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Similaire à Rolex Digital Strategy Presentation
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Rolex Digital Strategy Presentation
- 1. “THEY SAY TIME IS MONEY, SO I WENT AND BOUGHT A ROLEX” A DIGITAL STRATEGY FOR A LUXURY BRAND THAT IS ALREADY AHEAD OF ITS TIME.
- 2. THE BIG PICTURE: PCU • Personalization •Customization •Understanding Images via http://bloomreach.com/snap-b2b/, http://opcrat.com/opencart- customization, http://cleantechsg.com/understanding-light-bulbsdid-you-know/
- 3. SOCIAL MEDIA Image via https://www.youtube.com/watch?v=l0D9OWiQAx4
- 4. INTERNET MARKETING Image via Guerrilla SEO
- 5. MOBILE STRATEGY "We craft our content thoughtfully, privilege quality over quantity, talk only when we have something to say and when we feel it's right.“ -Rolex Image via http://www.rolex.com/
- 6. BUDGET $4.6 Billion: Brand Sales $8.3 Billion: Brand Value $8,000: YouTube Promotional Video $10,000: Blogger Promotion $5,000: Additional Social Media Promotions
- 7. TARGET AUDIENCE Stereotype Audience: • Business men • Ages 25-50 • Sophisticated • Stylish Vision with Digital Strategy: • Unisex • Creative • Adventurous • Daring Image via https://sites.google.com/site/craigparry27/ _/rsrc/1351132335422/rhetorical- analysis/Eng102%20advertisement.jpg
- 8. KPI METRICS • Demographics: Image via http://getplayapps.com/office-watch-face-for-wear/ Age Gender Race LocationIncome Marital Status Interests
- 9. BENEFITS We want to know what consumers are looking for, what their values are, and how can we meet their needs. It’s not just about Big Data; it’s about translating that into the truth.” -Gayle Fuguitt, CEO and President of the Advertising Research Foundation
- 10. BRAND REJUVENATION • Broadeningtarget audiences • Strengtheningcustomer relationships • Building customer loyalty • Encouraging creativity • Motivatingbrand development
Notes de l'éditeur
- “They say time is money, so I went and bought a Rolex”. This quote reflects Rolex’s current stereotype and reputation to the public. It infers that time is precious, money is precious, and therefore, buying a Rolex is precious as well. Rolex is seen as a brand that is designed for people who are busy, on-the-go, and have money to spend on luxurious things, which is all well and true, but with the help of adding a new characteristic to the brand, it will be able to expand to consumers they never imagined they could reach. The idea of a new digital strategy for the brand is to not eliminate the current roles that they play in society, but build off of them and broaden their reputation to new, interested audiences. You are probably thinking to yourself, what more can a brand like Rolex possibly do to increase and grow their business? That is where it becomes a little tricky and you need to think outside the box into areas of the brand that are not so obvious. Rolex is already a very elite, profitable company to begin with so any advancements that they make with their digital strategies will be a win for them. The new focus of relationships and customer individualization will allow Rolex to strengthen their current customer loyalty as well as engage audiences from other demographics that haven’t been targeted yet. It is important that we don’t change the brand’s image or mission, but we just strengthen and broaden their already positive relationship with their consumers.
- The big idea for Rolex’s new digital strategy will focus on the brand’s “PCU” which reflects their personalization, customization, and understanding of their target audience. With this acronym engraved in the new strategy, the brand will be able to create a more personal relationship with their consumers. PCU is a subtle, yet important aspect to monitor in this new digital campaign because it represents the idea that the target audiences are the key to success. Without understanding the consumers on a personal level, understanding their wants and needs, and then customizing the brand to fit those things, the brand will achieve no growth or brand development. And very few are attracted to a brand that they don’t see evolving and innovating? To achieve all of this related to the PCU, Rolex should create space on their online (and mobile) website to create a page where consumers who are interested in their products can create, design, and build their own customized model. Visitors will be able to choose everything from the band material to the colors of the face to the gadgets that are inside of the clock. With this new digital feature added to their site, they will not only improve the experience of their current target audience, but they will also intrigue new customers who are fascinated by having a unique, individualized experience and give them more incentive to build their product and a relationship with Rolex. The goal with this new strategy is for the consumer to feel understood and respected by the brand through advancements that are tending to their unique needs.
- The new digital strategy will be advertised and marketed through all of Rolex’s social media (Facebook, YouTube, Pinterest, and Instagram). Social media is quickly becoming one of the best ways to get your name out there and have people recognize your brand and your product. Therefore, since our main goal is to get the word out about the new customization feature that Rolex will be offering, social media is the place to do it and is the place consumers will be looking for it. Although all of the channels are equally important, YouTube will be the main marketing technique for this new strategy because it will be able to show consumers what exactly they will be doing in order to create a masterpiece of their own. Consumers are much more motivated to engage with a new idea or product when they can see it in action and visualize what they will be able to create when given the chance. Along with the channels already mentioned, the blog community will be a new target for our social media marketing. With the blog community gaining exposure, it is a perfect time to launch our new feature to see how it relates to the public. The bloggers can test it out themselves, create their ideal customized watch with all the bells and whistles, and then write about their experience. This will not only allow Rolex to gain more reach with its new web feature being discussed by trustworthy bloggers, but it will also allow Rolex to get feedback regarding how the new idea works, what could be improved, and what will get more consumers to test the brand out by the response of the blogger.
- For this new digital strategy, the internet marketing plan will mostly be created through the social media marketing plan. All marketing nowadays is heavily influenced by social media and through demographics on these sites, the brand and product advertisements that users click on can be traced to various other interests of theirs. The data that the social media sites pull together for each different user allows them to show various different brands specific to each user’s preferences and previous searches. All this being said, online advertising dollars will be better spent when invested into social media advertising. Today’s generations are changing and more and more people spend their time on social media than they do just browsing the web and coming across random online advertisements. The perk of using social media is that we know our brand is reaching customers that are interested in our product and the ones that are most likely to be loyal with our brand and spread positivity about our name. All this being said, social media channels are incorporating internet marketing and online advertisements within their “community”. Therefore, while Rolex focuses their internet marketing budget on social media marketing, they are still getting the best of both worlds and gaining great exposure. This “internet marketing turned social media” plan will help market our new digital strategy and allow our loyal customers to share, repost, and comment on it while killing two birds with one stone and getting their followers involved in the marketing tactic as well.
- The mobile strategy will be to make this new feature on the brand’s website also compatible with mobile devices. If consumers can have the feature on-the-go, the brand will gain that much more exposure to interested, new audiences at any point in the day, anywhere in the world. Rolex has proven to be on its A-game when it comes to creating properties for its online website that are also user-friendly on their mobile site, so this shouldn’t be much of a road block for the brand’s development. Representatives of Rolex state “We craft our content thoughtfully, privilege quality over quantity, talk only when we have something to say and when we feel it’s right”. This quote represents a lot of what the brand’s mission is and what their goals are. They have purpose behind every decision they make and they value the quality of information and design that they are providing to their loyal consumers over the quantity of loyal consumers they are engaging. Their brand has a highly respected reputation in its field of products and they continue to make advancements to sustain and improve that reputation. All of these concepts make sense and shine through when Rolex portrays their strategies for mobility and accessibility. Their mission is to make a quality website that can be viewed the same way anywhere their consumers are and on any device their consumers are using. Changes are only made where they see them needed because Rolex proves to be a brand that prides itself on consistency, accessibility, and simplicity.
- Rolex is an $8.3 billion brand as of May 2015 according to Forbes. Pulling from the same statistics, $4.6 billion of their value comes directly from their sales. This being said, it is no surprise that they are a comfortably profitable company and are among the top leading watch sellers in the world. An article from The Video Marketer’s Guide has provided great insight on budgeting for this project. Altogether, for the design, creation, and implementation of a YouTube video to promote this new strategy it will cost the brand around $8,000. From my research, this number includes all services, equipment, editing, etc. To get the most bang for our buck, the brand should only reach out to successful bloggers to discuss the new project. From reading and number crunching on The Shelf, his comes to be a pretty penny of roughly $100 per 1K views that the blog receives. Therefore, the project will aim to get at least 10 bloggers to discuss the new feature, each with a reach of at least 10K which brings the budget for bloggers to (100*10) *10 bloggers: $10,000. The social media budget is a more questionable budget because it depends on how much of our own material we have to make, but we can incorporate the video that the brand is producing into the social media marketing budget, therefore we will allot about $5,000 for additional social media promotional plans. The total budget for the new digital strategy, based on the explained research comes to $23,000.
- Since Rolex’s target audience is very busy, focused, sophisticated business men (and women), the new digital strategy that we came up with will bring the brand down to a more personal relationship with its consumers who all seem too busy to create a bond with a watch company to begin with. This switch in relationship building will allow the brand to get a reputation that says they care about their consumers’ needs and strive to tend to their individual desires. It will, in turn, give the overwhelmed business consumers a breath of fresh air knowing that they can sit down, take a minute for themselves, and do something out of the ordinary and fun, tailored to their desires. With the new digital strategy feature added to Rolex’s site, they will not only improve the experience of their current target audience, but they will also intrigue new customers who are fascinated by having a unique, individualized experience and give them more incentive to build their product and a relationship with Rolex. Creating a new branch of their current reputation will be a risk for Rolex, but if executed correctly, it has the power to translate successfully by targeting a whole new audience. The brand’s loyal audience that likes tailored, sophisticated things will also benefit from this new digital strategy. The strategy has the ability to open up the eyes of their current target audience into a more creative, care-free world when they are stereotyped as businessmen whose days consist of “all work and no play”. The opportunity to be creative will change the way the consumers see themselves as well as how they see the brand.
- This digital strategy’s success can be monitored in a variety of ways. What Rolex should mainly focus on is the frequency and reach of the new feature directly from their website, directly from popular search engines such as Google and Yahoo, and directly from their social media accounts. This data will help the brand pull demographics and get insight on the different people who are interested in their new feature. Following the frequency will also allow the brand to see how fast and how steady the word is getting out about this new web and product feature. Once we have gathered all of this research and data, we then have the power to analyze it and make any necessary changes to make our digital strategy as successful as it can be. A low reach could indicate that we need to increase our presence on social media and improve our marketing strategies. The result of a small frequency could challenge us to think about other ways to change our designs or concepts in order to keep our consumers coming back and wanting more. One last way that we should monitor our KPI is by watching the consumer involvement and interaction with the branding of our new feature. Looking at comments, taking note of whether they are positive or negative, and documenting what kind of feedback the different target audiences have regarding the new feature are all important things to watch out for as the strategy develops. The main goal for monitoring performance is to use our research and data to problem solve as we go and tackle issues before they arise.
- Building a digital marketing strategy requires time, research, creativity, and analyzation. An idea for a digital strategy can come up in a matter of minutes when collaborating with the right brand representatives and managers, but the execution of that idea is the “make it or break it” moment. In order for it to be a success, there are plenty of different aspects that must be taken into consideration. This quote by Gayle Fuguitt, the CEO and President of the Advertising Research Foundation, illustrates exactly what the thought process should be behind building a digital strategy for a brand. She states “We want to know what consumers are looking for, what they values are, and how we can meet their needs. It’s not just about Big Data; it’s about translating that into the truth”. This exemplifies the power of having your data and research in order to make decisions about growing your brand. But that data means nothing when you cannot apply it efficiently and successfully to benefit your company. The main concept behind building this digital strategy for Rolex is focusing on the importance of understanding our consumers and their needs and wants. Everything we do is created for our target audiences with their desires in mind. With that being said, we try to take the digital strategy to the next level by trying to be one step ahead of our audiences. Putting ourselves in their position and figuring out what “we” would want to see next and how “we” would like to see the brand evolve is a key component in growing that relationship.
- The new customization feature for Rolex watches will be a great kick start to a new and innovative take on the brand, its goals, and its digital strategies. The new digital strategy will appeal to various different audiences that are fully engaged in the internet and on top of the newest trends and ideas. Most of all, what the new feature will do to the brand is give it a bit of a reputation rejuvenation. The Rolex name will become less business related and structured. It will dip its toes in a more “relationship building” area of interest by allowing its consumers to learn about the brand, learn about the different products and services it has to offer, and then put their own creative spin on the products. This creates a personal relationship with the brand and the consumer because it shows how Rolex wants to listen to and tend to every specific, simple, tiny detail that the consumer wants in a luxury watch. The goals for this “brand rejuvenation” is to broaden our range of target audiences, strengthen the relationships with our consumers, build customer loyalty, encourage new ways of expressing creativity, and motivate the development of our brand into something that is more than just selling a product. It is important to have these goals and missions set into place so that we don’t get distracted as to why we are doing what we are doing. The “why” behind a digital strategy is the most important part of developing a successful pitch and developing an idea because it illustrates the purpose behind everything the brand does. Rolex believes they have a purpose behind every decision they make and that purpose comes directly from satisfying their consumers and building their brand.