quality service or product with the right packaging and a way to advertise your product successfully from the start. This way you can create the future of your product and this is exactly what NIKE did.
5 Things About “Nike”
1. The name NIKE originates form the name Nicé, a Greek goddess. Without dwelling on the philosophy behind the Greek mythology, the choice of this name was remarkable. NIKE launched their first campaign 1972 at the Olympics where Steve Prefontane was the first to wear NIKE shoes. The scene was set against the myth that the Greeks believed that Mount Olympus was where the powerful Greek gods, the Olympians lived. Nicé, a Greek goddess with wings, resembles the spirit of victory. Her victories were in both peaceful competition and in battle. Think of the goddess holding a palm branch – the victory symbol – that is the goddess Nicé! They could not have chosen a better name. The name NIKE was branded and is even more well-known worldwide today as it was then.
2. Branding your company’s name on a continuing basis is of utmost importance. People tend to associate a quality product with success and victory. Well, by sponsoring famous sportsmen and sportswomen NIKE used their success as the basis for their business model to make sure that we think of NIKE as quality, despite the price of the product.
3. Next is packaging and distribution. NIKE is a world-wide brand today and available in almost every shoe selling outlets and chain stores. Their packaging is cost effective and well labeled.
4. NIKE diversified their product as the industry developed over time. Today, we can purchase different types of shoes to fit our needs and demands. Simply look at the variety of sporting shoes they launch on the market place. They’ve got a shoe for almost any sport type you might think of participating in and any style of sports clothing to fit.
5. The business model of “NIKE” is based on the exact same principles taught today. To be successful, do not re-invent the wheel, so to speak, rather perfect it with a quality product with a name your customers can relate to by being creative. That way you will hold longevity and a quality product for the future.
Watch below to see into the mind of Phil Knight, Co-Founder of Nike as he explains why he believes he has reached success and why he still sticks to his “thought as by many” unethical way his business runs in Asia for manufacturing and production.
(Video) Nikes Founder “Phil Knight” Confronted By Controversial Documentary Legend Michael Moore
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