Brand name- Ikea.
Ikea is a popular brand, started its journey in Sweden. Their products like ready to install furniture and other home décor appliances have taken over the market over the years. This brand is ranked 1st amongst all the best Business brands in Europe.
How it all started
Ikea started with the idea to make lives easier and comfortable. Their designs are unique, attractive and also stylish. They tried to infuse modern architecture and developed new ideas to build their furniture’s kitchenware and appliances.
Their ideas and innovation in their product designing made them different from the other rival brands.
Ikea was launched on 28th July 1943 by seventeen-year-old Ingvar Kamprad in Sweden and it is owned by a Dutch-registered foundation controlled by the Kamprad family. The brand originated in Småland, Sweden.
The idea of building smart furniture was first cultivated in the mind of the founder Ingvar who was very bright and wanted to be an entrepreneur. His revolutionary idea was to offer home furnishing products of good function and design at prices much lower than rival brands by using simple cost-cutting solutions that did not hamper the quality of products.
Now it has become a global brand having its stores in over 52 countries and fulfilling their aim to shape lives and the spaces they dwell.
Ikea Brand Marketing strategy and successes
Variety and quality of the products-
Ikea aims to provide the best quality of products at a reasonable price. The main attraction of Ikea’s products is it’s easy to set up the furniture. The customers can easily buy the product and DIY it according to their needs. Products like sofas, mattresses, acoustic panels, knobs and handles, dining chairs, armchairs and chaises, bar tables and chairs, stools, benches, and desk chairs are extremely famous.
Customers have a wide range of options while shopping from Ikea. All kind of kitchen and home appliances, indoor and outdoor décor items, and electronics are found in abundance and have their unique style.
The quality of the products is top-notch, besides giving its customers the facility to set up their home according to their desire. The customers rely on their products because of their durability and compactness and Ikea has been serving their customers now over 76 years. Ikea’s products have been restructured and new models are introduced in the market to cope up with the changing demands of the customers in the present 21st century. The products were famous then and even now because it is best in the market.
The price of the products is the highlight of the company. Ikea’s aim was from the very beginning was to provide quality products at the least price point. The prices are set keeping in mind the market and the competition in the market.
Ikeas main strategy is a system by using large-scaled economies to contract long-term producers for their goods which helps them to keep their prices reasonable and comparatively cheaper. The prices are also reduced because of Ikeas use of cardboard while packaging reduces its packing cost and the overall price of the products is reduced.
Ikea is also known for giving offers to attract the customers to choose their products over any other brand. Ikea can go to an extent to reduce their price just to be relevant in the market.
Global presence of the brand-
Ikea started its journey in Sweden but slowly it expanded its reach taking over the market. Currently, Ikea is the world’s largest furniture retail store. The company now has over 300 retail stores worldwide. Germany and China have the most number of stores 53 and 31 respectively. And it is ever-expanding from Brazil, New Zealand, Colombia, Peru, Russia and other countries dominating mostly in Europe and America.
It shows the building trust of the company among the customers and the company’s aim to reach its products worldwide.
Online presence of the brand- Ikea apart from setting up its retail stores has launched its website. In this website all the products by Ikea are listed, the customers can choose the products and order it online and the products are kept ready in the store for the customer to pick it up from there.
This became a huge success for the brand as the customers can choose their products at the comfort of their home which saves their time. Thus, Ikea always strives to fulfill its customer’s wishes and make their lives easier.
Awards and recognitions-
Ikea received the 2018 good design award for innovative and cutting-edge designs and won seven red dot awards for product design. The brand is ranked 5th as the Best Global websites by Byte Level Research in 2019 also in Brandz top 100 most valuable global brands Ikea is ranked 76th by Millward Brown in 2019.
Ikea has taken the help of various mediums to promote their products to customers like social media, T.V ads are the best way to reach the mass audience. Event sponsorship is another way to be recognized in the market. Their tagline affordable solution for better living shows the goal of Ikea and customers have relied on their products.
The bookbook campaign and introducing web series have been an important step to reach the customers. Ikea promotes positivity in their campaigns like family meetings at a dinner table is a symbol of love bonding in the family.
Ikea has been among the first retail store that specializes in furniture products that would come into the mind of the customers when comparing their good quality and affordable household furniture. Ikea the brand has chosen to engage in building innovative products and durable products over the years.
The products of Ikea has able to give customers satisfaction and increased their desire to own their products. The marketing strategy of Ikea is also a successful venture, the company can maintain the price point and quality of the products at the same time. Ikea is one of the first brands to build furniture which are easy to assemble they are extremely popular in China and Germany and the presence of other retail stores worldwide shows the demand for the products.
In this changing times and mainly in the 21st-century people want compact furniture and smart appliances to fit into their daily needs which is what Ikea has been trying to serve to the people around the world.