Nikes total annual marketing budget has grown to $2.4 billion. Yet over the past three years, Nike has decreased its U.S. television and print advertising 40%. It is choosing to put more funding into the Internet and social media to market its products.
Like many companies, Nike has woken up to the new realities. Many things have changed. In a recent interview with Fortune magazine, Nike CEO Mark Parker explained it this way:
Connecting used to be, Heres some product, and heres some advertising. We hope you like it. Connecting today is a dialogue. (Cendrowski, Scott. Nikes New Marketing Mojo. Fortune, 2/27/12, p. 84).
That word, dialogue, is key.
Nike reminds us that successful businesses today cannot just throw money into advertising and hope something sticks. Thats a good way to go broke. Rather, they must carefully consider the landscape, think about who their audience is, and create multiple opportunities for interchange. The Internet and social media allow that to happen unlike it has ever happened in the past. This is where companies and consumers connect; this is where they dialogue.
Knowing that every buy decision is fundamentally an emotional decision, wise companies are taking full advantage of it. Remember, its much easier to get emotional when youre not talking to a vacuum.
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