Etiko means ‘ethics’ and as the name suggest, this company formed in the year 2005 promises to provide goods that are produced by adopting the highest level of ethical standards in its production and distribution policies. Within a decade from its existence in the Australian market, Etiko has bagged the top position for the third time in the ranking given by Australian Fashion Report (AFR). The founder of the company, Nick Savaidis, is well known for its policies of providing a decent wage and workable environment to its labourers and concentrated on the developing economies such as that of India and Pakistan. Nick’s motive was to create its own brand rather than becoming a mere supplier to the existing brands. Providing distinctive products to the customers is the key to success in today’s world apart from producing goods which are eco-friendly. The most commendable part of this brand is that though it is very small as compared to the other big budget companies who have huge advertisement budgets with them to advertise their products and create a unique brand value, Etiko has succeeded to make a stand in such a market condition also just because its products are as is said ‘uber cool’ as well as environment friendly. However off lately Nick has realised that in order to survive and ensure continuity in providing Fair trade Premiums he needs to increase the reach (Carter, 2016). The same is possible only if adequate brand building can be done but there are financial limitations which the company has to keep in mind while deciding upon the best method of branding.
Nick Savaidis has many options but each have its own added advantages and disadvantages to be addressed. The very first method of creating its brand value and increasing its reach is via the traditional method of advertising and PR approach. This is the most effective and sought after approaches that all the firms prefer to adopt in order to get quicker results. The reach is larger and more effective via the traditional method advertising through televisions, radios and newspapers. But the same is useful mostly for the big business houses only because of the amount of cost involved in it. The traditional method though yields faster results to the business organizations yet is not feasible for small entities who have limited capital. The public relations campaign is a very erratic method of advertising. If any other important breaking news arrives then the focus of the media gets shifted towards covering those events rather than concentrating upon advertisements (Lavinsky, 2013). Further this method is also not suitable for delivering adequate data to the end users as desired by the organizations.
The second option available is building up of the brand gradually. Though the same is a very cost effective method available which involves low financial risk for the entity yet the same has its own disadvantages. Due to gradual brand building, the entities may end up losing crucial business opportunities. By not investing into such media which would enable quicker brand building, the larger business houses may end up taking away even the small market share that these small entities possess.
The third option is however more feasible for the small business houses. The world has shifted its base towards digital marketing. Digital media has enabled better connectivity of like minded people and is also cost friendly as well. The biggest advantage apart from the cost is the reach. It easily reaches a very wide number of customers within a very short period of time. The only nuisance caused by this method of marketing is increase in the number of participants which has made it too claustrophobic n nature (Dontigney, 2015).
From the point of view of Etiko, I would suggest that the third option is the best taking into consideration the company’s financial constraints. The company is pioneered towards establishment of an organic fashion trend in Australia which is its USP. The company’s mission is to products goods which are environment friendly and are not produced by exploiting the human capital or harming the environment. The motto that Etiko has is a rarity and it aims to concentrate on those customers who understand the values of human resource and the environment. Those who are inclined towards protection of the environment will understand the benefits of using Etiko products. Further it provides employment opportunities in countries like India, Pakistan and Sri Lanka thus trying to pull them above the poverty line. The company however does not believe in compromising on their quality of products and also produces goods that may attract the masses(DeSilva, 2015).
Being an environment friendly manufacturer of fashion wear, the company with its limited resources should concentrate on branding by the use of digital media. It is the widest platform available at present which ensures easy reach. Facebook, LinkedIn, Twitter tweets as well as podcasts. It is very difficult for the company to advertise using print media because of its high cost and ignorance amongst the young group of targeted customers. Its ‘cool’ products are mainly designed to provide comfort as its main ingredient (Snedeker, 2016).
According to me, Etiko should formulate a strategy to first and foremost identify its customer base. This can be done by conducting various campaigns across Australia, educating people about how they are helping the poor and under developed indirectly by paying a little extra. Comparisons should be made in a pictorial format which should be floated in facebook as well as twitter. I would also recommend the company to distribute some free samples to enable people to get a feel of the quality of the product and thus understand the uniqueness that it has to offer on the platter (Head, 2014). The next step that Etiko should take is to hire the people internally to participate in these campaigns and feedback processes with the external customers which would enable to save cost as well as provide the customers with first hand information to all their queries.
Formation of a small club or a committee and inviting consumers who have an inclination towards ‘Green Australia’. The most important aim of the company is to enter the market where people care about the workers and the environment. In such a scenario one of the best ways to promote the brand further would be by entering into collaborations with those organizations and NGOs who are dedicated towards safety of the environment and human rights (Chapman, 2016). These should have to be adequately highlighted in the digital media by the company so that its work is adequately exposed to the other consumers as well who are yet not inclined towards protection of the human rights and environment. This can possibly convert some customers towards thinking about saving the surroundings in which they reside by creating an awareness program (Zwiling, 2011). Lastly to ensure that these work well the chronology should be understood and a catchy tag line which is the need of the present hour should be designed which would be enough to reiterate the unique identity of Etiko by itself.
Thus Etiko should undertake various small methods and marketing gimmicks which would help it to drive the force slowly but steadily and at the same time keeping in mind the cost constraint that it has. The main issue which the company recently faces is lack of awareness amongst the masses. The same can be done by adoption of digital marketing mingled with personal campaigning and awareness programs. Therefore Etiko can create a stark brand value with the limited resource that it has simply by adopting these small methods rather than investing its finances into one kind of a marketing methodology. This also would ultimately give an alternative to the company in case of failure of any one marketing strategy.
Carter, J. (2016). Walking the Walk- How Etiko Became One of Australia’s Most Ethical Brands. Featured, People. Retrieved from https://goodonyou.org.au/etiko-leading-the-way/
Chapman, G. (2016). Marketing Strategies and Tactics. Retrieved from https://www.google.co.in/search?newwindow=1&biw=1242&bih=606&q=unique+marketing+strategies+for+small+business&sa=X&ved=0ahUKEwiy1ZyrmdzOAhWLQ48KHQ_eCgMQ1QIIkAEoAA
DeSilva, D. (2015). How Small Business owners can get started with online marketing. Financial Review. Retrieved from https://www.afr.com/it-pro/how-small-business-owners-can-get-started-with-online-marketing-20150220-13kelt
Dontigney, E. (2015). Adaptation Marketing Strategy. Retrieved from https://smallbusiness.chron.com/adaptation-marketing-strategy-71691.html
Head, G. (2014). 5 Keys to a Great Small Business Marketing Strategy. Retrieved from https://smallbiztrends.com/2014/09/5-keys-great-small-business-marketing-strategy.html
Lavinsky, D. (2013). Is Traditional Marketing Still Alive.? Forbes. Retrieved from https://www.forbes.com/sites/davelavinsky/2013/03/08/is-traditional-marketing-still-alive/#1b8b55a42f38
Snedeker, B. (2016). Cost-Effective Guerilla Marketing Strategies for Small Businesses. Retrieved from https://learn.infusionsoft.com/marketing/advertising/guerrilla-marketing-strategies-for-small-businesses/
Zwiling, M. (2011). Good Entrepreneurs Can Grow a Business Without a Large Budget. Business Insider. Retrieved from https://www.businessinsider.com/entrepreneurs-build-big-dreams-without-big-money-2011-5?IR=T
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