Lowe’s was founded in1946 in NorthCarolina, and since thenhas been growingthroughout the UnitedStates. Today, thecompany serves over 14million customers a weekfrom their 1,749locations. It has becomethe second largesthardware chain in theU.S. and is currentlylisted as number 43 onthe Fortune 500.
Lowe’s carries almost anything you -Appliancescan imagine when it comes to -Bathhardware and home improvement. -Building Supplies -ElectricalTheir departments include: -Flooring -Hardware -Heating & Cooling -Home Décor -Kitchen -Lawn & Garden -Lighting & Fans -Outdoor Living -Paint -Plumbing -Storage -Tools -Windows & Doors
The Competition #2 Home Improvement #1 Home Improvementretailer in the United States retailer in the United States 1,749 Locations in three 2,248 Locations in fourcountries (U.S., Canada and countriesMexico) (U.S., Canada, Mexico and China) Revenue in 2011: $49 Billion Revenue in 2011: $68 234,000 employees Billion 321,000 employees
Despite its success, Lowe’s isclearly trailing its maincompetitor, Home Depot, inalmost every aspect of theirbusiness. A great place for Lowe’s Lowe’s can make some great strides into start as far as successfully the right direction by improving uponcompeting with Home Depot what Home Depot already does quitewould be to adopt and improve well. Lowe’s has actually won quite aupon many of Home Depot’s few environmental awards, and bystrengths. Good examples of incorporating this more into theirthese are: advertising campaigns this will help improve their image. They could also• Environmental Work extend the sponsorships they provide in• Major Sponsorships sporting events to get further notice as• International Presence well as promote their own exclusive• Exclusive Brands brands further. And of course, possibly• Social Media Marketing the most important game plan for Lowe’s should be to focus on improving their social media marketing.
One of the best new ways for companies to promote their brand, image and interact with customers is through social media. Some of the biggest social networks out their right now are: FacebookAlthough a store like Lowe’s can be Twitterappealing to many demographics of LinkedInshoppers, their target market is Google+probably middle aged folks within YouTubethe middle class. Today, olderpeople are becoming much moretechnology savvy and are interactingwith the internet far more than everbefore. As a result, Lowe’s needs tomake sure it gets itself out on theinternet and make its pagesengaging and easy to access.
The best marketing strategy forLowe’s would be to improvetheir presence in as manypopular online social mediaoutlets as possible. By doingthis customers can have easyaccess to new specials, storeopenings, and general Facebookinformation on the company. With a Facebook page, people can join the Lowe’s group to get news and information about the company. Twitter With Twitter Lowe’s can constantly update its followers with any news on deals and new products. YouTube With a YouTube page Lowe’s can make instructional videos to help the “do-it- yourself” customers.
One of the most important things a company cando to stay successful is to listen to what theircustomers have to say. Millions of people useblogs every day to express their opinions aboutanything and everything. For a company likeLowe’s, listening in on what people have to sayabout them can really help the company toimprove itself. Through blogs Lowe’s can get aninsight into the consumer mindset, see whatmakes them tick, and work to become a companythat caters to its customers needs moresuccessfully. Also, through brand monitoringLowe’s can find the popular articles about themthat come up on the internet and respond to falseclaims and situations that may cast the companyin an unfavorable light.
Search Engine Optimization (SEO) is a way ofensuring that words and phrases on a website orblog can be found by a search engine and given thehighest possible ranking under search results. Agoal for Lowe’s should be to achieve the bestpossible search results related to their companywhen people go onto search engines. A great wayto do this is by coming up with a unique identitythrough specific words and terms that relate only toLowe’s and that people will remember. Adwordsconsist of text advertisements and pop up onGoogle search engines when people enter in amatching keyword. Utilizing Adwords can be a greatway for Lowe’s to get noticed more by people whospend a lot of time online as well as make it easierfor people looking for them to find deals and prices.
Lowe’s Home Improvement is a strong company that has beenvery successful over the years, but that doesn’t mean thatthere isn’t room for improvement. By imitating some of thesuccessful campaigns of their competitors, Lowe’s can get astep in the right direction. From there, the smartest thing thatthis company can do is focusing on increasing their socialmedia presence on the internet. This is the fastest growing wayfor businesses to promote themselves, and used effectivelycan spell great success for Lowe’s.