Marketing Mix of Red Bull
Understanding 4Ps of Marketing Mix of Red Bull
Red Bull is an energy drink sold by Red Bull GmbH, an Austrian company created in 1987.
Inspired by an existing energy drink named Krating Daeng, Red Bull has the highest market share of any energy drink in the world.
This article talks about the Marketing Mix of Red Bull and explains how and the company managed to capture customers attention and achieve a market leader position in short span of time.
Let’s check out the Marketing Mix of Red Bull. It will surely “Give you Wings”
PRODUCT: Product Mix of RED BULL
Unlike any other beverage company, Red Bull has kept its Product mix quite simple. To bring in some variation from its standard flavor, Red Bull has launched a series of flavors to suit different customer needs and tastes.
Few of the popular flavors that Red Bull has to offer are:
- Tropical Fruits
Fathoming the growing need for sugar-free drinks among millennial consumers, Red Bull also came out with Red Bull Sugar-Free.
That’s not it, Apart from energy drinks, Red Bull also offers Red Bull Mixers ( not the Mixer Grinders, but Drink mixers are the non-alcoholic ingredients in mixed drinks and cocktails. There are many reasons mixers are used. They change or enhance flavors or add new ones to a drink. Mixers dilute the drink, lowering the alcohol by volume in the drink. They may make the drink sweeter, more sour, or more savory. ).
Initially launched in a few countries only, like Canada, Red Bull Mixers are slowly and steadily becoming popular among the younger audience.
The declining demand for carbonated drinks and the growing shift towards the energy drinks has what has attributed to the success of the Red Bull.
Price: Pricing strategy of Red Bull
Red Bull has a number of competitors (like Rockstar, Tzinga, Cloud 9, Gatorade, Monster, and KS ) in the energy drinks industry but yet they are the market leaders.
Due to its high quality and dominant market position, Red Bull charges a premium price for its products.
Massive brand awareness, high quality, easy reach to customers are few factors that make Red Bull follow a Premium Pricing strategy for its products.
Despite Red Bull being costlier than its competitors, customers don’t shy away from paying a premium because of the loyalty that the brand has.
Having a presence in over 171 countries, Red Bull has successfully managed to sell over 61 billion cans worldwide by 2018.
The ease of availability of Red Bull in supermarkets, nightclubs, grocery stores etc is what has added to the success of Red Bull as a brand.
Also, Red Bull is often stored in Red Bull exclusive refrigerators attracting customers to buy an energy drink when they go grocery shopping or to a bar. Red Bull is also available online either in bulk packs or single making it easier for customers to buy it in bulk.
At supermarkets and convenience stores they are placed along with other competitive products giving the customer a choice between which one to buy.
Promotion: Promotion Mix of RED BULL
Red Bull spends millions of dollars annually on promoting their products and create a top of the mind recall in the consumers’ mind. The company uses a proper mix of ATL, BTL and Digital channels for creating awareness and promoting their products.
Storytelling is an art which Red Bull successfully cracked and used it very well to communicate with its customers. Red Bull is a brilliant case study of how content marketing has helped the brand achieve heights and create a loyal customer base.
RED BULL GIVES YOU WINGS
This slogan has been imbibed successfully by red bull in our minds through the use of various marketing campaigns and through various channels.
Targetting younger customer audience, Red Bull focuses on three significant tactics to attract its target audience:
- Publishing awesome content: The content that the Red Bull marketing team creates is on the same level as other major media outlets that their audience might consume content from.
- Colossal publicity stunts: Red Bull takes “Go Big or Go Home” to the next level by producing massive stunts that cause everyone to freeze and watch what happens.
- Sponsoring or creating events: Red Bull proved its marketing prowess by taking their product and associating it with things their audience loves by sponsoring or creating events for them.
This concludes the Marketing Mix of Red Bull.
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