IKEA Marketing Strategy: Ever thought how a new name called IKEA entered India and made a turnover of crores? Read this.
Being at home 24×7 is making us realize a lot of things. Some people love their home and love staying without any urge to go out but some are feeling very restricted.
Living alone can be tough and the house can only become home with family.
Every family dreams of their own house and when we buy it we convert it to a home. We take care of every detail of the house – the wall paint, the color, texture, printed sheets, wall stickers, and the main aspect of our furniture.
4 walls are incomplete without furniture. Isn’t it?
FOR THOSE WHO THINK IKEA IS A NEW BUSINESS
IKEA is a Swedish origin furniture retailer that was founded 76 years ago. It is the world’s largest furniture retailer with 433 stores around the world.
It opened its first store in India on August 9th, 2018 at Hi-tech City, Hyderabad. The plan to open a store in India was started way back and in February 2016 the decision was finalized.
IKEA already had a partnership with local manufactures of India for over 30 years which made India so important.
IKEA Marketing Strategy In India 2018:
Before opening a store IKEA it has partnered up with Dentsu Impact to reach out to the market of India in the correct way or for Perfect Marketing Strategies.
Dentsu India started with a campaign called #MakeEverydayBrighter. This campaign targeted families with general home applications, furniture, cooking utensils, and every Indian home story.
Opening an IKEA store would require a lot of workers so Dentsu Impact did employee branding where they made videos of existing IKEA workers from different countries.
One of the Marketing Strategy before the launch was VR in an auto tour.
In 2018, many didn’t have VR experience, and having that on an auto tour attracted so many people in Hyderabad which was so unique.
They also use Guerrilla Marketing techniques which is Traditional Marketing Strategy – Ads on boxes in the airports, hoardings, redesigning a bus stop.
Understanding Indian Market
IKEA targeted India in the right method as our country is a Price Sensitive Market they made sure to mention prices everywhere. Television commercials, online postings, videos on YouTube, pamphlets have highlighted the prices. IKEA stores had 7,500 products out of which 1,000 products are under ₹200.
IKEA has concentrated on our culture and our lifestyle also with the 4F’s – Family, Friends, Festivals, and Food.
Family is their priority and our culture has many festivals with so much food. Home gatherings with family and friends are also very common. IKEA store also included a 1000 seats restaurant to make sure we can spend the whole day shopping with our family and friends.
Talking about the store, did I mention the IKEA store is 400,000 square feet? I am sure y’all have already visited the store.
To be relevant to the local market IKEA team has visited 1,000 homes to observe and analyze the way of living, houses, buildings, furniture, and appliances.
IKEA has introduced a local range of products such as Tawa, masala boxes, idli, and pressure cookers. Being relevant is such an important factor to connect with people.
IKEA had only launched one store in our country but the buzz was going on in the whole of India. Every state, the city was like “when it was open in our place?”
IKEA’s vision of a low maintenance house with affordable home furniture is perfect for India. India has the highest youth population in the world and everyone is going to need a home and IKEA would be perfect for all the needs in one place.
So, IKEA Marketing Strategy included relevance, traditional and digital marketing campaigns, culture, demographics, and a great understanding of the Indian Market.