After a product has been introduced to the world, the number one priority for any organization or business is to market it effectively. Marketing is what takes the product from a hidden enclosure to the possession of the masses. This is why all firms, big or small, set up a marketing strategy.
Chrysler is a global automobile brand that manufactures mainly luxury cars. The operations of the company are spread in over 40 countries, but its distribution network of Chrysler is sprawled across more than 135 countries.
Chrysler marketing strategy
Their product range includes sedans, minivans, trucks, and more.
Operating in the automobile industry is fairly technical and competitive. As a company operating in the auto industry, Chrysler has a strong marketing strategy to avail of the opportunities in the market, maximize the potential of the existing ones, and stay ahead of the competition.
An Analysis Of The Chrysler Marketing Strategy
Here is an analysis and breakdown of the Chrysler marketing strategy to know and learn some of the best business lessons. Keep reading.
1. Bringing Flexibility And Personalization To Products
One of the biggest marketing and business lessons entrepreneurs can learn from Chrysler marketing strategy is the importance of getting down to the grass-roots level and connecting with the customer.
Even if you aim to make humongous products like an extraordinary luxury car, you need to know, at the most basic level, what the customer wants and how your products can be flexible enough to provide that.
An important reason for the failure of most products today is that customers don’t understand the company, its products, and its vision. Making products is not enough. If you are focusing only on building high-end products, you won’t know how to market to the customers, the people who have to buy the product.
Chrysler marketing strategy shows that it is integral that a company keeps the customer at the forefront before making any product. A business should be flexible enough to bring customization to the products according to the market’s changing demands.
Talking about flexibility, a business shouldn’t just think of being flexible at the manufacturing level or in the volume of the products. Still, it should be flexible in all business aspects, such as marketing, promotion, budgets, and more.
Car model: Chrysler 300. Chrysler Marketing strategy
If the customers and demands are evolving, the products, marketing strategies, and practices should also evolve with them.
Here one point to remember is that listening to the customers as a marketing strategy does not mean that you should start compromising on the quality of the products. No matter what, it all starts with the products.
Only if the products are exceptional and high-quality can you grow your marketing campaigns based on them. So, build better than anyone else.
2. Focus on brand management
Branding is a non-negotiable for businesses to stand out from the crowd. There are so many options for a single product today that it is almost impossible to notice a product on its own, even if it is exceptional. You need to build a brand and not just a business around your products.
However, there is one point that most marketers miss when working on the branding process of a company. They rely heavily on making a brand popular and focus none of their efforts on managing the brand.
Taking a chunk of valuable lessons from Chrysler marketing strategy, companies need to focus more on brand management.
As you promote your brand and advertise the products, the loyal customers will be attracted to the brand value you have built. You will slowly gather a portfolio of products and services and what you have achieved worldwide.
In this heightened popularity, companies often forget that you need constant management to remain at the top.
You can take a brand to soaring heights, but if you are not managing the company’s roots, such as customer relationships, evolving demands, changing technology, and more, the brand can end up deflated eventually.
So, with brand building and promotion, brand management is also essential to maintain the company’s revenue.
3. Auto financing and other financial tactics
Another great marketing tactic in the Chrysler marketing strategy that provides a big lesson to the business community is how to provide financial ease to the customers.
Buying luxury cars is no joke. It puts a big hole in the pocket of the customer. While the target market of the luxury vehicle manufacturer is the high-end community, you can still capture another segment of the market if you are willing to offer some financial ease to the buyers in terms of special packages.
Providing financial options: an essential part of the Chrysler Marketing strategy.
And this tactic is not just for the expensive businesses of luxury cars. Any company can use these tactics to attract a larger portion of the customers.
This financial tactic is auto-financing. In auto-financing, the automotive company provides relief in payments such that they don’t demand full payments immediately.
Instead of going to the banks and getting loans, the customer can stay at the company and get a type of loan in the form of financing from the auto company.
Several companies offer installments and other payment plans, which could be monthly or annual. People might not have the upfront cash to pay for the product, but a huge market of customers can pay the money over a few months.
This is just one example of your marketing strategy. You can come up with other financial plans and offers as a part of your promotional campaigns.
The important point to note here is that marketing does not only revolve around products, but you can also incorporate other business departments into the strategy, such as finance and logistics.
4. Be active in advertising efforts and be seen
This is one mistake that Chrysler made, and something businesses can learn from Chrysler marketing strategy. Chrysler did not have many competitors in the early days of the business.
As among the few known brands, Chrysler laid dormant when advertising the products. It took the brand stature for granted, and overt advertising was not a big part of Chrysler marketing strategy.
But things soon changed when other automakers entered the competition with better products and marketing tactics. There were popular names like Toyota and General Motors, which completely took over.
They listened and evolved with the market demands. So, it was no surprise that Chrysler was soon sidelined while other brands that promoted themselves actively soared.
After the debacle, Chrysler focused on advertising its products actively, and promotional strategies through different channels are a part of the Chrysler marketing strategy.
Businesses need to learn this lesson before it’s too late. Even if you reach the pinnacle of success and popularity, you must not stay dormant in your marketing activities. With the advancement in technology and more businesses popping up than ever, your competition can crush you in no time.
Moreover, there is already a huge crowd of businesses on all platforms. If you are not screaming about your products at the top of your lungs, your company will be left behind. So, make your presence felt online and offline.
5. Put your best creation at the front
Most big companies have a line of products. Several kinds of products in the same industry are manufactured by a company. Chrysler works in the auto industry, where it has several different lines of products such as trucks, vans, cars, etc.
With a long range of products, Chrysler marketing strategy was to focus on one of the best products the company was offering as a part of the Chrysler marketing strategy.
The Ram pickup truck model by the company had some distinguishing and commendable features, which made it very popular among the customers. It was fuel-efficient and gave a great performance on the roads.
In keeping with this, the company decided to put this truck model at the front of the marketing campaigns.
The popular product became the face of the brand. It was easy to capture more market segments with a product that was already popular with a certain segment and had a valuable streak.
This is an incredible strategy for businesses. Suppose you have a range of products that you need to promote in the market. In that case, a great way to do that is by using one of the best products or a popular product line as the face of the brand to further the company.
Once the company becomes popular, the customers will automatically be interested in other products offered by the same business. Promotions using this strategy have proven successful with profitable ROIs, and this tactic has amazing potential if used correctly.
Key Takeaways From Chrysler Marketing Strategy
The Chrysler marketing strategy has a lot of insights to offer. It has returned from the ashes and uses some of the best tactics to maintain the company’s revenue.
A marketing strategy is an integral component of any business. You need to build one with excellence and dedication.
Remember that the world is a changing place. With better technologies, the changes are coming faster than ever. In these circumstances, don’t hesitate to revise your marketing strategies and other tactics to run the business.
Evolve and listen to customer demands. You will have a long run in the corporate world.
Interested in learning about other marketing strategies? You may want to check out this article:
- Chanel Marketing Strategy: 5 Brilliant Lessons to Learn From
- Starbucks Marketing Strategy: Selling 4 Million Coffees Daily
- Tesla Marketing Strategy: 10 Curious Things To Know
- Hermes Marketing Strategy: 4 Billion-Dollar Marketing Lessons
