Harvard Case - Lidu Liquor Co. Ltd.: Immersive Experiential Marketing
"Lidu Liquor Co. Ltd.: Immersive Experiential Marketing" Harvard business case study is written by Haibo Hu, Huaiyuan Han, Tao Huang, William Wei, Meiju Fei, Haitao Lu, Fan Yu. It deals with the challenges in the field of Marketing. The case study is 11 page(s) long and it was first published on : Sep 8, 2021
At Fern Fort University, we recommend Lidu Liquor Co. Ltd. adopt a multi-pronged approach to experiential marketing that leverages digital marketing and social media to create a unique brand experience and drive consumer engagement. This strategy will involve a combination of innovative product launches, strategic partnerships, and immersive events to solidify Lidu's position as a premium, high-quality liquor brand.
2. Background
Lidu Liquor Co. Ltd., a Chinese liquor producer, faces the challenge of expanding its market share in a competitive industry. The company currently enjoys a strong reputation for its high-quality products but struggles to connect with younger consumers who are increasingly drawn to brands that offer unique experiences and a strong online presence. This case study explores how Lidu can leverage experiential marketing to bridge this gap and achieve sustainable growth.
The main protagonists are:
- Mr. Li, the CEO of Lidu Liquor Co. Ltd., who is determined to expand the company's reach and attract a younger audience.
- Ms. Zhang, the marketing manager, who is tasked with developing a new marketing strategy to achieve Mr. Li's vision.
3. Analysis of the Case Study
SWOT Analysis
Strengths:
- Strong brand reputation: Lidu enjoys a well-established reputation for quality and craftsmanship.
- Established distribution network: The company has a strong presence in China, with a well-developed distribution network.
- Loyal customer base: Lidu has a loyal following among older consumers who appreciate its traditional values and high-quality products.
Weaknesses:
- Limited reach among younger consumers: Lidu struggles to connect with younger generations who are more digitally savvy and seek unique experiences.
- Lack of a strong online presence: The company has a limited online presence, which hinders its ability to reach new customers.
- Traditional marketing approach: Lidu's current marketing strategy relies heavily on traditional channels, which are less effective in reaching younger audiences.
Opportunities:
- Growing demand for premium liquor: The Chinese market is experiencing a growing demand for premium liquor products.
- Rise of experiential marketing: Experiential marketing is gaining popularity as a way to create memorable brand experiences and drive consumer engagement.
- Digital marketing and social media: Digital channels offer a powerful platform to reach younger consumers and build brand awareness.
Threats:
- Intense competition: The Chinese liquor market is highly competitive, with numerous established and emerging brands vying for market share.
- Changing consumer preferences: Consumer preferences are constantly evolving, and Lidu needs to adapt its marketing strategy to remain relevant.
- Economic fluctuations: Economic uncertainties can impact consumer spending and affect the demand for premium liquor products.
Marketing Mix (4Ps)
- Product: Lidu should consider developing new product lines that cater to the preferences of younger consumers, such as flavored liquors or limited-edition releases.
- Price: The company should maintain its premium pricing strategy while exploring opportunities for value-oriented offerings to broaden its appeal.
- Place: Lidu should expand its distribution channels to include online retailers and e-commerce platforms to reach a wider audience.
- Promotion: The company should invest in innovative marketing campaigns that leverage experiential marketing, digital channels, and social media to create engaging experiences and build brand awareness.
Consumer Behavior Analysis
- Target Market Segmentation: Lidu should segment its target market based on demographics, psychographics, and behavioral factors to tailor its marketing messages and experiences.
- Consumer Insights: The company should conduct thorough market research to understand the needs, preferences, and motivations of its target audience.
- Brand Positioning: Lidu should strive to position itself as a premium, high-quality liquor brand that offers unique experiences and connects with younger consumers on an emotional level.
Competitive Analysis
- Benchmarking: Lidu should analyze its competitors' marketing strategies, strengths, weaknesses, and target audiences to identify opportunities for differentiation.
- Competitive Advantage: The company should focus on developing a unique value proposition that sets it apart from competitors and resonates with its target audience.
4. Recommendations
1. Implement an Immersive Experiential Marketing Strategy:
- Create engaging events: Lidu should host immersive events that showcase its brand heritage, craftsmanship, and products in a unique and memorable way. These events could include cocktail masterclasses, distillery tours, and art exhibitions.
- Leverage digital platforms: The company should utilize digital marketing channels like social media, websites, and mobile apps to promote its events, share behind-the-scenes content, and engage with consumers.
- Partner with influencers: Lidu should collaborate with relevant influencers and tastemakers to reach a wider audience and build brand credibility.
2. Develop a Digital Marketing Strategy:
- Build a strong online presence: Lidu should create a user-friendly website and social media profiles that showcase its brand story, products, and events.
- Develop engaging content: The company should create high-quality content that resonates with its target audience, including videos, blog posts, and interactive experiences.
- Utilize targeted advertising: Lidu should leverage digital advertising platforms to reach specific consumer segments based on demographics, interests, and online behavior.
3. Enhance Product Development and Innovation:
- Introduce new product lines: Lidu should consider developing new product lines that appeal to younger consumers, such as flavored liquors, ready-to-drink cocktails, or limited-edition releases.
- Focus on sustainability: The company should prioritize sustainable practices in its manufacturing processes and packaging to appeal to environmentally conscious consumers.
- Embrace technology: Lidu should explore the use of technology to enhance its production processes, improve product quality, and create innovative consumer experiences.
4. Build Strong Customer Relationships:
- Implement a CRM system: Lidu should invest in a CRM system to track customer interactions, personalize communications, and build long-term relationships.
- Develop loyalty programs: The company should create loyalty programs that reward repeat customers and encourage ongoing engagement.
- Provide exceptional customer service: Lidu should prioritize providing excellent customer service through all channels to build brand trust and loyalty.
5. Basis of Recommendations
These recommendations are based on a thorough analysis of Lidu's strengths, weaknesses, opportunities, and threats, as well as an understanding of consumer behavior, competitive dynamics, and emerging trends in the liquor industry. They are aligned with the company's mission to expand its market share and attract a younger audience.
Key Assumptions:
- Younger consumers are increasingly interested in brands that offer unique experiences and a strong online presence.
- Experiential marketing is an effective strategy for engaging younger consumers and building brand loyalty.
- Digital marketing channels offer a powerful platform to reach target audiences and build brand awareness.
Quantitative Measures:
- Return on Marketing Investment (ROMI): Lidu should track the ROI of its marketing campaigns to ensure that its investments are generating a positive return.
- Brand Awareness: The company should monitor its brand awareness metrics, such as social media engagement, website traffic, and media mentions, to assess the effectiveness of its marketing efforts.
- Sales Growth: Lidu should track its sales growth to measure the impact of its marketing initiatives on revenue.
6. Conclusion
By adopting a multi-pronged approach to experiential marketing, Lidu Liquor Co. Ltd. can effectively reach a younger audience, build brand loyalty, and achieve sustainable growth. The company's commitment to innovation, digital marketing, and customer engagement will enable it to thrive in a competitive market and establish itself as a leading player in the premium liquor industry.
7. Discussion
Alternative Options:
- Traditional marketing campaigns: Lidu could continue to rely on traditional marketing channels such as television advertising, print media, and outdoor advertising. However, these channels are less effective in reaching younger consumers and may not be as cost-effective as digital marketing.
- Product diversification: Lidu could focus on diversifying its product portfolio by introducing new product categories, such as spirits, wines, or beers. However, this would require significant investment and could dilute the company's brand identity.
Risks and Key Assumptions:
- Consumer preferences may change: The company's marketing strategy should be adaptable to changes in consumer preferences and trends.
- Competition may intensify: Lidu needs to be prepared to compete against established and emerging brands in the liquor industry.
- Digital marketing effectiveness may decline: The company should monitor the effectiveness of its digital marketing campaigns and adjust its strategies as needed.
8. Next Steps
Timeline with Key Milestones:
- Month 1: Conduct market research to identify target audience and competitive landscape.
- Month 2: Develop a comprehensive marketing strategy incorporating experiential marketing, digital marketing, and product innovation.
- Month 3: Launch initial digital marketing campaigns and social media presence.
- Month 4: Host first experiential marketing event to showcase brand heritage and products.
- Month 6: Evaluate initial marketing initiatives and adjust strategies as needed.
- Month 12: Implement CRM system and loyalty programs to build strong customer relationships.
By following these recommendations and implementing a well-defined action plan, Lidu Liquor Co. Ltd. can successfully navigate the challenges of the Chinese liquor market and achieve its growth objectives.
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Case Description
The general manager of Lidu Liquor Co. Ltd. (Lidu) was considering the next phase of the company's marketing plan. From 2016 to 2018, unit sales had risen from ¥80 million to ¥300 million, largely due to Lidu's unconventional marketing programs. But by mid-2019, national and domestic brands had noticed Lidu's success. With competition increasing, Lidu's future growth might not come as easily. The general manager wondered how best to modify the company's immersive experiential marketing plan so that Lidu could stay ahead of the competition.
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