Every year, large and medium motor companies release their new models and new series of motors to both compete with competitors and attract existing and new customers. The best players have taken up to 80% of the market shares. Only 20% market share is for the new market players to get in. In this article, you’ll learn how Honda does its marketing activities on the markets.
Honda was founded in 1948 in Hamamatsu, Japan, Honda opened its first U.S. storefront in Los Angeles, CA, in 1959. What began as a nimble operation with eight industrious associates would quickly grow to astounding heights. (source: honda.com)
Honda did market research to understand the market demands and lifestyles of the people in different countries. Surely, every companies do. Some motor companies even hire market research companies to survey the market demand, compared to each country economic grow in the region.
Here’re three primary marketing strategies that Honda have been repeatedly implementing to build loyal customers across the globe.
1. New Features
New features of the motorcycle series have been improved every year. The most features, I have ever seen on Honda motor bicycle are colors, shape, engine type, digital speedometer, tachometer, average fuel economy and more.
2. Promotions – The Celebrities
Honda uses the most popular celebrities such as sport stars, singers, comedian, and TV presenter to promote HONDA motorcycle. In Cambodia, I have observed that HONDA dream motor series has become the top dominance motor dealer following by Yamaha, Susuki, and others.
30 seconds TV commercials have been repeatedly broadcasting on prime time which you may have seen on most popular TV channels such as CTV, MYTV, PNN, HangMeas HD TV and more in order to boost customer awareness, especially before one month of the new releases of motor series.
3. Substitute Products
New motor models are produced for men and women separately. This gives a flexible choice for users. Moreover, while producing Honda dream motor series, the new models also produced to complete with new motor of other companies.
If you are a marketers, you have to as much as understand, listen and learn from both your customers and competitor; otherwise, you cannot stand longer on the market as competitors are stronger while customers’ needs and demand are changed.