Red Bull's Creative Use of Social Media Marketing: A Case Study, Temi di Economia

Scarica Red Bull's Creative Use of Social Media Marketing: A Case Study e più Temi in PDF di Economia solo su Docsity! Business Management Internal Assessment Higher Level Concept of Creativity Research Question: To what extent has Red Bull's creative use of social media marketing been successful? Word Count: 2045 1 Table of Contents Introduction............................................................3 Main Body..............................................................3 STEEPLE analysis............................................. 7 Conclusion.............................................................9 Bibliography.........................................................10 2 him to free fall out of it. Known as the Bull “Stratos” Jump, broke many records and had an impressive increase in the audience and made a good impression on the brand. This is only one of the crazy things that Red Bull has created but it is surely the best one the company has come up with. Part of its strategy involves creating or sponsoring events all around the world. From all these innovative marketing strategies, they also implemented a proper slogan; “Red Bull Gives You Wings” which caused the brand to an increase in the market share of the energy drink. The slogan they created was aimed to their target audience in order to convey the imaginary thought of having wings with the energy to take off. They also implemented this slogan to showcase many different major stunts in order to increase their audience and this has proven to be a massive success for their brand image and company. Target audience The target market for Red Bull is mostly made up of young individuals between the ages of 18 and 34, especially those who have an interest in urban culture, music, and extreme sports. People who are open-minded, adventurous, and looking for excitement in their lives are attracted to the brand. Red Bull's marketing campaigns frequently focus on reaching this audience by supporting high-energy events such as music festivals and extreme sports competitions. Red Bull is also quite active on social media, sharing information that speaks to the interests and way of life of its target demographic. The brand's overall goal is to establish a connection with youthful customers who are enthusiastic about breaking boundaries and experiencing life to the fullest. Events “Red Bull Cliff Diving World Series” is one of the most important events organized by Red Bull in which it consists of a competition between numerous professional divers that perform impressive acrobatic tricks from an altitude of more than 20 meters.4 4 https://www.redbull.com/int-en/event-series/red-bull-cliff-diving 5 Cliff diving is an extreme sport that requires extreme concentration and ability. Twelve men and twelve women participate in the Red Bull Cliff Diving World Series at each event in an effort to accrue the most championship points. A panel judges each diver based on their creative and acrobatic manoeuvres throughout the dive, with male competitors launching from a platform height of 27 metres and female competitors from 21 metres. Every season, a winner in both the men's and women's divisions is crowned, given the prized King Kahekili trophy, and given a winner's reward fund. This event has been effective because it provides an exhilarating and breathtaking spectacle as competitors jump into natural water bodies from unimaginable heights. Audiences are drawn in by this distinctiveness, which distinguishes the event from other conventional sporting events. Furthermore, this has been successful in the brand image because there are world-class athletes who showcase extraordinary ability, athleticism, and bravery throughout the event. Their risque dives and impressive acrobatics grab the attention of spectators and display the peak of human potential in extreme sports. Overall, the Red Bull Cliff Diving World Series is successful because it combines great production quality, world-class athleticism, exhilarating entertainment, and smart brand marketing. Limitations However, even thought the fantastic marketing strategy, Red Bull encounters a number of difficulties managing the constantly changing digital world, even with its notable success in social media marketing. Furthermore, Red Bull may not be as appealing to a wider audience because of its marketing strategy, which largely emphasises extreme sports and adventure. Additionally, the brand has strengthened its brand image by supporting extreme sports and athletes, but any bad press or problems surrounding sponsored people or events might damage the company's standing. Problems to consider include, negative comments on social media that if not handled immediately can cause internet scandals, can harm a brand's reputation and destroy customer trust. 6 STEEPLE analysis Social Red Bull’s revenue it mainly comes from social factors including the average age of the population, the lifestyle that is going on in this moment and many other factors. The beverages that are mainly diffusing over time are the energy drinks therefore the trend will continue all over the world for the next few years. Being associated with sports imagery makes energy drinks seem trendy and socially acceptable. Energy beverages like Red Bull have become a need as a result of everyone's active lifestyle, which presents an opportunity for Red Bull to take advantage of. Energy drinks like Red Bull have some risks as well. In the long run, consumers in nations with more health consciousness will purchase less of these beverages, which will lower sales. Different techniques that are developing lately, such as the development of sugar-free beverage versions aid in marketing to a more health-conscious population. Technological In an interview to the former CEO of Red Bull in North America Dan Ginsberg, he was asked the following question: Technology is also employed by successful brands that have strong relationships with their audience. With a lot of companies worshipping at the altar of data these days there’s a lot of dialogue that’s pulling away from that one-on-one relationship or looking to just try to establish a relationship strictly through digital means. Do you think there is still, in 2019, value in that space… in the real world? And he answered: “ I do, but I just want to be clear, that I also value data because I believe, as I said earlier, that you need to listen. Look I don’t know anything, but I believe the consumer knows a lot. You need to understand how to ask the question. So, if you use the 7