The 2018 FIFA world cup will soon be over, but weeks before the opening ceremony, Nigeria made headlines and enjoyed global attention for very fashionable reasons.😎
After Nike unveiled photos of the Nigerian world cup jersey in February, they received 3 million pre-orders. When it was officially released on June 1st, the entire stock sold out in three minutes.
Back home in Nigeria, fans flooded the Nike store in Lagos and the entire stock was sold out in a matter of hours. Those like me who made plans to buy the next day met an empty store on the 2nd of June.😕
With Nike’s announcement that there are no plans to restock, fakes have flooded the market. But that’s not Nike’s problem, they’ve made their money and broken records with this deal. So what’s here for us to learn as business people?🤔
Let your timing be perfect
When the Super Eagles jersey was launched, the world cup heat was very high and it was just about two weeks to the opening ceremony.
The jersey was also released only 24 hours before Nigeria’s friendly match against England, so both Nigeria and the world cup where globally trending topics when the super eagles kit dropped — prefect timing!
Apply this to your business by providing more products based on season and upcoming events. For this world cup, a lot of businesses made money through viewing centers, which is a good way of leveraging the season.
Don’t be afraid to charge high prices
The super eagles full kit cost N72,000 while the shirt alone cost N42,000. When the prices were announced, Nigerians heavily criticized it online with claims that it was too expensive for the average football fan.
This led many people to assume it won’t sell, at least not as fast as it did — but the shocker came when the entire kit didn’t last a day after it was launched.
At such a high price, the mad rush was definitely not envisaged. Many people even bought from eBay for thrice the normal price. So what really happened here?
Nike didn’t make the jersey for everyone. It was for those who could afford it, so the online criticism didn’t affect anything.
What this means for you is that your product can sell very well no matter the price tag (not saying you should overdo it though).
All you need is it to focus on your target market and offer a high quality product —the best, one that people won’t mind breaking the bank for. This brings us to the next point.
Make sure your product/service is outstanding
Even before the kit was available for sale, everyone looked forward to the release because the design is breathtaking.
If you’ve been watching the world cup matches, you’ve surely heard commentators applaud the Nigerian jersey.
Despite being knocked out in the group stage, Nigeria won the fashion cup of the tournament, all because of the beautiful kit.
Apply this to your business by making sure your products and services are the best in the market. Even those who don’t like you will patronize you because of your product’s high quality and recognition.
Use pop culture to advertise
Nike ensured this kit made a grand entrance by using Nigerian pop stars to introduce it to the world.
This made it easy for Nigerians to identify with the product and happily cough out money to buy it. You may not be able to use pop stars to model your product, but you can do something very similar.
To get the same results you would have had if WizKid or Davido modelled your product, just use the Internet. Pop culture marketing is now very easy and affordable to SMEs because of social media.
Generate high and interactive follower-ship on the social media handles of your business. Use hashtags to increase visibility and follow online trends wisely. Don’t forget to use memes and gifs to make your brand more relatable.
Did we miss anything? Let us know in the comment section below.👇🏼