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A big name in the watch industry, was founded by Hans Wilsdorf in the early twentieth century in Switzerland. It is all about accuracy, durability, and luxury. It has been a lasting companion of many people like leaders, celebrities, influencers, and collectors. It is a representation of status and prominence.
The brand is never forgotten for its quality and history. Rolex was the first company to create dustproof, airtight, and waterproof timepieces. The company has been utilizing the perfect elements, materials, and features to design valuable wristwatches that also complement other pieces of jewelry. Their timepieces come in gold, silver, platinum, and are detailed by precious stones.
The Marketing
Individuals spend a lot of money in the market in exchange for uniqueness and value, given that there are vendors with huge production but not easy for selling. The growth of the younger generation will never stop alongside technology. This considers a challenge for traditional timepieces to captivate several watch enthusiasts from a newer perspective. Rolex has to ride with daily and modern customers.
How does Rolex maintain the position as a leader of timepieces for a long period? What are the techniques practiced and imparted by the passionate watchmakers? Its marketing strategy is a genius one which is all about unique targeting, segmenting, and positioning of its product. It uses a marketing mix to gain more keystone in promoting and selling their product. The company is a luxury brand that identifies the kind of customers they want to address to have a huge economic level. Wherefore, the advertisement of this product is associated with sponsored events.
1. TARGETING
Rolex targets male and female customers. It keeps an eye on the statistics to help the company widen its market. The endorsement entails known celebrities both male and female. Rolex also looks forward to connecting their product to Sports and Arts where they witnessed their products proudly represented. In this strategy, the company will easily endorse the brand and to
2. SEGMENTING
The market of Rolex is very specific which indulges in people with purchasing power that invest money on a valuable luxury watch. The collectors, artists, and athletes are customers who are part of the market segment with purchasing power. The demography in income has a huge role in the company’s market by the influence of rich customers. The company provides segments of both sports watches and dress watches.
3. POSITIONING
Rolex is a game player and can be a game master. It shows parameters of quality that we look forward to. Potential buyers will always consider this the best watchmaker. This company constantly works to make Rolex a symbol of excellence, prestige, and luxury. It may have a lot of competitors but you can easily separate Rolex from others through its positioning and strengthening branding.
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The Rolex Brand Equity Pyramid
1. SALIENCE
At the bottom of the pyramid is Salience which refers to high awareness of the brand. It is the luxurious approach of this brand that has been known by many. Because of the many products introduced by this brand, many customers get to be familiarized by every release of their collection. Not only by the brand itself but also the function for each of the models.
2. PERFORMANCE AND IMAGERY
For the second tier, Rolex is officially chronometer-certified. It excels in its waterproof design and it is a self-winding watch. It has an automatic date-changing mechanism. The brand continues to take advantage of newer technology to target more promising customers.
The Rolex has an elite luxury image that portrays status. Its design is inspired and timeless because of its roots in history. It is a classic timepiece that takes you to its early years and even though this brand has passed a lot of generations, the design always remains timeless.
3. JUDGEMENTS AND FEELINGS
Rolex watches are durable, innovative, and accurate. Extreme quality is led by Rolex because of the stages it has undergone and materials used in the production. For the majority, Rolex is the best investment for keeping an accurate time.
Rewarding yourself with these timepieces is fascinating and self-fulfilling. It gives you the esteem that marks a high social status. Rolex is trusted not only for its luxury but also its long-lasting companionship.
4. RESONANCE
As the highest in the pyramid, Rolex can target elite society and be the best standing player ranging from the beginning of the twentieth century up until modern times. During its development, it was advertised and associated with several known celebrities. These watches were also used in movies led by Hollywood stars.
Takeaway
Whether you are celebrating a milestone in your life or you just simply want to give yourself a treat after a rough year, better yet grab this chance to get a Rolex. Get a timepiece that symbolizes your value, and has withstood the test of time, itself.
