Introduction

Marketing Strategy
Marketing strategy is defined as a business plan of company which is used to reach towards consumers in a specific/target market and make them customers of its products or services. A marketing strategy is important for a company to increase its value proposition and provide information about the key branding of the products in the market. At the same time, a marketing strategy is very helpful in the improvement of the business in the perspectives of increasing market share and financial profits of the company (LOpez, 2020). At this stage, a marketing strategy of the organizations is associated with achieving ultimate goals or objectives in the competitive market place. The marketing strategy of the company provides a strong base in the business operations to take sustainable competitive advantage and market share from its competitors for a long-time.

About Fitbit Company

Fitbit Company is the U.S. based wearable fitness industry’s Technology Company that has headquartered in San Francisco, California. Fitbit provides the digital technology as Smartwatches and activity trackers based on artificial intelligence technology to monitor health and fitness of the users (Fitbit, Inc., 2021). Additionally, Fitbit is dedicated to transforming the lives of the people associated with their health and fitness. This has influence Fitbit to build wearable fitness devices and helps a large number of customers tracking their daily activities and health and fitness through bringing amazing experiences. This company was established by Eric and James in 2007 with the key aim of improving the physical activities and health outcomes of the people (Fitbit, Inc., 2021). Therefore, Fitbit offers health and fitness wearable devices to the customers, including software and services.

Marketing Strategy of Fitbit

The growth of the Fitbit Company in the global market is generally based on its effective marketing strategy in which it revolves around the company’s value proposition. The marketing strategy of Fitbit helps to drive brand awareness, increasing revenue, and attracting a large number of customers in the market (Akopyan, 2017). Therefore, the marketing strategy of the Fitbit has helped to become the best selling fitness tracker in the global market that owns around 77% market share. The Fitbit has ability to gain competitive advantage through attributes and resources utilization in marketing strategy to perform at a higher level than others in the same industry. The marketing strategy of Fitbit is basically based on 4P’s framework that is also known as marketing mix strategy that influences the purchasing decision of a large number of customers and makes a value proposition of the company to take competitive advantage. Now, the marketing strategy can be described as below:

Product:
Fitbit has a strong brand presence in the wearable technology industry because of staying consistent with its already developed brand. Therefore, the product marketing strategy of the company is based on offering high-quality products and services to customers that helps in meeting their diverse needs of health and daily activities. Fitbit provides smartwatches, activity trackers, and other wearable devices to the global customers that is beneficial to the company as increasing revenue over time (Akopyan, 2017). In the product strategy of the Fitbit, different wristbands can be seen in the market offer to the customers, such as Fitbit surge, Fitbit Flex, Fitbit Charge HR, etc.

Further, the Fitbit wearable technology helps to manage different functions of the users, such as distance travelled, counting of heart rate, measures blood oxygen levels, leep quality, calories, counting steps, etc. This product strategy in the market reminds every consumer effectively that the health electronic device useful for long-term. In this scenario, Fitbit’s products keep pace with competitors in the global market and seize opportunities with effective creation of brand awareness (Akopyan, 2017). The wearable products of Fitbit create value in the market when marketing is conducted to optimize sales with a target audience. Moreover, the features of the fitness wearable devices of the Fitbit also attract customers in the market more than the rivals that are converted into potential customers of the company.

Pricing:
The odd-even pricing strategy is specifically utilized by the Fitbit in its marketing strategy in order to attract a large number of customers. This odd-even pricing strategy of Fitbit is very effective in raising the affordability perception among customers and making purchasing decision. For example, the retail price of Fitbit Versa is $159.95, but the company offers this product to the customers based on the list price that is $157.99. The pricing strategy of the Fitbit helps to maintain its competitive position in the market against large rivals, such as Apple, Inc, Xiaomi, Samsung, etc. At the same time, the pricing of the wearable products of Fitbit also appeal to B2B and healthcare organizations to adopt this product in their business operations and attracting a large customer base (Akopyan, 2017). Additionally, the cost effective and affordable pricing strategies of the company create an environment of competitive advantage against rivals in sales of the fitness devices.
Place:

In marketing strategy of the Fitbit’s wearable products, place is considered as extensive distribution strategies in order to sell the products directly and indirectly to the customers. The Fitbit has around fifty thousand retail stores in more than 50 countries that help to sell fitness products of the company. In the distribution strategies to increase sales with the help of retail stores assist in delivery of the products to final users or customers (Dorbayani, 2020). Apart from this, online platform of the Fitbit is also present that provides products conveniently to the customers, such as website of the company Amazon’s e-commerce site. At this stage, the affordable distribution channels of the company are very helpful to reduce its own retail stores and costs of running in selling of the products.

Promotion:
In marketing strategy of Fitbit, product promotion is conducted through advertisement using different promotional channels. The integrated marketing strategies of the company promotes the products and services with the help of advertising campaign, sales promotion, and marketing on social media in order to promote brand awareness and customer interest. The use of media platform is interesting to the company because of focus on video advertising to promote the products on Television (Dorbayani, 2020). The ads in magazines and newspapers are also utilized by the Fitbit to create awareness in the market effectively.

The presence of the company on social media platform is very strong because of using diverse hashtags, such as #ad, #giftfromfitbit, TeamFitbit, etc. This promotional activities of the company helps to promote awareness about brand and creating interests of the customers to make purchasing decision. Additionally, it has strong online retailing activities on Amazon and Flipkart to promote the products and attract a large number of customers (Dorbayani, 2020). The online presence of the company is also considered to offer the opportunity to the customers of posting their reviews associated with the wearable health devices.

The coupons and discounting strategies of the Fitbit are also implemented to market the products basically in the online sales channels that help to increase sales of different wearable devices and applications. The sales promotional initiatives and conducting events for the public and corporate are also some effective channels for promoting the wearable devices as social and community based marketing strategy. At this stage, Fitbit offers people to come and try the products and learn about their physical activities (Dorbayani, 2020). The events for the public and corporate provide opportunity to the company to increase brand awareness because the fitness centers and hospitals play the most important role in increasing sales of the fitness devices effectively when addressing their concerns and questions.

References

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