Marketing Strategy and SWOT analysis of Verizon
Verizon is a telecommunications and broadband corporation based in the United States. After the company and Verizon were renamed Bell Atlantic in 1997, it was founded in 1984. The firm is in charge of delivering Internet and phone services to small enterprises and individuals. Verizon serves corporate and government clients in more than 25 countries across the world. Verizon has been a prominent provider of advanced communications and information technology since it acquired MCI in 2006. To figure out Verizon’s secret to success, we’ll look at the company’s SWOT analysis.
Before we move on, first, let’s look at the company’s Mission and Vision Statements.
Verizon’s Mission statement is “We deliver the promise of the digital world to our customers. We make their innovative lifestyles possible. We do it all through the most reliable network and the latest technology.”
There are several main aspects highlighted by Verizon in its mission statement. First and foremost, they talk about the “pledge of the digital world”. It refers to the company’s efforts to ensure that its services reach every corner of the country.
Another aspect is making “revolutionary lifestyles feasible“, which is the company’s way of implying that its penetration of nearly everyone’s homes and pockets will improve their quality of life. People with a Verizon wireless connection, for example, can get high-speed Internet even if cable television isn’t available.
Verizon’s Mission statement is “to inspire tomorrow’s creators to use technology to build brighter futures for themselves, their families, and the world.”
Verizon’s mission is to enable people to share their works with the rest of the world and profit from them. Verizon’s goal is to make it simple for anybody and everyone to use the Internet to do a job doing something they enjoy. As a result, Verizon’s LTE network enables people to use the Internet to operate as commission agents and outsourcers.
Moving on, we will find out what positioning strategies Verizon uses for its branding.
To do so, we will look at one of the recent posts made by Verizon.
The unexpected burst of the COVID-19 pandemic made a lot of companies/businesses do go down. Everything has been online for more than two years already. The only way people could keep up with their businesses and education was by moving online.
The principal hopes were on networking. This post that Verizon has shared on their Instagram post touches upon the trouble of getting a proper education. #CitizenVerizon was launched during the pandemic burst of COVID-19, the main goal of which was to make high-speed and high-quality Internet available for everyone.
Since the world is still struggling with coronavirus, here, in this post, Verizon reminds their audience, especially the students. The company has planned to exceed the investment of 3 million dollars and provide high-speed Internet for everyone.
As a famous networking company, Verizon makes customers believe that they are taking care of their customers.
For instance, taking the risk and investing more than three million dollars can be very risky and dangerous for the business because you never know how things might go on, what can happen to the country’s economy, and whether the customers won’t decrease.
Even though someone might claim that Verizon incorporates with many other companies and it owns many shops all over America, still this is not a fair argument to say and to claim that the business of Verizon is safe and sound. Let’s not forget that the COVID-19 situation in America is getting worse and worse day by day.
The cases are getting doubled, more people die, the restrictions become stricter, and many companies like Verizon have to manage to survive to serve their customers and help as many people as they can.
Notwithstanding these aspects, Verizon takes the risk and promises good service for those who will choose to use their networking during the pandemic.
Hence, on this note, we can admit that Verizon belongs to Caregiver Archetype.
Desire: keep customers in safe
Goal: support as many people as possible
Strategies: do good for others
And here are some of the main notes that we can get from the Caregiver Archetype:
Level One: making sure who is in need
Level Two: taking care of and providing for one’s dependents
Level Three: utilizing self-care with other people’s needs
Level Four: concern of the larger community, benevolence
The Caregiver Archetype can be provided to a company/organization only if:
- customer service gives you a leg up over the competition.
- the company assist families or are identified with nurturing
- there are available offerings in the fields of health care, education, and other forms of caregiving and politics
- it assists individuals in remaining connected to and caring about one another
- there are charity activities and non-profit causes
Moving on to the fun part! More precisely, the SWOT Analysis of Verizon.
Strengths:
Dominance at Market: Verizon is the most powerful and largest wireless carrier in the United States in terms of network strength and market share. As the sector’s leader, Verizon wields enormous power over legislation that affects the communications industry and can use its privileged position to forward its goal.
Worldwide Operations: Verizon has 150 offices across North America, Europe, Latin America, and Asia-Pacific, offering telecommunications, network management, security, and IT services. It has an IP network in 2770 cities around the world.
Finances in the decent form: Having vast financial resources is a significant advantage since it allows firms to obtain all they require to compete more successfully. Verizon is the third most lucrative public business in the United States in terms of profitability.
Exceptionally unique: Satisfying technologically spoiled digital-age consumers entails more than just providing bare-bones features. Verizon is a leader in innovation, offering some of the most innovative technologies and services in telecom, from 4G LTE to 5G network, VoIP, and Fios.
Superb Brand: Verizon has focused on developing a valuable brand since its inception. Forbes recognized it as the 19th most valuable brand in the world in 2019, and Fortune 500 listed it as the 43rd strongest brand internationally.
Business Strategy That Functions: Companies can differentiate themselves in a competitive market with little distinction between competitors by using extensive and imaginative marketing. Verizon is known for its innovative marketing strategies and customer-focused incentives.
Smart Transactions: Verizon’s smart acquisitions have aided its growth greatly, from AOL to Alltel, Yahoo, and BlueJeans for $500 million.For example, Verizon’s acquisition of Alltel allowed them to become the industry leader with the most significant market share.
Weaknesses:
Over-reliance on the US market: Overdependence on the US market exposes the company to market problems and harms the bottom line. Verizon, for example, lost 68,000 wireless subscribers and had to cut its income prediction for 2020.
Weak media: Customers expect businesses to protect their personal data and information. When consumers’ data is disclosed or stolen by cybercriminals, the company’s brand and confidence are tarnished. When the data of millions of customers was released, Verizon’s reputation was tarnished.
Additional Data Fees: Customers are only interested in paying for what they have used or will use, which is reasonable. However, some phone companies, such as Verizon, insist on charging more for additional data.
Trust Abandonment: Between a firm and its clients, there is an unspoken pact. It is difficult to rebuild trust once it has been damaged or broken. Verizon violated the terms of the agreement by selling customer phone location data to third parties, including law enforcement organizations.
Diversification is sorely missing: Putting your eggs in multiple baskets spreads the risk and minimizes losses if something goes wrong with one of them. Verizon is involved mainly in the telecommunications industry. The corporation could lose a lot of money if the sector suffers a collapse.
Opportunities:
Take use of videoconferencing: Demand for technologies that facilitate work-from-home and remote work has soared, with businesses such as Zoom capitalizing on the opportunity. Thanks to its recent acquisition of BlueJeans, Verizon is also in this field and should focus on capitalizing on the prospects.
Spread Across the Globe: The global marketplace offers additional prospects for growth regardless of industry or type of business. Outside of the United States, Verizon only provides network management, security, and IT services to companies and agencies. It should make its wireless services available to clients all over the world.
Growth by Buyout: In 2008, Verizon increased its market share by acquiring Alltel, allowing it to surpass AT&T. After T-merger Mobile’s with Sprint was completed, Verizon needed to develop another smaller wireless carrier to safeguard its market share from the more vital combination.
Broaden Investment Portfolio: Beyond telecoms, there are other potential related to Verizon’s 5G network, such as augmented reality, smart cities, driverless vehicles, and so on. With the coming of 5G, Verizon should take the initiative and improve long-term sustainability.
Threats:
The intensity of rivalry: Verizon, AT&T, and T-Mobile are the top and strongest competitors in the US telecommunications industry. Verizon has traditionally concentrated on fending off AT&T, but now it must work much more challenging to safeguard its market share against T-Mobile, which is becoming increasingly formidable.
Rigid standards: The sensitive nature of information sent through telecoms, from business negotiations to secret affairs, need stringent laws to protect users. Verizon’s operations and profitability could be harmed if the government imposes more strict telecoms regulations.
Data Breach and Cyberattacks: Hacking and data leaks are common among telecommunications corporations, resulting in millions of dollars in litigation and settlements. In 2017, Verizon consumers’ personal information was exposed due to a misconfigured security setting.
Looking for a Slump: As a result of the pandemic’s economic devastation, the entire world has entered a worldwide recession. Verizon’s profitability is in jeopardy as the downturn approaches.
We completed Verizon’s SWOT analysis. Each part has a particular meaning that shapes the company’s growth, regress, and downfall. The firm should conduct paying attention to it to understand what threats they may encounter both inside and outside of Verizon.
Lastly, let’s find out who is the target audience of Verizon.
To do so, we will watch one of Verizon’s advertisements.
In this short commercial, the audience gets a chance to get to know the top #1 characteristics that make Verizon famous; “number one in three open signal mobile experience, number one in streaming, number one in the network…”. These are some of the basic but the most essential aspects that make a networking company succeed. These ‘ tech characteristics help people to be in touch with each other, to do their job correctly, and most importantly, be fully satisfied that this specific wireless network operator will last long.
Besides these aspects, if we pay close attention to the people who participated in the commercial, we can see ordinary people who care about their network for their personal needs. They want to be sure they can trust the company, and later on, if a new iPhone, for example, or any other device gets updated and they would like to get it, they want to be sure that they can do their further shopping there.
The characteristic features that we found in the commercial indicate that Verizon targets the Sharers.
Unique data about Sharers:
Quote: For a more fulfilling existence, be adventurous and friendly for everyone.
Goal: Maintain positive connections with your surroundings.
Fear: Being let down by close friends and family.
Sharers are among the most altruistic and trustworthy individuals. For them, family comes first, followed by friends, and finally job. They are willing to put their work or friends on hold for the sake of their family at any time.
They are dependable at work and are the most extraordinary professionals in their area because they do not change their responsibilities or workplace.
Their career progression is gradual, and there are times when their career does not progress for a long time. They don’t want to jeopardize their family values to achieve greater prosperity.
These people are usually very person-centered, have strong relationships with everyone, and have no family or friendship difficulties or contradictions.
Sharers are ‘big shoppers’. It’s like their method of expressing themselves. They enjoy the process of learning about new items, trends, and brands. When their family or friends join them, they become even more enthused.
When it comes to periodicals or newspapers, people like those that provide product samples. They frequently swap brands because they’re curious and want to try something new.
To recap, we were able to effectively review Verizon’s marketing strategies and SWOT analysis. We emphasized the company’s target market, including its capabilities, weaknesses, and threats. I believe this has provided you with a proper insight into Verizon.
For more posts like this, check out our Homepage!
