What is Lacoste’s marketing strategy? Lacoste’s marketing strategy has focused on a marketing mix that has worked very well. Likewise, its business strategies based on price focus, product innovation, and other factors are what help the brand achieve the success it enjoys today.
In the case of the United States, there is a lot of competition from clothing brands that want to position themselves first in the market. But can the Lacoste marketing strategy fit your business? Let us see what it is and determine if you can take some elements of it to put them into practice.
What is the History of Lacoste?
Lacoste was founded in 1933 by tennis player Rene Lacoste, originally from France. Specifically, it is a luxury brand with a wide variety of products for sale, such as polo shirts, t-shirts, footwear, sunglasses, bags, and many other items. Moreover, its logo is characterized by a green crocodile and has been the same since its inception. This makes the brand recognizable in many parts of the world.
It is worth noting that this French tennis legend caused a revolution in everyday wardrobe, taking inspiration from his elegant game to produce completely original clothing and accessories. By 1933, he was on the market with the founding of his Lacoste chemise, which he designed and wore on the tennis courts with his embroidered crocodile logo.
By 1951, the company began its expansion, moving away from selling just the white tennis shirt. Next, they started adding coloured shirts, striped polo shirts, and, soon after, a collection specially designed for boys. Decades passed, and the brand noticed an increase in its sales. Hence, thanks to their visibility and contracts with different stars from the sports world, it can be said that they have sold millions of products worldwide.
Target by Lacoste
Lacoste’s target audience comprises young people and adults between 20 and 30 years old.
They are customers looking for quality clothing and accessories because they want to convey a good image.
It is a dynamic public that cares about wearing a daily look that can be adjusted to their needs.
Lacoste Marketing Strategy
The Lacoste marketing strategy has enabled the company to achieve its goals in a competitive market. So, let us take a look at how your marketing mix works across your product, pricing, advertising, and distribution strategies:
It is essential to mention that Lacoste products are of high quality, so their audience is focused on the upper class of society. At first, the company was engaged in the production of tennis shirts. Later, its product portfolio was expanded to expand its marketing mix to include leather goods such as handbags and wallets, shoes, perfumes, sunglasses, and much more.
For men, the shirts available are polo shirts, although there are also jackets, sweatshirts, tracksuits, pants, casual and sports shoes. There are various jeans, t-shirts, polo shirts, shoes, sneakers, and sandals for women. Similarly, Lacoste has a wide variety of accessories including watches, caps, socks, fragrances, sunglasses, and belts.
However, that is not all. They have a specialized collection for children: tops, polo shirts, pants, sweatshirts, sweaters, and dresses. The company has produced the main sports collection for sports lovers, including shorts, tennis shirts, and bracelets.
Likewise, you can find an autumn-winter collection with ideal clothes for this season in different sizes. So that everyone can find what they need. Finally, collaborations with celebrities are also part of the brand. This is why Lacoste has a Novak Djokovic collection that includes shirts for tennis players.
About the marketing strategy of the four P´s concerning its prices, we can say that it is aimed at the upper middle class and upper class of society. This type of customer has a great particularity: they have no problem paying a high price for luxury items. This is because wearing a signature item of clothing or accessory is a status symbol.
In this case, your pricing strategy within your marketing mix is known as a premium pricing strategy.
Their price range may vary depending on the type of clothing and accessories that the customer decides to wear.
Lacoste is known as an international brand, considering that it lives in more than 120 countries, including China, India, and the United States. Its first appearance in the US market occurred in 1952, and by the 1970s, it already had a customer base that demonstrated its loyalty to consolidate the brand’s position there.
The company’s distribution has been very organized since it not only has its own large points of sale in shopping centers but takes advantage of the large influx of people as well. However, its strategy goes much further because it has to ensure that people who have no problem paying for a premium product of the brand go to these shopping centers.
Its points of sale are well organized, considering that they actually convey the elegance that distinguishes the brand without neglecting its simplicity. Also, Lacoste makes its sales in popular stores such as Halls and Nordstrom.
Nowadays, brands take advantage of the use of the internet so their clothes and accessories can also be purchased directly on their website with the option of paying by card. Moreover, there is the possibility of returning the product within 15 days if the customer wishes. Additionally, the firm sells on e-commerce sites such as Alibaba and Amazon with some discounts for its customers.
What do you Think of Lacoste’s Marketing Strategy?
Lacoste marketing strategy uses luxury brands to create their marketing strategy for a specific group where exclusivity prevails. Likewise, the objective is not only to create an exclusive shirt or footwear but also to make the consumer feel special.
If you have a luxury brand or want to start in this industry, at BluCactus Canada, we can help you. We have the marketing specialists you need to create a strategy that allows you to position and adapt your brand to your target audience.
Do you need to adjust to a marketing mix strategy? Contact us right now to talk about your project.
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