FOUR PRINCIPLES BEHIND WALMART’S MARKETING
We all had come across Walmart in our business studies and market research. Walmart has its roots in 50 countries around the world and employs over 2 million people and often takes control of the world's largest revenue base. But have you ever thought about why Walmart still stands as the king of the world's largest and fastest-growing segment?
There is only one answer to this and it is ‘they simply understand what consumers need and present it in front of them with the lowest price, that is, when a consumer comes across any particular product that they need in their daily life, the first choice will be Walmart for them. One another reason they still stand as the industry leaders is that they run periodic promotions with huge discounts across all sections
The Copywriting team of Walmart shares a huge hand in creating slogans associated with low prices. This creates an urge in the minds of the audience and makes them rush towards the store, with the brand name Walmart owns these customers make sure they get all the products they need in a single visit. This cycle is repeated at infrequent intervals to ensure that the sales never go down.
The three core metrics of Walmart's marketing strategy are Price, Product, Promotion, Place. PRICE at which the product is sold
The price is one of the most essential factors in determining the future and viability of any business.The price at which their products and services are sold.Even if word of mouth marketing is conducted well, price influences consumers and ensures that word of mouth marketing is carried out properly, resulting in a large number of people visiting each store.Fewer prices ensure that demand for the product being offered is high. Keeping this in mind Walmart sets customer-friendly rates to optimise sales.Walmart also makes sure that varying purchase and installment options (for furniture along with other appliances) are accessible by all customers.
PRODUCT quality is exceptional
Walmart has what customers want; rather than bringing new things to the market, they bring all of them into their stores. Attractive prices are offered on a wide range of products from around the world. Walmart has a good relationship with its suppliers and consequently receives savings when orders are placed in bulk. Walmart sells everything from groceries to hardware, furniture, appliances, health and wellness products, and even entertainment. The advanced tracking and logistics technologies make it simple to track packages from start to finish, from inventory to delivery. Their distribution partners provide great service, making store owners more
dependable in their access to the goods
PROMOTION strategies beat their competitor
Walmart promotion campaigns are run on all seasons with a wide range of discounts and promotions. Taglines such as ‘Everyday discounts’ make sure that people acknowledge the promotions and take their step into the stores. The media through which these advertisements go out is the most critical element to be appreciated. Walmart leverages the power of billboards and digital media to make its advertisement reach a wider audience. One of the most appreciable strategies is the shipping method. Walmart provides the highest level of service for people who shop online. This creates a notion in the mind of customers to get their next order placed from Walmart because Security along with fast, reliable service is assured.