Marketing is an essential aspect of a business if it wants to be successful. Without a proper marketing approach or strategy, a company could end up costing its proprietors a whopping amount of finances in capital and taxes.
One reason why marketing is a must for every type of business is that it helps form a relationship between a brand and its target audience. A healthy connection between a brand and its target audience means that sales are significantly boosted, and positive income is inevitable. Another reason why famous brands must have an excellent, fool-proof marketing approach is to create feedback on a specific product.
Since the audience or target market is responsible for generating the income of a business, it only fits that a company listens to them. If a product is to be taken with a positive outlook, then it’s safe to say that there should be a priority in manufacturing these products.
For a product that’s taken negatively, rather than mass produce it and cause tremendous losses, negative feedback from customers will make a strong case for stopping production, therefore minimizing losses. This is how carefully planned a marketing strategy should be. Capitalizing on strengths and controlling losses.
There are a lot of marketing strategies that most companies use today. From ads, endorsers, to actual giveaways, a company that can utilize a well-thought-out marketing plan can fully reap a significant income, guaranteed. For luxury watch brands and other small companies, here are some marketing approaches that they use and are still in effect today:
Digital Marketing Approach
As the times are fast and highly evolving, not using technology would be a severe loss on the company’s side. Digital Marketing helps provide companies to reach out to specific markets even if they’re thousands of miles apart.
As one of the goals of a proper marketing strategy is to build a relationship with brand and audience, digital marketing is an approach that’s sure to bring in immediate results. Since a lot of people nowadays are spending a considerable amount of time online, luxury watchmakers such as Panerai are making the right efforts by going online.
Strong Brand Concept
Let’s face it, brands that were built in the past that had a strong run are still considered marketable in today’s standards. Rolex is continuing its fabled traditions and strong brand concept to continue attracting millions of customers.
For young up and coming entrepreneurs, following Rolex’s blueprint in creating a strong brand concept can rake in profit for a very long time. Rolex started in the early 1900s through the effort of its founder, Hans Wilsdorf.
Through hard work and trust in his concept, Hans Wilsdorf eventually made his dreams come true in 1914. His watches gained class A certifications, which became the basis for a strong brand concept. The name Rolex was born, and since then, Rolex is synonymous with luxury and elegance. The company today is still the most popular brand when it comes to luxury watches.
Keeping Up with the Pace
The saying “If a thing isn’t broken, don’t fix it” is mildly a recipe for disaster. The proper thing to say would be, “If a thing isn’t broken, why don’t we try and improve it?” That’s precisely what Tag Heuer founder Edouard Heuer did when he started his company.
Edouard Heuer’s vision was set in stone and had the future written all over it. As the times and technology evolved, so did his creations. From improved mechanisms to numerous aesthetic improvements, Tag Heuer is delivering on its avant-garde style when it comes to its watches.
Again, the proper marketing strategy made Edouard Heuer’s company into one of the most respected in today’s standards. Keeping pace with the times and trying out experiments can be very risky, but if played with the right cards, it can bring in fortune easily.
Targeting Specific Markets
In the past, Swiss luxury watchmaker Breitling was notoriously known for targeting a male-dominated market. Breitling often made use of scantily clad women in their advertisements to entice males to buy their watches.
Although it produced generous results for the brand, the way on how the concept was introduced to the public was changed due to public outcry. The same concept, however, stayed the same. Instead of capitalizing on voluptuous women for their ads, Georges Kern, the new CEO of the company, used a different approach.
Georges Kern decided that the concept was a thing of the past and that he needed to be more subtle but still stay true to that masculine concept. He used pool tables, motorcycles, fighter jets, and industrial looks. He even has John Travolta and David Beckham in his ads to show that Breitling was, and still is for the guys.
Focusing on Strengths
Tiffany and Co started as a company that delivered fancy stationery and jewelry. Several rough years made it clear to the owners of the company that jewelry was their strong point. They then made efforts to shift the company’s focus on creating high-quality jewelry.
They dropped their stationary and shifted towards luxury jewelry. The move would go on and create the current iteration of the company today. Tiffany and Co. is a brand that’s recognized worldwide. Rather than focusing on two separate things, Tiffany and Co. made the right decision, and now, they’re a staple when it comes to luxury watches and jewelry.
Takeaway
Brands like Breitling, Tiffany and Co., and Rolex all had different starts in the past. However, with a proper marketing approach, these companies went on to become the juggernauts of the luxury watches we know of today.
Using the power of digital marketing, creating a strong concept, attracting the right market, and focusing on strength are just a few ways that upcoming entrepreneurs should follow.