Time is an essential factor in the lives of every human being on earth. Keeping track of our daily activities has become as important as feeding, clothing, and shelter.
Wristwatches have evolved in recent times due to the need for time tracking in every individual’s life on earth. Watch Marketing is very important in establishing the brand’s visibility in the consumer market. This is due to the conservative nature of the watch industry.
Marketing as a concept is an essential and technical part of determining the successful retention of a brand’s name, either short or long.
A brand that wants to be in the consumer market and retain its relevance for a long time would consider strategic marketing. And this does not exclude products like watches. This article will expose your mind to strategic marketing that successful brands have used to retain their names in the market. You’ll learn:
- The Watch Marketing Branding concept.
- Why luxury watches?
- Watch marketing strategies from two successful brands.
The Watch Marketing Branding Concept
In the watch industry, creating an enticing and attractive brand is essential. People tend to be picky when it comes to selecting a suitable watch for their outfits. Men especially find it fascinating to get an attractive and luxury watch that matches their professional outlook.
Also, with the fact that watches are worn on the wrist, which is an exposed area of the body, it is highly expected that consumers would go for a brand that would represent them well, full of luxury and value than a brand with less traffic and of less value. This is associated with the trust that they’ve built over time with these high-end brands, which produce nothing less than quality luxury watches, which they portray in all of their ads. For start-up brands, establishing trust with the consumers might be quite tasking and challenging.
Consumers are so passionate about their self-esteem that they would not want to spend their money on any product that would not raise their confidence level or be lesser than their standards. Watch Branding Concept focuses more on what the consumer perceives about the product; the first impression they say lasts long. When making a watch purchase, they often ask this question: “would this boost my confidence or otherwise? Would people like this on me?”.
Why a luxury watch?
This big question seeks to understand the real reason people are so crazy about which kind of watch they purchase in the market. Wearing a luxury watch has psychological effects on its wearer. This is because it represents your style and value more. This has remained the main target of high-end luxury brands over the years. Humans have an intense thinking pattern when it comes to buying behaviour.
Many factors contribute to consumers’ buying behaviour, including social, cultural, personal, and psychological factors. A high-end watch will not make people attracted to you only. It also has something to do with how you feel about yourself. You start to feel loved because of the compliments you are getting from people around you. This speaks to the psychological and social effects the luxury watch piece has on you. Watch marketing uses this strategy to promote the brand and trap consumers to dip into their pockets and purchase the offer.
Confidence and intellectual impact are also reasons consumers prefer a luxury watch. Imagine yourself in a conference room presenting a business idea to your board members with an expensive watch on your wrist. You feel more confident to express yourself. It is very easy to spot a luxury watch than one with less value.
This is an example of the psychological effect of having a luxury watch on your wrist. In watch marketing, it is vital to take note of the value and luxury level of the brand to draw the consumers’ attention. That is what big brands do.
Reasons for Strategic Watch Marketing
It is not enough to create a catchy marketing plan. What matters is targeting the marketing strategies of people that would make a purchase. The inarguable fact that the watch industry is a conservative one has been established above. Hence, the need for a targeted strategic marketing plan. The main reason for this is to ensure the successful launching of the brand, victorious aftermath, and a continual sustainable result. Here are some reasons to adopt strategic watch marketing.
It helps in formalizing your ideas.
A strategic marketing plan helps you formalize all the ideas you’ve put together for the watch you want to launch. During this process, you might spot some areas where you need to work on and re-access to ensure the successful launching of the watch.
Shows what has kept your competitors at the top
Providing value greater than that of your competitors requires adequate research. During your marketing plan research, you would discover what has kept your competitors at the top. With this information included in the watch marketing plan, you would draft the strategy you need to launch or rebrand your company successfully.
Helps to develop a healthy public personality
Developing an enviable personality in the consumer market will not be an issue with a strong watch marketing plan. For brands that need to rebuild their public image, a strategic marketing plan is essential. This opens the public’s eyes to the hidden values that the company refuses to portray at its first launch.
Watch Marketing Strategies from Successful Brands
In this article session, I will be taking you through the strategies that have kept successful brands like Rolex and Omega at their peak in the watch industry over the years.
When we think of luxury, perfect, and a high-end value watch, we think of Rolex. Rolex is an exclusive brand associated with luxury and perfection. Rolex is a brand that has limited stores across the globe.
This brand is a very prominent brand that was established in Switzerland by Hans Wilsdorf in 1905. The use of psychographic segmentation is a strategy that the company has used to decipher the needs of the people. This is associated with the study of the lifestyle, values, and attitudes of the consumers.
According to the psychographics approach, consumers purchase things based on their culture, lifestyle, personalities, and values. With this information, Rolex has built a brand that has helped create the consumers’ characters.
Consumers fall into different social classes, and their background and social statuses influence their buying behaviour. The Rolex premium brand targets mostly the upper social class because they have the purchasing power to acquire the value it has to offer. Consumers at the peak of the social status ranking tend to purchase high-end luxury products to suit their lifestyle, values, and personality.
This feeds their ego and makes them feel they are still part of the elite of society. The social psychographic segmentation has helped the company continue to be part of the luxurious brands in the world. Also, consumers respond to new technologies and things that can make their lives better. Rolex has pioneered technologically advanced watches in the past years of its establishment; it has invested so much into inventing new technological watches and smartwatches with dust and water resistance which has attracted so much traffic. The company has put so much effort into making every watch they make, the precious stones and metals used, ensuring products of exceptional valuable quality.
Omega is the third-largest luxury watch producer globally, and it has maintained its luxurious and perfect status in the consumer market. It has stayed at its peak as one of the best over the years.
The marketing strategy plan of Omega covers the marketing mix, which includes the 4Ps of marketing, place, price, product, and promotion. This helps the company to position itself accurately in the consumer market.
One of the watch marketing strategies that the brand leverages is producing quality watches and providing world-class premium services for its consumers. The promotion of the product focuses on delivering classy customer service and satisfaction for the consumers and making sure they preserve their self-esteem.
The use of luxurious products is the trend now in the consumer behaviour model, and there is a high demand for these high-end products. This is not caught up in the upper class of the social class rank alone. People in the middle and lower class will also do anything, save up money and take on extra jobs to get a luxury watch.
The price is an essential factor or aspect of watch marketing. Omega is a globally known brand whose target is the luxury section of the social class rank. This set of people is willing to spend vast amounts of money to get anything as long as it provides value and suits their lifestyle. Omega brand prices range from $1000 to $50000.
This is because of the product quality they offer. This Swiss watch brand is also characterized by the advent of technological innovation and production and exclusively high-tech watches. It is the first to produce a watch for deep-sea divers meaning the watch is water-resistant. These innovative technical strategies have helped the company to stay afloat in the consumer market.
With the information stated above, we can conclude that a strategic marketing plan is vital in watch marketing, as demonstrated by successful premium watch brands. The standard strategy used by these two luxurious brands, Rolex and Omega, is technology.
Both brands have understood how the world is evolving. Humans seek better options that would make their lives better and at ease. Other brands that want to be successful must also consider this because any brand that does not provide comfort and ease cannot take the spotlight in the consumer market. The development of new things and new technologies would draw the attention of consumers to any brand.