When it comes to the luxurious watch brand, Rolex is the first to cross our minds. The very prominent watchmaker brand, established in Switzerland and founded by Hans Wilsdorf in 1905.
Rolex got its shine when the company came up with the first-ever waterproof watch, in the year 1926. Rolex has always been very innovative and prosperous with its designs and features. The brand has always been up for competition and is quite front in the matches of luxurious watches.
With its luxury and styling, Rolex may seem like an extremely expensive watch brand, right? Well, suiting its fame and image, you'll probably guess right on it. The most expensive watch that Rolex ever sold in the history of its establishment was Paul Newman's Rolex Daytona with a cost price of $17.8 million. Pretty expensive, right?
Rolex functions on the funds raised by the Hans Wilsdorf Foundation trust. The profits and revenue generated by the brand go to the company and its people. Rolex does not disclose any of its profit results and neither pays the corporate tax.
Nonetheless, the company has a very strong market position and with this, we will be discussing the marketing strategies of Rolex in this article. Let's get started!
Product Marketing Strategy of Rolex
Rolex categorizes its products collections into distinct parts - Oyster collection and Cellini collection. All these categories offer different styles and elegance. With oysters, you will find a watch of prestige with around 20 different models. These products are created with the best raw materials and gathered with great scrupulous compassion on their details.
Rolex puts great effort and attention towards the quality of its products and manufacturing. The brand is widely known for its premium quality watches.
Rolex watches are designed in a way to add shining touchup to your look. The brand is extraordinary with its innovative design and waterproof feature. Its wrist watch comes with features where date and time change automatically. Rolex manufacturers are extremely accurate and innovative and that's what keeps it in a strong position in the market.
Pricing Strategy of Rolex
With its luxurious and expensive image, its prices are also alike. Rolex offers its products in a wide pricing range, starting from 5,000 dollars to beyond millions. The pricing of Rolex watches is entirely based on the materials and model they used in the product.
Rolex's watches are very crafty as well as elegant, made by professional skilled workers. Its watch collection is exclusive and made for people of high society.
Although Rolex does not offer any kind of discount or sales to its customers, its marketing strategy is based on the manufacturing of the product. Rolex sells its products based on its mechanism of perfection and usage of distinct stones and metals.
Campaigning Strategy of Rolex
Rolex has always been pretty enthusiastic with its campaign for the products. The company manages social media pages on Facebook, Instagram, YouTube, and others to reach out to a large audience with potential.
In fact, the company has designed its logo in such a manner that it conveys the message of Rolex royalty as well as exotic nature which are clearly seen in its watches.
The brand functions with the tagline 'A Crown for Every Achievement' which attracts great customers to the company. It sells with the vision of selling watches for people on their every achievement which needs to be cherished. Its watches are specially designed for successful people who know the value of its products.
Promotional Marketing Strategies of Rolex
In order to enhance sales, promotion is more of a necessity. It conveys what features and uniqueness a product carries to its customers. Promotion strategies are very necessary to reach the customers and make them familiar with the company's products. Rolex works on its promotion strategy by defining the class it belongs to. It is promoted as a lifestyle necessity rather than as a brand.
Rolex's promotional marketing strategies are:
Print Advertisements in newspapers and magazines
Entrenched advertisements in various movies
Through sponsoring game events
Its promotion strategies are framed to reach out to the target audience efficiently. Rolex manages its company and customers and works according to their elegance and styling.
Rolex is remarkable when it comes to the quality and styling of its products. It charms up the personality of people. Its watches work as a style statement for an individual.
With its tremendous as well as luxurious marketing strategies, the company owns a huge loyal customer base, and almost every person with a style sense desires to wear a Rolex's watch.
The brand is pretty luxurious and expensive that's why it is meant to please only a specific category of people who can actually afford a watch from the Rolex brand and be cool with it.
The marketing strategies of Rolex are designed to reach the target audience and fulfill the market requirements. Its marketing strategies also include a brand endorsement from celebrities and sponsoring any game event. All these add up to the success of the extremely prominent watch brand, Rolex.
Who is the founder of Rolex?
Hans Wilsdorf and Alfred Davis founded Rolex in 1905.
Who is Rolex owned by?
Rolex is owned by The Hans Wilsdorf Foundation, a private family trust.
What is the revenue of Rolex?
The revenue of Rolex was 520 crores USD as of 2019.