The Story Of Brand Equity Rolex Explorer
undercover.co.id – That morning, the campus of Texas A & M was so cheerful. On that day, the university held another historic graduation ceremony. Edward, one of the brilliant graduate students felt proud of his graduation. His father gave a gift of a small box. He unwrapped it with enthusiasm, a dark green box with a yellow gold crown logo. What was it in the inside? It is a Rolex Explorer.
Who is not familiar with Rolex? From the silk traders in Hong Kong, oil company’s sheikh in Dubai, CEO of Forbes top 100, Hollywood actors, until the Superpower country’s president, all wearing Rolex watches as a status symbol. Which paths are came down with Rolex to be the ruler of luxury watches market?
Strategy Of Rolex Explorer In The World
First, differentiation. Rolex is using Steel 904L type, while the other watches use the type 316L. Rolex takes the best, the most corrosion resistant steel and widely used in the chemical and aerospace industry.
Second, innovation. Waterproof watches, automatic machines, watches for diving, GMT watches with two different zone times, paraflex shock absorber and parachrom hairspring. This is just some parts of all the innovations created by the craftsmanship of Rolex. Today, Rolex has already had more than 1,000 patents.
Third, focus. Tag Heuer today is not only sell watches, but also sunglasses, cell phones, belts, wallets, and others. Rolex until now still focuses on selling watches and only certain types. This strategy made Rolex keep performing continuous improvements to produce perfection.
Fourth, the classic design. Rolex has never made a revolutionary change in the design of its watches. So everyone will know easily if someone used Rolex watches, even by far. No wonder that this raises the pride of the owner.
Fifth, the price is high. The price of Rolex watches will always continue to rise, at least once a year. This makes the entry barrier for consumers who have limited funds. Thus, prestige and exclusivity Rolex will be maintained.
Sixth, the brand ambassador. Rolex simply chooses an ambassador for the brand is limited to those that match with the personality and DNA of Rolex; they are those who have extreme talents and remarkable achievements.
The Story Of Brand Equity Rolex Explorer Among them are Ed Viesturs –the conquerer of 14 highest peaks without oxygen supporting devices, Alain Hubert – The adventurer of north and south poles with remarkably skills, Michael Bublé –a singer of Grammy Award winning, Roger Federer –the great tennis player of world’s best Grand Slam record holder.
Seventh, intensive marketing communications. In 1927, Rolex had dared to put a full-page advertisement in The Daily Mail to showcase the Rolex success of Mercedes Gleitze who wore it for 15 hours and 15 minutes swimming passing through the hell-like English Channel. In 2011, Rolex was ranked in the first place for advertising spending in the US amounted to US $ 47 million.
Eighth, sponsorship. Rolex is focusing to sponsor many prestigious cultural events and sports. Starting from the Royal Opera House, The Vienne Philharmonic, exploration of the highest mountain peaks to the deepest oceans, the US Open, the Wimbledon tournament, Formula 1, and many more. It needs to be accomplished to shape the perception of Rolex as the leader, classic, world-class, champion, innovator, never give up, and intelligent.
Those are the eight undeniable paths that leads Rolex reach the crown of top leadership in luxury watches world. David A. Aaker, the branding experts from Berkeley, said, “The goal of brand leadership is to build brand equities.” He explained the four dimensions of brand equity consisting of brand awareness, perceived quality, brand association, and brand loyalty.
Definitely, Rolex has all of those dimensions. Brand awareness was built through a classic design and marketing communications. Perceived quality is realized with continuous improvement, innovation, and differentiation.
Brand association is made through high prices, sponsorship and brand ambassadors. Brand loyalty is formed by a focus on exclusivity segments and a strong emotional bond. The result? According to Milward Brown, Rolex brand’s value in 2013 was worth of US $ 7.94 billion and ranked in the 5th for most valuable global brands in the luxury goods category. Fantastic! The Story Of Brand Equity Rolex Explorer