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Strategy Proposal: IKEA
- 1. NEW MEDIA DRIVERS LICENSE SUMMER 2010 PRESENTS Strategy Proposal Rina Nagashima
- 2. Simple living Function al Low price Creative design
- 3. Homeowners Businesses Students
- 4. IKEA
- 5. 300+ Stores in 35 Countries 600+ million visits world-wide in 2009 9,500 Products $21.5 billion Euros in Revenue ($28.5 billion USD)
- 6. Competition International retailing Cater to new market Different taste Adaptation
- 8. Do It Yourself doe het zelf faites-le vous-même tun Sie es sich faccialo voi stessi それをあなた自身しなさい 그것을 너자신 하십시오 сделайте его себя hágalo usted mismo
- 9. July: Back to School/Move in Year-Round: In Demand Anytime Budget: Varies $500,000
Editor's Notes
- I’m here to present a short social media strategy proposal for my featured client, IKEA.
- For those who don’t know, IKEA is an international based home furnishing store carrying simple, functional and creative designed furniture for all ages at an affordable, low price, about 30% marked down than the leading manufacturers.
- Who does IKEA target? In essence, IKEA can be targeted towards anybody with interest in home furniture and design. Many students (in college) have taken the option to shop at IKEA for cheap, functional living. For businesses that demand furniture (restaurants, cafes, offices) IKEA is the place them. Homeowners have especially been targeted specifically for the sole reason of comfortable living and achieving that home-sweet-home taste in furniture.
- Some of IKEA’s focus should be be set on what caters to these audiences. IKEA’s focus is relatively easy to follow; Comfort and functionality, simple design and cheap prices are what attracts IKEA’s market.
- Looking at these big numbers represent how IKEA has become a world-wide known company. As of the fiscal year of 2009, with over 300 stores in more than 35 countries has been a successful challenge for IKEA to accomplish. In the annual report of 2009 there have been 600 million visits world wide to IKEA stores, which has generated about 27,000 Euros in turnover.
- Despite looking at what IKEA has accomplished and has been excelling in, IKEA still faces challenges just like any other company. Competition is of course is the same among all levels of a business. Because IKEA is international and caters to countries around the world, retail is difficult to keep up in catering to these new markets. The target in the U.S. may have different taste to those in Sweden, and the products produced may depend on their culture and way of living. In Japan, advanced technology is the norm thus creating products that cater to that kind of living. Lastly, IKEA must adapt to new cultures and countries regardless of differences in taste. If you target correctly to the right audiences, IKEA will do phenominal in these situations.
- As far as how IKEA is heard through the grapevine, other than typical media like TV, radio and magazines, social media has an affect tremendously on a business. A business will successfully generate loyal customers and revenue by following social media tactics and strategies. Facebook and Twitter for IKEA is probably a must since millions of users are logged on daily. Many young adults and professionals are using social media to connect and network with others and businesses to keep up with each other, therefore IKEA having a Twitter (which has already been established in each city) is important to keep customers updated on deals, promotions and events that are going on in the area. IKEA publishes yearly catalogs of their furniture, however should try to be selective in the part of the year. Perhaps creating on separate for winter and summer (back to school) will aid and target more to students. Youtube has increasingly becoming the most used video content user in the world. Updates on IKEA, and most importantly how-to instrucitonal videos to set up a product will do well 2009; 198 million copies of the catalog were printed in 56 editions and 27 languages.
- IKEA provides customers internationally, to take home furniture kits; “Do It Yourself” kinda theme. convenient and easy instructions to follow. Because of their unique distribution of goods, it’s important/key to let them know that’s how they run. Billboards like this are effective and should be placed in big cities as well as smaller cities that may not have the access to a nearby store so they can purchase online.
- Using our target market of students, July would be a perfect time to promote the company world wide for schools that start in late august or September. Other schools around the world will vary, but in the case of the United States and similar school structure, the summer time is prime time. Year round promotion is always necessary to keep IKEA in the minds of consumers because IKEA wants to be the first they think of when it comes to simple and affordable home furnishing.
- If all goes well, the world is then your oyster. IKEA has the potential power to dominate the home furnishing and improvement industry, with the right tactics and strategy. Social media is increasing its uses all over the net and is a competitive network involving businesses and companies.