IKEA – we all know them and all love them! 

They have recently launched a campaign to lower prices on their most common products, which is making some serious waves. 

At a time when all we hear about is inflation and pricing increases, IKEA has decided to change the messaging and take a different approach. Not only have they decided to lower prices on specific items, but they have also chosen some of their most common items to lower the price. 

IKEA has said it has made an $80 million investment to reduce these prices. 

So how does this investment work, and what can you learn?

It’s fascinating to analyze this from a marketing perspective. 

Brand identity—IKEA has always prided itself on its commitment to providing quality items at an affordable rate. Positioning itself this way has encouraged millions of customers to see it as an inexpensive way to furnish their homes. It’s approachable, practical, and reliable.

This $80 million investment will further that brand identity like never before.

At a time when people feel trapped by businesses or forced to choose between quality and affordability, IKEA is positioning itself as a place where people can go to get both. They’re taking the time to invest in their customers, see their biggest needs, and be the first to fill them. 

Advertisement - For those who are not yet customers of IKEA, promoting these lower prices on their best-selling products will be a huge draw to attract new clientele. So, while they’re investing $80 million into this campaign, they will see a massive increase in clientele interested in learning more about their products simply because of that advertisement.

Sales - This campaign highlights specific products that are going to be reduced in price. It’s bringing customers into their business and then exposing them to other potential purchases. Whether this be their food, other home goods, or even their membership option, a campaign like this will bring people in for one reason but might make them loyal customers for another.

PR - The conversation, articles and discussions surrounding this campaign have been international. People are talking about it on social media. They share their items and how affordable they were - all additional recognition that IKEA is benefiting from.

I’ve also seen other companies follow suit, highlighting its effectiveness.