Brand name- Rolex
Founder– Hans Wilsdorf and Alfred Davis.
Rolex is a popular and leading luxury watch manufacturer in the world producing over 2,000 watches per day that generate sales of over 7 billion dollars each year. The Swiss-based Company manufactures, services and distributes wristwatches under the Rolex and Tudor brand through authorized dealers. Rolex is presently ranked 57 on the world’s most powerful brands.
How it all started
Rolex was first started by Hans Wilsdorf and Alfred Davis in the year 1902. Rolex is known for its innovative and successful watch designs.
Rolex had many firsts including being the first company to offer a wristwatch that would automatically change the date and day on the dial, the first watch case that was waterproof up to 100 m, the first wristwatch to display two time zones at once and the first wristwatch to earn chronometer certification.
Hans Wilsdorf and Alfred Davis were the inventors of Rolex launched it in 1905 in London and 1908 was a big year for the company. Rolex as a trademark was first registered by Hans and he opened their first Switzerland office in La Chaux-de-Fonds. People said that Wilsdorf wanted his brand to be easy to pronounce in any language, the word Rolex was said that it sounded like a watch being wound according to Hans.
The watches manufactured by the “Rolex” became famous all over the world. Due to the growing demand in the market, it manufactures round about 2500 watches per day with billions of revenues annually.
Marketing strategy and its successes
Quality and variety of the product–
Rolex is known for its premium quality watches. Rolex aims to manufacture and provide top class service to the customers. Every product is designed to perfection and these watches add to the overall personality of a person. Rolex became extremely popular with its innovation the waterproof wristwatches and wristwatches where the date and time on the dial changed automatically.
Also, wristwatches that showed two time zones together and the first company that earned chronometer certification. The products of Rolex are known for its accuracy and the watch movement is very accurate. They have a variety of watches for both men and women some of the popular watches’ are, Datejust, Rolex Submariner, Rolex Explorer, explorer I and ii, Rolex GMT-master ii, GMT-master ii, Rolex President, Rolex Daytona, Rolex Yachtmaster, Rolex air-king, Rolex sea-dweller, Rolex Milgauss and Rolex vintage.
And exclusive women watches like, Rolex Cellini, Rolex sky-dweller, ladies Rolex Datejust, ladies Rolex Yachtmaster, ladies Rolex president are some of the popular Rolex watches’ to desire for.
Rolex sets a premium price for its products, the prices of watches range from 5,000 dollars and go beyond millions. Rolex decides its prices based on the model and the cost of the materials used. Craftsmanship is also an important factor for Rolex, the cost is high as professional skilled workers are required to make these masterpieces. Rolex wristwatches are an exclusive product made for the wealthy class of people.
Rolex never offers any kind of discount or sales offer to their customers. Rolex follows high-end exclusive pricing strategy, price is directly related to the technical perfection of the mechanism, the use of precious stones and metals. Rolex is the largest consumer of gold in Switzerland, and they use the largest amount of gold in the watchmaking industry.
This becomes the marker that the products of Rolex are exclusive and premium to set a style statement for its customers.
Global presence of Rolex–
the Rolex watches are manufactured in Switzerland and then distribution takes place through certified dealers. Rolex values its customers and allows it’s retailers to sell at most two watches in a year as it believes in maintaining its premium value.
Rolex does not sell its products in smaller stores, rather it targets upscale areas. Their watches are available in selected and premium showrooms to conserve its brand value. It also does not promote sales through the internet.
Rolex has tried to promote its products through celebrity endorsement and also sponsoring, Rolex has always been present. Celebrities and rich people endorse their products and it has always been a good promotional tool for Rolex brand, this helps Rolex to garner public attention and encourage consumers to buy their watches.
Rolex also sponsored various prestigious sports competitions, like horse racing, yachting, tennis, especially because Rolex has always been present and supported by different sport competitions and events.
Rolex has always taken part in campaigning their product. They took the help of social media sites like Facebook, YouTube and other channels to promote their product to reach a large audience.
The logo of Rolex shows the royalty and exotic nature of the watches, the crown becomes symbolic here for Rolex, it acts as a symbol of prosperity, success and luxurious brand. The famous tagline ‘a crown for every achievement’ shows the company’s vision that their watches are meant to be cherished and kept as a memento of success. Rolex wants that their watches are worn by successful individuals who will value their products.
The majority of Rolex’s advertisement shows how the watches are being premium built and the exotic look of the watches becomes a major attraction for customers to buy a Rolex watch.
Every Rolex watch adds to the style statement for an individual. Customers desire to own a Rolex watch. Rolex is a luxury brand that can be afforded by only a selected group of people. The company is focused on its targeted market and has designed its marketing strategy following the market requirements.
The marketing strategy used by Rolex comprises of celebrity endorsement and sponsoring events that have been successful in adding to the overall brand image of Rolex. The advertisements by Rolex are placed in magazines and newspapers of elite class so that they can be informed about the watches.
With every new watch in the market, introduced by the company, advertisements are run on Television so that awareness about the product can be made. Rolex has created a distinctive brand image in the market by portraying itself as the luxurious brand that is worn by celebrities.
Some people love collecting watches and for them owning Rolex watches is a great deal. Rolex has given a great competition to its rival back in the years and also in today’s world they are equally competent. Rolex will be always remembered for their innovation in the world of watchmaking.