Rolex’s Ideal Marketing Strategies For Quality Watches.
The best way to find out if you’ve marketed an item well is when people within and outside your consumer market recognize the brand name. The projection for the luxury goods industry is still uncertain amid the pandemic because of its effect on the economy and the workforce.
It’s different from the perspective of a consumer. For anything considered non-essential, there’s still a mindset of giving gifts as a reward to one’s self or to a loved one for any occasion.
The sole purpose isn’t to impress others, but to be able to treat yourself with something that you rarely get or you’ve always wanted. It’s truly prime time for companies all around to start or continue marketing.
Rolex is a powerhouse that continues to be a standout in its industry. Their classic logo and crown icon is easily recognizable and often hard to miss. They are well-known for their watches’ quality. From the 2000s and onwards, they have basically created an empire for themselves.
Globally, Rolex’s high-end products are often coveted as they’re seen as the picture of prestige and luxury. They have been selling out through their outlets and authorized e-commerce retailers. It’s also, unfortunately, coming to the point where counterfeit versions are also circulating and getting sold for a lower price.
Amid all the craze, maybe the blueprint to success can be seen with the brand’s marketing strategy. Many people can brush it off as an over-hyped product, but the decision-making of the company must truly empower the reputation and sales of the top-notch watches so well.
Rolex is not cheap at all. The target market for high-end products is the population class that is already earning a high income. The products are popular among men ages 30-60 but the group is varied. This can be associated with the wide selection of designs they offer.
The very fact that the brand is also popular in third world countries shows how good they are at penetrating the market. Being able to own such a watch has turned into a status symbol. Many people would like to experience and flaunt that off.
In terms of their imaging in advertisements, they have tried displaying their versatility. There are print ads that show different tests conducted on the watches. What’s usually highlighted are its waterproof and durable features. This widens their target market in terms of the type of people who should consider wearing Rolex.
A surfer should wear a Rolex watch. A firefighter should wear a Rolex watch. Anyone with a physical job that requires exposure to water and a lot of movement would technically benefit from having a Rolex watch. That’s the mindset they’ve projected others to have in the past.
The narrative they’re going for has shifted though, along with the marketing tactics they’ve been using. Two of the strategies Rolex has been very successful at is its product placement and celebrity endorsements.
Their product placement in film and broadcast has been very smart. The most notable ones are those in the James Bond franchise. It has been very beneficial to the brand, as people truly associate the character and movies with the watch. There’s this instant recall that is desirable from brand to consumer.
They have also gone into event sponsorships. The brand is available to over 100 countries, and it targets major events that will make them even more visible to potential customers. The logo isn’t hard to miss and is usually placed where a camera would most likely be. You name it- scattered signages, interview backdrops, water bottles, and all.
Rolex has a stronger market with westerners, specifically Australians and Americans. Their deals with the US Open and Australian Open are clear signs of those. This also coincides with their celebrity endorsements; Rolex primarily has brand ambassador deals with male athletes, the biggest being Swiss tennis star Roger Federer and American golf legend Tiger Woods. Many of Rolex’s competitors are also
But even without contracts, many in the industry are avid collectors of the brand’s watches. NBA Stars LeBron James, Dwayne Wade, and Carmelo Anthony have shared their collections in the past. They’ve also pulled in many big names in different industries, such as James Cameron in filmmaking, Michael Buble in music, and Sylvia Earle in science. Having this representation increases the chances of the different people who can be encouraged to buy. The publicity and media coverage received by these people is also a huge plus.
As a consumer, it’s safe to say that Rolex’s status is nothing short of admirable and impressive. They’ve won over support for their quality watches and marketing. As a business, notes should be taken from Rolex’s branding as it’s something to be emulated. Establishing the identity you want consumers to see you as is important to note. Companies can only allure a potential customer so much, but it all comes down to the value of what they make.