Sky News Update: Marketing Budget Increased
Sky News Update
Sky News Update: Sky are set to increase their marketing budget to promote new products and services to stay ahead of major competitor, BT.
Broadcasting and broadband company Sky, are said to be upping their marketing budget for the coming months, due to the strong competition between the company and BT. The rival company announced the launch of their sports channel package earlier this year and ever since Sky have had to fight to keep consumers and think up new ways to keep individuals interested in what the company has to offer, in terms of its products, services and deals.
In the last financial year, Sky spent £1.1 billion on their marketing which was a £0.5 billion increase than the previous year. Previous strategies has meant that Sky had reduced the amount spent on marketing compared to when the company first launched, however they have decided that now is the time to invest into the company’s marketing plans. Sky have new products and services currently being launched, such as Sky 360, the updating of their new sports App, as well as a new box that allows consumers to watch programmes over the internet on their TV without the need for a sky subscription. They have also got other projects up their sleeves, waiting to be launched in coming months and later this year, that are planned to have mass marketing campaigns attached to them.
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Sky believe that strong marketing is vital for them to stay at the top of their industry, and their current strategy seems to be to respond to any BT advertising by creating their own marketing advert explaining and showing the benefits of Sky. For example, earlier this month, they launched a huge celebrity endorsed marketing campaign with ex-footballer David Beckham, showcasing all the services available through Sky. The multi-million pound campaign aimed to show current and potential consumers the benefits of joining Sky especially with the impending Premier League Football season quickly approaching.
Although hearing good news about their rivals, such as BT signing up five hundred thousand households to their sports package before it is even launched, doesn’t seem to have wavered them and Sky seem positive about their future prospects although admit that the coming months will be challenging.
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