Could your company benefit from a rabid audience that exhibits unwavering customer loyalty? Then your business could definitely benefit from a Monster Energy drink– well, their marketing strategy at least.
When it comes to conceptualising a marketing strategy for your business, one of the first things to do is analyse large companies that are doing well; how and why is their strategy working? And can it work for you?
Let’s look at the stats. Monster Energy is currently valued at $27bn on the NASDAQ and have been known to be more profitable per employee than Apple. Monster was founded in 2002, and has since grown its market share to become a leader in the US market – surpassing its largest rival Red Bull (a company that is 15 years older and wiser).
That’s pretty impressive right? But how did they get there? How did the preverbal David conquer Goliath? One word; research. They researched their target audience. They found where their audience liked to dwell, how their audience liked to be approached and made sure that their marketing achieved it.
While most companies stick to traditional marketing tactics; media buying, expensive campaigns, in-store promotions, and most importantly, spending resources on reaching and converting potential customers. Monster spent its resources reaching and converting existing customers to fans; allowing human nature and word-of-mouth marketing to do the rest.
Monster very quickly identified its target audience, which happened to be within the Motorsports, Action Sports, E-Gaming and Punk Rock scenes. While competitors like Goliath (aka Red Bull) already occupied these places, Monster offered a more aggressive alternative – a trait that the audience identified with.
The brand began sponsoring and solely advertising at extreme sporting events such as UFC, Motorcross, Speedway, BMX, mountain biking, snowboarding, skateboarding, car racing as well as eSports. Monster also started promoting Punk Rock bands such as Asking Alexandria, The World Alive and Five Finger Death Punch; they even sponsored extreme sport athletes.
Not only this, but Monster curated a marketing team that reflected their target audience – they took on journalists, artists and ex-athletes. Their Facebook explains ‘at Monster, all of our guys walk the walk in action sports, punk rock music, partying, hangin’ with the girls, and living life on the edge. Monster is way more than an energy drink. Led by our athletes, musicians, employees, distributors and fans, Monster is a lifestyle in a can!’
Jamal Benmiloud, who formally led marketing teams at both Red Bull and Monster, called this technique ‘story being’ rather than ‘storytelling’.
Monster identified its target audience and went directly to them; they didn’t waste resources marketing to the mainstream. Monster didn’t tell the story, instead they inserted themselves into the story; and I reckon every company could benefit from inserting a little Monster into their marketing narrative.
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