Between a smartwatch and luxury watches like the Omega Speedmaster, the market is now going for a high-tech device.
The question is not whether one is up to par with the other.
With the decline of demand for luxury wristwatches, we ask, how are these watch brands keeping up with market trends?
It is helpful for businesses to know that their customers are moving to digital platforms. Social media influencers and product reviews have become the main factors for a customer’s buying decision.
For small businesses, digital marketing is a cost-effective strategy.
For small and big businesses alike, digital marketing strategies are useful in reaching a wider audience.
In this post, we name 6 digital marketing strategies that watch companies are using to adapt to the digital era.
MARKET POSITIONING AND DIFFERENTIATION
Market positioning is the perception of a brand compared to other brands.
Market differentiation refers to qualities that make the brand stand out from other brands.
Rolex, as an example, positions itself as a symbol of prestige with its classic and extravagant design.
Rolex positions as a high-end luxury brand that resonates with the rich and famous.
It customizes its products to the specific tastes and preferences of the wealthy.
It uses value-based positioning by putting design and quality first rather than customer segments.
Rolex differentiates as water-resistant—a feature you don’t see in other luxury watches.
Hublot brands, as another example, use cheaper raw materials and focus on innovation as its market differentiation.
It positions as a luxury brand that blends technology and style.
More watch brands are differentiating their products by using sustainable yet high-quality materials.
Sustainability and high-quality materials are qualities that customers are now looking for in a brand.
When creating a site for your brand, you must engage in SEO.
To reach and convert customers in the digital age, businesses should start with ranking in search engines.
Also, emphasizing specific keywords that relate to the brand helps users who may likely be interested in your products.
Improving a site’s SEO helps you get organic reach. This means, free advertising!
SOCIAL MEDIA PLATFORMS
Youtube, Facebook, and Instagram are the most commonly used platforms to create brand awareness, generate leads, and improve customer service.
Businesses use these social media platforms to target specific markets and eventually drive traffic to their websites.
Tag Heuer, for example, is implementing a mobile-first design in their site to keep up with the digital revolution.
Omega is the best example of the luxury brand which is hanging out in social media platforms, recognizing that its customers are on these platforms.
They created the hashtag #SpeedyTuesday to showcase their limited-edition Speedmaster watch.
CHOOSING THE RIGHT INFLUENCERS THAT SPEAKS TO THE MARKET
So-called influencers are all over the place. And they are influential but not to the same market.
One of the first factors to keep in mind when finding influencers is its reach.
How many people does their influence reach? How are they popular? What brands and niches are they already known for.
Aside from reach metrics, it doesn’t hurt to scan their platforms and see whether their posts’ engagement is at the same level as their reach.
You also need to look at whether their platforms are where your target customers are at.
Last, have they established themselves as trusted creators? Will they be able to help with brand awareness?
As influencers are separate entities, they can easily hurt your brand if they execute the wrong strategies.
Many businesses are getting the most out of stories.
Once pioneered by Snapchat, Facebook, Instagram, and YouTube are now joining the bandwagon.
Stories enable users to add content throughout the day and compile it so that users can see it all in one place.
It provides constant engagement with your followers and it’s the best opportunity to reach a wider audience.
Online users now prefer videos to consume content including ads.
Hence, more and more companies are paying for video ads.
As users have the option of what ads they watch with the skip ad feature, a concise video ad has become more of the staple.
While there’s free traffic generated by SEO and social media platforms, it doesn’t hurt your brand to pay for Google to advertise on their behalf.
Google Ads in one example of a PPC (pay-per-click) ad where users get to see your pages on the top of SERP for certain keywords .
This helps you gain more visibility without having to compete with other pages.
PPCs are helpful as Google itself chooses which leads are qualified.
Bulgari embraces omnichannel marketing, which combines multiple touchpoints blending digital and traditional marketing as an integral part of the customer experience.
This makes the customers have a complete experience of the brand.
AR, or augmented reality, is the new digital marketing tool for the Watch Market.
AR-watches is an app that functions as an online showroom.
In this AR technology, you need to cut out a download market that they provided, attach it on your wrist as you would an actual watch.
Using your phone’s camera, it scans the marker and places the watch over the top.
As a result, you can get a realistic view of how the watch looks on your wrist.
While AR-watches is still in the mockup stage, we can already see how the idea revolutionizes the shopping habits of consumers.
It is already partnering with luxury brands like Rolex, Hublot, Tissot, Garmin, etc.
Rather than spending thousands of dollars on billboards and newspaper ads that people are no longer paying attention to, they can pay for targeted ads.
With digital marketing campaigns, it is easier to track which marketing strategy is effective and which are not.
Last, digital marketing techniques in every business helps to engage directly with customers, create better customer service, be in charge of branding—all made possible through creating a website and engaging in social media.
Now that you have these digital marketing strategies Watch businesses are using to adapt to the digital era, be sure to implement them and see what works.
Photo by Alana Sousa from Pexels