How New Balance Reinvented Themselves...
Over the last few years New Balance has been able to reinvent itself as one of the most in-demand shoe brand. Here's how...
New Balance is a global athletic footwear and apparel company that has successfully reinvented itself multiple times since its launch in 1906. The company's history is full of ups and downs, but it has managed to evolve and adapt to changing market trends and customer preferences, making it one of the most successful sports brands in the world.
In recent years, New Balance has focused on reinventing itself by prioritising innovation, diversification, and customer engagement. These efforts have allowed the brand to stay competitive and relevant in an increasingly crowded market.
New Balance reinvented itself by expanding its product lines beyond athletic shoes. They tapped into streetwear and athleisure culture rather than focusing solely on shoes for athletes. Their shoes now appeal to a much wider audience, helping them expand beyond the traditional athletic market. Their smart collaborations with relevant brands like Aimé Leon Dore, Salehe Bembury, Stone Island, Miu Miu and Stussy have attracted a younger and more diverse audience.
With Gen Z constantly redefining what cool means and going against social norms, ‘Dad Shoes’ have become a major fashion statement for this generation and New Balance caught onto this current fashion trend. Also with the growing difficulty of getting sneakers and resellers making life difficult for everyone. New Balance posed as a great alternative to Nike, they’re now cool, stylish and fairly accessible.
They also leveraged their brand ambassadors to attract a younger audience. In 2022 New Balance signed a deal with music artist Jack Harlow, who has been a lifelong fan of the brand.
'I have been rocking New Balance since I was a kid, so to officially join the brand in this way is really exciting,' Jack Harlow.
Personally I believe this is a great brand partnership because Jack Harlow is New Balance’s target customer, and his audience is also New Balance’s target audience. Jack is able to reintroduce New Balance as a cool stylish shoe to his audience and influence his fans to purchase. Also, him being constantly seen in music videos, on tour or on his social media channels wearing New Balance sneakers grows New Balance’s brand awareness to this new young audience they want to capture.
New Balance has also tapped into the power of athlete brands, with the likes of Bukayo Saka, Raheem Sterling, Harvey Elliott, Timothy Weah being on their roster. New Balance creates authentic and engaging content that resonates with its audience using their athletes. Also capitalising on huge sporting moments like the World Cup with Raheem Sterling wearing the Stone Island x New Balance boots when England faced Iran.
New Balance has recently partnered with football fashion platform Footballer Fits, showing an insight into these athletes' wardrobes and how they style their New Balance trainers. New Balance associating their brand with these athletes brings a sense of humanity to the brand. Athletes ignite passion and dedication in their fans, two things that businesses can use to their advantage through athlete partnerships.
New Balance's reinvention efforts have paid off in recent years. The company reported that their year over year sales have increased by 115% in 2022. GOAT and Flight Club report that New Balance is currently the fifth-selling brand and comes in fourth as the most in-demand shoe brand.
In conclusion, New Balance has successfully reinvented itself by focusing on innovation, brand partnerships, and diversification. The brand's commitment to research and development, sustainability, and digital marketing has allowed it to stay competitive and relevant in an ever-changing market. As a result, New Balance continues to grow and thrive as one of the world's most iconic sports brands