Every business can pick up inspiration from beverage giant, Coca-Cola. The brand continues to grow on the basis of its marketing with strong head-to-head competition, insignificant product differences, and conflicting trends.
It is rumoured that the use of cocaine added to the brand’s growth. An original ingredient until 1903, it’s believed the use of cocaine in coke might have made the beverage addictive.
So, now that cocaine has been ruled out in the business, what is it about Coca-Cola that gets people hooked and keeps them having an ultimate success?
Here are ten business lessons to learn from Coca-Cola.
1. Think of the customer first and always
When it comes to promoting its brand to the general public, Coca-Cola knows a lot of things.
One of them, for example, assumes “the customer’s point of view.” Customers come first for them, stakeholders second, and the company itself third.
And this is an excellent lesson for you to learn as a businessperson. Your success is based on your ability to listen to your customers and stakeholders.
Instead of adopting an “I think” approach, accept the facts you receive from your customers, no matter how disparate they are.
2. Stay active in protecting your market share
Coca-Cola is a firm that should be pleased with its market dominance, but they aren’t.
The giant is on a never-ending mission to get its drink and brand into everyone’s throat before any other living thing on the earth.
Africa, Asia, the Americas, and the Poles are all covered. Its management is constantly fighting to retain and even increase the company’s market share.
If you pay attention to social media and television, you’ll notice that Coca-Cola is just as active with its marketing as new businesses emerge.
3. To make a lasting impression, keep your branding consistent
Another crucial lesson that Coca-Cola can teach businesses is the importance of consistency.
The company is dedicated to embedding itself in customers’ minds through campaigns and marketing platforms such as The Voice.
Not only that, but Coca-Cola has always used the same logo since its founding in 1886.
4. Internally, develop your brand so you can succeed externally
Coca-Cola follows the script of success from the inside out. The business is aware of itself, its target market, and the values it wants to project.
The staff is continually reminded of the big things Coca-Cola “has been” and “is” a part of, thanks to massive displays around the Coca-Cola company grounds where team members can observe the most current consumer reactions on social media. And to keep them refreshed there is always a free coke to satisfy their thirst.
5. Refresh your brand’s image regularly
Coca-Cola is an excellent example of a firm that should be doing everything but working on its brand.
Nonetheless, the soft drink manufacturer is constantly reviving its brand. The brand’s design is updated on a regular basis.
6. Make a big impression
Coca-Cola is the largest corporation on the planet, but it still makes an impact.
It is associated with major events such as the World Cup and the Olympics, and its marketing is very impressive.
7. Start and engage in discussions with your audience
Customers can drive more conversations about your brand than you can when establishing interaction in an online area. And Coca-Cola appears to understand this all too well.
The firm sparks interest on Facebook, Twitter, and other social media platforms. As consumers join the discussion by offering their opinions, the brand responds by keeping its audience actively involved. This concept fosters closer relationships with customers.
As an entrepreneur, keep in mind that it’s not just about providing material regularly. It’s also about engaging with your audience.
8. In Local Markets, Get In Touch With Cultures
Coca-Cola has survived for almost a century by carving out a niche in every market.
Its marketing techniques take “cultural trends” into account in each market.
In the United States, for example, coke and the idea of Santa Claus dressed in all red have become a Christmas tradition.
Coca-Cola has designed the first coke of the year ritual for Chinese New Year celebrations based on the Coca-Cola brand.
To engage with your customers on a more emotional level, you should research their various cultures and traditions.
9. You will need to test the waters sometimes
Despite its success in reaching worldwide markets and being one of the most recognised brands in the world, Coca-Cola is continually looking for methods to expand.
We’ve watched the company add soda and juice varieties to its menu. Some of these variations have proven successful, while others have had to be abandoned.
They have made a limited edition of Coca-Cola Vanilla and Coca-Cola Ginger to test the waters.
10. Personalise and localise your company’s image
Successful marketing relies heavily on personalisation. Although an internationally renowned brand, Coca-Cola constantly finds a way to personalise and localise its ads.
Printing people’s names on their Coke cans, for example, was a massive hit because it leveraged the power of customisation.
While this does not imply that you should duplicate Coca-Cola’s strategy considering how you may customise your brand at the local and even individual level might benefit your business.