Introduction
The market for the socks has continuously grown in the global market. Between 2016 to 2020, the socks demand has risen, increasing sales by 4.5 percent worldwide (Persistence Market Research, n.d.). The demand for socks is further expected to increase by 6 percent between 2021 and 2030. The socks market size was valued at 42.2 billion dollars in 2018 (Grand View Research, 2019). This rise was influenced by increased awareness of specialized socks due to the rise in health awareness and the rising demand for fitness. Happy sock is one of the Swedish brands leading in the production of socks nowadays. The company was incorporated in 2008 by Mikael Söderlindh and Viktor in the Swedish capital Stockholm. At the time, a few brands were involved in producing the socks. Most of the companies selling socks were selling them as second apparel bought together with shoes.
Happy Socks changed the industry by introducing socks in various colors and prints, unlike what other companies did, which produced dull. The company has managed to gain entry into different global markets. It has its presence in more than 90 countries, with international offices in Germany and the United States and over 100 stores globally (Bernhardsson et al., 2019). It is estimated that in 2018 the company managed to sell several pieces of socks and introduced a swimwear line. The company managed to gain international recognition and expansion due to a partnership deal they signed with Palamon Capital. The company acquired most of the shares in 2017, which enabled the company to set up stores in other countries.
Target market
Demographic Targeting
In 2018 men were the major consumers of the socks in the global market. Men accounted for the largest share of the global socks market at 63.2 percent (Grand View Research, 2019). Social media videos also played an important role which led to the growth of the market with influencers posting videos that encourages men on how to groom excellently. This has championed the spending on good shoes and accessories such as socks. On the other hand, the women segment is also expected to grow at 6.7 percent from 2019 to 2025 (Grand View Research, 2019). According to a report by the world bank, about 40.8 percent of women are working globally, and this number is expected to grow (Grand View Research, 2019). This will further widen the market and demand for quality socks globally.
Most of the company’s campaigns are aimed at people of all ages, from older people to young children. In the United Kingdom, Germany, and the Netherlands, the company targets people between 18 to 65. The company has experienced tremendous growth in Europe and America with its successful brands of socks and newly introduced swimwear segment. This growth can be attributed to the company’s influence on millennials. The population of millennials was estimated to have risen by 24 percent in 2020 (U.S. Census Bureau, 2021). This group is highly influential and technologically able, with a large presence on social media and other online platforms.
Happy Socks Social Media Analysis
Various companies have employed social media as one of the key tools in marketing. Social media has positioned itself as the best tool companies can utilize to meet and engage customers. Companies like happy conduct marketing and meet prospective clients on social media platforms, including Facebook, Twitter, Instagram, and Google. The main aim of using social media for the company is to meet new customers, maintain its old customers, and train its customers about its products. The company also influences people’s views about their rival products and lures them into buying their brands (Ogilvie et al., 2018). The company also aims to expand its customer base and satisfy their long-term needs.
The company has around 943,221 followers on its official Facebook page and uses it to run promotion and marketing campaigns. Through Facebook, the company has managed to meet its sales target through the publicity campaigns that target teens and youths through ads that it has been running through its social media from time to time. Happy Socks has achieved this due to the enormous number of followers on Facebook. The company has managed to produce products of high quality, therefore, positioning itself as a premium brand for underwear and socks for every event, attitude, and style.
Apart from the teens and the millennials, the company wanted everyone to become aware of its existence. Therefore, it partnered with Facebook and Instagram to gain global attention for its brands. The company also targeted to increase the purchase of its products by inspiring people through Facebook and Instagram by working closely with content creators. Through collaboration, it worked with content creators to run an ad on Facebook and Instagram, such as the Happy Holiday ad.
Twitter is also an excellent social media platform to conduct promotional activities. Compared to Facebook, Twitter has a relatively small audience. However, Twitter has proved to be among the favorite social networks. Twitter is always associated with real-time marketing due to its excellent features, such as trends that companies like Happy Socks can tap on to go viral when promoting their brands. Most companies, while using Twitter, usually open twitter pages for particular brands within their brand lines. Unlike other brands that use Twitter to engage their clients, Happy Socks depends on twitter to run ads and campaigns to promote their brands. Recently the company partnered with a Swedish YouTuber, PewDiePie, to launch their custom line of products. This exposed the company brand to massive followers of YouTubers online and the influence he has over 50 million followers on YouTube.
Like Twitter, the company operates numerous official accounts on Instagram; some are dedicated to promoting specific products from the company, while others are ideal for clients in specific countries. Instagram marketing involves the use of photos and videos. Happy sock’s main account has about 23 thousand followers. The company engagement level on Instagram is the same as on Facebook as the company shares the same ads on these two platforms, even though Facebook has more users than Instagram. The company’s photos and videos posted online on Instagram always receive thousands of likes and several responses. This indicates that the company engages its audience well on Instagram. This engagement with the audience in social media indicates that the company brands have grown in popularity. Happy Socks usually posts photos and videos as a marketing campaign which is always great for engaging prospective customers.
Happy Socks use multichannel strategies to reach its targeted audience and broaden its customer base. With about 777,000 and 973,000 followers on Instagram and Facebook, the company has the potential to increase its market share due to its extra marketing potential to push its agendas to the audience. However, the company fails to engage its followers due to weak dialogue. The company only posts ads and does not attempt to engage clients in the comment section. The company writes things or posts videos or pictures that require fans and other followers to comment on, but they fail to respond to the followers; this may damage the company’s reputation.
The customers always talk about the products on social media posts, whether the business responds or not. The company needs to improve its reputation by analyzing social media posts. Happy Socks needs to select the most crucial post about its brand, highlighting the positive and addressing the negative response before it becomes a significant issue. Politely and professionally, the company will share its side when an allegation is made about its product or brands, which can negatively impact the market. The business also needs to appreciate those who praise their brands on social media platforms by sharing their thoughts. Social media managers usually respond to posts only when necessary.
Conclusion
Happy Socks has always been keen on using various methods to promote its brands in the market. Currently, the company has involved various media in reaching prospective buyers. The company has employed social media as one of the key tools in marketing. Social media has positioned itself as the best tool companies can utilize to meet and engage customers. Happy Socks conducts marketing and meets prospective clients online through; Facebook, Twitter, Instagram, and Google. The main aim of using social media for the company is to meet new customers, maintain its old customers, and train its customers about its products.
The company also influences people’s views about their rival products and lures them into buying their brands. The company also aims to expand its customer base and satisfy its long-term needs. Happy Socks use multichannel to reach its targeted audience and broaden its customer base through the same channels. However, the company has failed to deliver its campaign messages to the targeted audience because the message they are trying to deliver to the audience is not very strong enough. Also, the company fails to engage its followers due to weak dialogue.
Recommendations
- The company can improve its reputation by analyzing social media posts by selecting the most crucial post about its brand, highlighting the positive and addressing the negative response before it becomes a significant issue.
- The company can use social media to engage clients by asking them questions that can start the conversation. Still, the company must ensure that it avoids asking questions that can lead to negative publicity and can damage the company’s reputation.
- The company can continue with social media conversations with the clients and fans and follow up the conversation with the clients. The company can employ a social media manager who will write things or post videos or pictures that require fans and other followers to comment. The company’s social media manager can be tasked to respond to the fans on a timely basis.
References
Bernhardsson, B., Klamkin, M., & Lindsjö, A. (2019). The Swedish path to retail expansion: A multiple case study of swedish retailers.
Global market study on socks: Mass brands to account for larger market share across the world. (n.d.). Persistence Market Research. Web.
Global socks market size, share: Industry analysis report, 2019-2025. (2019). Market Research Reports & Consulting | Grand View Research.
Happy socks. (2021). Happy holiday. Web.
Ogilvie, J., Agnihotri, R., Rapp, A., & Trainor, K. (2018). Social media technology use and salesperson performance: A two study examination of the role of salesperson behaviors, characteristics, and training. Industrial Marketing Management, 75, 55-65.
U.S. Census Bureau. (2021). Improved race and ethnicity measures reveal U.S. population is much more multiracial. The United States Census Bureau. Web.