Indigo had good marketing strategies for its products prior to the pandemic

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Indigo had good marketing strategies for its products prior to the pandemic

The strategies were largely focused on gearing the company towards its vision of “Making connections, creating Experiences”, and towards their mission of inspiring customers

The company’s marketing strategies were being shaped by its marketing goals and objectives of not only serving their customers in the best way possible, but also ensuring that it provides them a lifetime experience of physical world of books 

Strengths

Brand Image: Indigo has had a very strong brand image, and the network of its customers very well established too.

Higher Margins: Compared to the competitors the company has been posting relatively higher profit margins.

Wide geographical presence: The company is said to have a very extensive business network around the world, making it well known and easy for it to penetrate new markets.

Product diversification: Indigo has all along had the capacity to offer a wide range of brands (products) to different markets and customers based on need.

Skills and Talent management: Indigo has been prioritizing on identifying employee training needs and constantly organizing for workshops and seminars.

Weaknesses

Insufficient Investment into customer-focused services: The company has not been having sufficient focus on its customer-specific needs.

Business model: The company’s model as it is applied in the specialty industry can easily be imitated by competitors

Declining Market share: Indigo Books and music has recently witnessed a significant decline in its market share (level of attractiveness), occasioned by the reduced revenues and profitability

Low loyalty among the suppliers: Indigo is currently experiencing a reduced loyalty from its suppliers since given its history in the market, and the standards of operations, it hasn’t been possible for its supply chain to drive down prices to accommodate a good number of them

Opportunities

Wide adoption of online marketing: Owing to the current advancements in technology, and the movement threats posed by the pandemic

Reducing the cost of new product launch

Migration of customers to higher end products: This is a good chance for Indigo, and since it has a strong brand recognition in the market, to consider upgrading its existing products

Tough government regulations: The ever increasing and changing government regulations have seen many weak market players, un-organized firms, and aspiring new entrants keep off.

Threats

Unstable political climate: The ever changing political environment within the major markets, including the current war in Ukraine and Russia as well as the US-China trade war can substantially affect the operations of the company both domestically and internationally.

Competition: The pressure posed by the industry rivals such as Barnes & Noble Booksellers Inc., and Hudson’s Bay Company (HBC) can potentially limit the rate at which Indigo responds to the needs of the niche market that these rivals focus on

Advancement in technology: The growing technological expertise of many players especially in the export trade can potentially lead to the loss of the Intellectual Property Rights (IPR) by Indigo.

A description of the Companies

Mastermind Toys:

-Founded in 1984 by Andy and Jonathan, Mastermind toys is a Canadian based chain of toy stores. The company deals with the distribution and sale of not only toys but also children’s books and has until present, grown to become one of the biggest specialty toy and children book stores in Canada.

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Hudson’s Bay Company (HBC)

-Yet another Canadian based multinational business company which was formed in 1670 but consistently underwent transformations and growth to its present state also operate in the specialty retail market. Based on the age factor as well as the current revenue level, HBC tops the Canadian retail market, where it provides products such as home, beauty, and sport/toy-related items such as beddings, furniture, footwear, and general housewares.

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Barnes & Noble Inc.,

-The company was established by William Barnes and Clifford Noble in 1886, and operates in the Bookselling sector of the specialty retail market. Barnes & Noble is an American based firm, a Fortune 1000 listed Bookseller that operates up to 614 retails stores across all the 50 states. Specifically, Barnes & Noble Inc., deals with the selling and distribution of books, toys, CDs, DVDs, Magazines, games attire, stationery, and encyclopedias. All these companies technically focus on specialty retail products, with books and toys cutting across board in addition to marketing and selling to the same markets. It therefore means that all these have been a great threat to the operations and success of Indigo in its global markets.

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