In recent years there have been many industries that have felt the pinch with a declining number of customers. The luxury watch industry is just one of those who have. Whether it be from the pandemic or the growing costs of inflation, it has made many businesses go back to the drawing board when it comes to their marketing strategy. Luckily, the markets are improving and the worst seems to be over now, which is a perfect opportunity to start thinking of new methods to improve your marketing strategies.
The luxury watch industry has always been a profitable business and has always seen a good return. The truth is, your brand is only as good as your branding and marketing strategy, so the more adaptive and innovative you are, the better you will be at differentiating and meeting your audience. In this article, we will go through how to market your luxury watch brand.
Why Does Luxury Watch Brands Need Marketing?
Luxury watch brands will, of course, have a completely different marketing strategy than that of a generic watch brand. Luxury is about promoting feelings and aspiration, it is also aiming to appeal to the more affluent audience who of course have a range of interests that would not be the same as those looking for a budget watch. Due to luxury watches being a considerable purchase, alongside the competition being high, these brands have it difficult to reach their audience. In truth, they have a much more powerful tool in their box, they have larger differentiating factors such as bespoke pieces.
What Are The Main Trends In The Watch Industry?
There are many trends in the watch industry, but just like any trend, they come and go. This won’t guarantee you sustainable sales as you could be spending your budget on a trend that won’t last long enough to see the returns. Instead, one of the best things to consider is what is important in today’s society, and what is working for other brands. There are two key elements that are here to stay and are working wonders for other luxury brands.
Excessive waste and the need for improvements in the environment have been essential movements for businesses and this won’t ever stop moving forward. The need for sustainable business practices is something that customers are after while also still providing the same high quality and standards. Whether this is by using a circular production line, only making bespoke pieces to reduce waste or using more sustainable materials, there are many ways in which a business can be more sustainable.
Social media has shifted the order of how people react and purchase products. Before this, the use of celebrity endorsement was everywhere, especially in the watch industry. This is still the case, but many are not as sensitive to celebrity pop culture anymore, as many turn to their favourite social media platform to see what influencers are saying about the brand, product or service. With the likes of TikTok and Instagram being the main influencers for this, there are millions of influencers out there that are happy to endorse products or services they like for a commission.
Top Marketing Strategies To Consider
Some marketing strategies work better than others, but here are some of the top marketing strategies that are proven to work well for luxury watch brands. Consider these strategies to differentiate and meet your perfect audience.
Have A User-Friendly Website
Creating a well-structured website is essential if you wish to be successful in any industry. It’s 2023 and unless you’ve been hiding under a rock for the past 10 years, a website is basically your online shop. Even if you don’t wish to sell your pieces online, it is still important to have online visibility and a website that users can visit to find out what makes you tick! (excuse the pun). It allows people to see the value of your product and understand the speciality of your brand.
Another great factor about having a website is that you can link your social media pages as well as meet a larger audience than a brand that just has a brick-and-mortar store. Due to your brand being luxury, it is essential to have the very best quality imagery and the content is targeted to your user whilst having everything navigable.
Have A Website Optimise For Search Engines
Search Engine Optimisation (SEO) is what is going to generate traffic to your website and find organic customers. SEO can be a technical and time-consuming process, so if you don’t have the experience or the time to learn, hiring a professional is a great way to speed up the process and get results. SEO is all about gaining better quality leads that generate revenue through improving online visibility on search engines like Google.
In the easiest way to explain SEO, it’s about optimising your website with relevant keywords that your audience would type into search engines to find your product or brand. For example, if you were a watch company that also sells a line of watch straps, then maybe one of your keywords would be NATO watch straps. If you were a company that sold luxury watches, you could have a page optimised for an Omega Speedmaster. There are millions of keywords, but only a select few would be relevant to your website.
Create A Custom-Made Experience
If you are a luxury watch brand, then chances are that you will have customers who want something different or some sort of personalisation. This is a perfect opportunity to provide a custom experience for your customers. This is a great way to give your luxury customers the most luxurious experience possible.
When you offer a bespoke service it has many benefits. The first is that it allows you to show off your whole process and give your customers choices throughout it. It is also great for sustainability due to you not having to waste materials or create mass-produced watches that you may find difficult to sell. Only making bespoke pieces will allow you to make the number of watches necessary.
Utilise Visual Social Networks
Social media has helped many businesses to meet new audiences, build their existing audience and also be able to interact with them. It’s no secret that visual content on these channels gets good interaction, but video content gets the highest engagement. With you having a luxury brand, you will have beautiful creative and photography to show your audiences, posting on these platforms will allow you to showcase what you are about and the lifestyle you are trying to promote. If you pride yourself on your social issues, and the environment or do charity work, this is also a great way to show your audience what you are doing to resolve these issues.
There are many strategies that can help your luxury watch brand, but by following these tried and tested methods, you will be well on your way to creating a successful business. As we have said, it can be time-consuming to do all this yourself, and having a professional to help along the way is recommended for the best results.