Abstract
Influencer marketing has become a leading strategy of advertising online today. Social media is playing an integral role in promoting brand name, image and recognition to name a few. Five to ten years ago, watch brands were following traditional marketing approaches, like use of advertisement through TV, magazines, brochures and pamphlets. With the advent of internet and advanced social media applications, watch brandsthat have taken advantage of this have seena spike in growth. The objective of study investigates that how watch brands have been using influencer marketing on Instagram to dominate the watch market in the past 5 years.The most popular influencer marketing application is Instagram. Celebrities and influencers are core parts of influencer marketing so they approach followers and make fan following for a brand.
Current research study identifies key dimensions of influencer marketing that play significant role for watch brands. Research study has used qualitative method to find significance of watch brands under influencer marketing, for this purpose, some case studies are used, such as, Daniel Wellington, 5th Watches, and Movement Watches. The research has inferred that influencer marketing in terms of better targeting, advertisement and technology has helped watch brands perform excellent in industry. Current study has clarified past myths about traditional marketing by using real life examples from watch industry. Influence of marketing is measured in terms of segmentation and buyers’ decisions. The research proved significance of influencer marketing and how this strategy has helped in boosting the growth patterns of products in the watch space in the past few years. Social media influencing strategy is superior to traditional marketing strategy in terms of targeting customers and boosting growth of hot trends.
Chapter1- Introduction, Background, Objectives
Watch industry is a popular segment of economy and famous brands are focusing on social media channels to influence its marketing (Martikainen, and Pitkänen, 2019). Instagram is one of these social media channelsthat has used its enormous pool of users to accelerate the sales of brand. Influencer marketing is a key marketing practice to reach followers through targeted messages. Social media channels primarilysuch as Facebook and Instagram use this marketing approach to capture people with opinion(Kim and Ko, 2012).
Marketing was introduced in 1954, Whyte used this term to explain how people talk about different products and services. This term explains the product preferences and similar purchase behavior. The word of mouth is integral to explain the behavior of consumer, their interests, and reshaping of attitude and values (Alaimo, K., 2017). It means that trust on informal communication by consumers is increasing while making a purchase.
1.1 Background
Social media trend is accompanied by marketing strategies to influence customers. Influencers are strong unions that is made up of alike minded consumers in social networking platforms (Ge and Gretzel, 2018).Marketing approaches are developed due to expansion of internet and digital media. For instance, today, on social media, such as Instagram, the discussion forums, posted views and instant messaging is common. Due to the changed scope of marketing, the concepts and strategies have accommodated people’s preferences(Anderson, S. and Neville, 2019). The word of mouth has been evolved into electronic for that helps reshaping purchase decisions of consumers. These influencers work through interaction and value. The common factors behind influence are loyalty, notable stature, size of audience and the authority in a community.
1.2 Significance of study
Social media influencer is an independent third party follower that can shape individual’s thinking and perception through tweets, blogs and vlogs (Kim and Ko, 2012).Independent actors are significant to shape the attitude of audience with the coexistence in social media. Influencers offer novel information and persuasive capabilities to develop brand information.
1.3 Scope of research
A kind of social media marketing that engages product advertisement from influencers, i.e. the individuals who are dedicated consumers and provide expert opinion about their niche. Influencer marketing works due to a large number of trusted influencers who recommend others about a product by providing social proof. Instagram is a similar type of social media that is targeting people, started in 2014, and provides a featured page that constitute successful products (Ge and Gretzel, 2018). The expansion of social media has given rise to education, knowledge and product awareness to people so a new trend of influencer marketing is established. Today, social media campaigns are used by famous brands like Starbucks, Microsoft, Virgin America, and Rolex (Approach, M., 2020).
Figure 1 Journey of Influencer Marketing
Use of social media marketing campaigns under influencers is motivated people to learn about this trend and get involved. This study is a motivation about this trend that has intended to explore this scope within watch industry. The study will discuss influencer marketing used by watch brands, its scope and strengths & weaknesses in same market. This section will further analyze influencer and traditional marketing in watch industry.
1.4 Aims and Objectives
This research study intends to investigate that how watch brands have been using influencer marketing on Instagram to dominate the watch market in the past 5 years?
Sub-objectives are to:
- explorestrengths of influencer marketing
- examineweaknesses of traditional marketing
- describe social media channels, influence of marketing and digital world
- to find out impact of advertising
1.5 Research Questions
The research question of this study is how the use of influencer marketing in the watch market, and why so many brands have been using influencer marketing in the past 5 years.
1.6 Project structure
The study is organized in following manner. The first section is introduction that will detail about influencer marketing, its scope and implications in the watch industry. The second section will discuss theoretical framework, including that how multi-million dollar brands can be built upon using influencer marketing on social media. The third section will be review of literature, mainly constituting research design. The fourth section will discuss different business models applicable in today’s world of marketing. The last section is about recommendations and conclusion.
Chapter 2- Literature Review
2.1 Use of Influencer Marketing by brands
Today, multiple brands are using influencer marketing, as a digital and innovative tool to attract audience and build their perception. The framework of influence is developed on three main pillars that is playing significant role to assess the effect. These pillars are relevance, reach and resonance. The resonance is a measurement of the interaction level or duration that surrounds a topic, content and the conversation (Silvia, 2019). The higher the resonance means more people are involved. The relevance is the graph of interest or the focus of the community that is reflected from individual behavior, in form of linked relationships where information is spread. The measure of affinity, popularity or potential impact is reach (Backaler, J., 2018).
Influencers are people, who develop interest of the audience into a product or service. The advertisement medium is changing and people are now focusing more on social platforms to approach celebrities. This process is also helpful to get customers involvedand make marketing campaigns. Brands focus on influencer marketing to outstrip the other kinds of marketing (Martikainen, and Pitkänen, 2019).
Figure 2 Cost of Influencer Marketing
Instagram is a social media platform and has gained millions of followers in short span oftime, it is used by brands to do influencer marketing. This photo sharing application is being used as a larger influencermarketing platform to accelerate product recognition and enhance brand value. Brands always focus on consumers’ wants and needs so a brand image is significant to build direct relationship of product and people (Backaler, J., 2018). It raises direct voice of influencer and tend to establish it on different social media outlets. Influencer marketing goals are to build reputation of brand and help individuals to stay aware of different activities, thus soliciting individuals’ feedback.
The success of social media influencers in the watch industry has taken a boom, due to engagement of millions of consumers by targeting their needs and preferences. The watch industry is versatile and it has generated huge sales by implementing latest technology tactics with the help of influencer marketing(Ge and Gretzel, 2018).Watch brands use this marketing approach to increase their connection with the customers and to retain them for the long term, this is because they can build a direct relationship with their customers via influencer marketing on Instagram. Literary studies have addressed the question of this paper and the findings are significant to answer objectives.The objectives and purpose of this research projects are fulfilled by incorporating relevant research studies and synthesizing their evidences. Studies discussed that more brands are engaging social media marketing and influencers to accelerate their sales (Brown, D. and Hayes, N., 2008). These brands use influencer marketing to engage audience and to build level of trust because this trust makes consumers take action and show their preferences. They also use marketing to target audiences because it is a way to ignite people to show their favorite product or services (Chevalier, J. and Mayzlin, D., 2003).Main notion of study is to target current marketing strategy which has been answered by literature evidences.
2.2. Strengths and Weaknesses of Influencer Marketing in the Watch Market
Research has shown that influencer marketing is expanding rapidly after 2017 but from 2018 it has become game changer. It is social media-related marketing in which a company, or organization launches its brand or commodity by using social media channels. In Influencer marketing, brands approachpeople who have many followers. Such individuals are called influencers. Influencer marketing is successful in thewatch market and it has been proven to be successful by many brands big and small new and classic brands (Fries, P.J., 2019). The core strengths are trust building, authority, effective reach to the audience and driving of purchase decisions. Due to influencer marketing, customers show their preferences andattract towards watch brands. It also emphasize that influencers are the trend setters for future(Cleave et al., 2016).
Due to influencer marketing, long term relationships of brandis built with audience.The trust building notion applies to each watch brand because it works on strengthening customer relationship. The efficacy to reach target audience is significantly analyzed from the watch brands and its scope. Recent influence of social marketing has stressed the access to generation Z and millennial. Numerous brands invest their capital on the influencer market to promote their brand (Harvey, P., 1998). This campaign is worth the effort in return and shows its incredible results. The influencer provides beneficial brands to followers and the brand gets 60 to 70 % return on investment. Moreover, it provides a sustainable method to build brand awareness, increases conversions, and demonstrative authority to brand.
Figure 3 Benefits of Influencers
The strengthsof influencer marketing are many. It helps to build trust and show authority.When a celebrity or a social media personality shares content for a brand, it creates trust. It provides brand awareness and brand reputation. The brand gets immense reach due to the reach of the influencer and therefore an increase in brand awareness. Influencer sets the trends,everyfollower follows their favorite influencer (Held, F., 2018). Hence, Influencers are responsible for setting trends.User generated contentis important strength. UCG is a key theme in brands like Daniel Wellington, Movement watches and the 5th Watches, and many brands today use influencer marketing to generate UCG because it shows their content as authentic but it also saves them money because their getting free content from influencers.
Ted Baker London and Kenneth Cole are leading brands in watch industry and they have targeted consumers all over the world. Geneva engages social media and uses influencer marketing (Martikainen, and Pitkänen, 2019).For example, Instagram is usingpaid partnershipthat drives brand value. The brand drive is positive for companies that engage influencer marketing and it generates brand awareness (Lerrthaitrakul, W. and Panjakajornsak, V., 2014).This is the core strength of influencer marketing for watch brands that it helpsgetting immense reach and better visibility.
There are also some weaknesses of the influencer marketing for brands.One of the biggest issues with influencer marketing occurs when the wrong influencers are chosen. Many studies describes that identifying right influencers for watch campaigns is significant to drive the sales (Liu, T.-C. and Wu, L.-W., 2009). Although it can take a lot of time and cost a lot money, finding the right influencer is critical for an influencer marketing campaign. Another weakness can be uncertainty of results(Silvia, 2019). If an influencer is hired to promote brand but they fail to produce goodcontent for the brand, this will not help sales because the content will not be engaging enough for their followers.Another drawback to influencer marketing is that some influencers are not really passionate about the brands they work with, and sometimes only work with brands to get paid and people can see through this and it can damage brand reputation, so its really important brands pay attention and only work with influencers that are passionate about their product. Social media channels are significant to accelerate business growth with the help oftargeted audience, its weakness is a defined segmentthat has not shown interest in the product being marketed or poor interest that do not yield significant sales.
2.3 Influencer Marketing and Traditional Marketing in the Watch Industry
Influencer marketing is different from traditional marketing in many forms(Lommatzsch, T., 2018). For instance, influencer marketing captures all the related factors to compile a targeted audience while traditional marketing promotes a productin limited way, such as Swiss Watch industry has used traditional marketing methods in 2011. Today, social media channels are playing an integral role to capturetargeted audience for a brand. Modern marketing is producing fan basedaudience for a product that guarantees success.The end consumer is realized already in every interest and preferences.Influencer marketing has also made it easy to establish brands for new start-upsso required achievement can be guaranteed (Chaffey, Hemphill and Edmundson-Bird, 2018). Influencermarketing offers choice to the customers through assessable channels and to reachthe right medium for effective communication.
In traditional context, ads and banners work notoriously to make an achievement that can disrupt the experience, however, banner blindness prevails that can ignore different other ads (Cleave et al., 2016). It can rise the perception that consumers feel suspicious towards the credibility of an advertisement. Watch brands using traditional media practices such as Omega watch brand before 2015 was using convention methods of advertising, it recovered its market share slowly, when focused on modern marketing practices (Mouth, W., 2002).Traditional marketing in the form of print media, television and radio is only effective to market a product but limited to influence it. More niches are available and working under influencer marketing as compared to traditional.
Traditional marketing is all about old methods of advertisement in which brands were dependent on print media and customers wereinterrupted in their daily lives. The concept in influence marketing is different as it brings forefront of the influential world where people show their interest in the products. Watch brands are developing betterinterest of audience into their products which is carried out through different attractive ways.
Figure 4 How traditional marketing works?
Traditional marketing cannot target young people specifically for example, you cannot put a banner somewhere in the high street and expect to show it to only 18-25 year old males, whereas with influencer marketing you can work with an influencer who has followers in this age range with interests that align with the brands products (Mukerjee, K., 2020). Traditional marketing doesn’t offer the same tracking as influencer marketing does, for example when a watch brand works with an influencer they can provide the influencer with a coupon code specially made for them so when customers redeem the code the brand can then measure its results and see the ROI, whereas with traditional marketing a watch brand is hoping for results with no real way of measuring results.
2.4 Use Of Influencer Marketing By Watch Brands
Should watch brand use modern way of marketing, a common question that is answered as yes. Real life examples like Omega and Swiss watch brands have switched to modern marketing from traditional.Influencer marketing is a unique form, not new for all the brands but it is productive. To target young generation, genZ and millennials, the use of social media advertisement and marketing techniques are integral. The influential marketing should be used by watch brands to increase the fashion sense in audience as well as bring them productivity of time management. Targeting audience in the form of social media influential techniques will add value to the companies and also generate sales (Silvia, 2019).On Instagram, visual content, attractive advertisement and engaging communication allows audience to focus more on products and value brands. The field of marketing is versatile for watch brands because with the fashion sense, audience can approach watch brands.
Figure 5 Brands’ emphasis
Influential marketing is also suitable for watch brands to pursue. For instance, influencers can share their preferences to engage followers, and majority of Instagram users follow celebrities, so the revelation of brand value by celebrities will boost the brand value(Martikainen, and Pitkänen, 2019). Most users rely on Instagram due to its value and brand advertisement. This fact is productive and valuable for watch brands to target media lovers. In addition, Instagram is an effective way to promote trustworthy brand and its authenticity. The paid collaborations are also on the way to influence young people(Chaffey, Hemphill and Edmundson-Bird, 2018). These factors can add valuable experience for watch brands and deliver better performance.
Instagram is a social leader of brands and businesses(Adams, 2019). Multiple brands get benefit from Instagram, due to its outreach, business horizons are expanded, thus allowing customers expand their potential customers’ reach(Wilson and Anderson, 2019). Instagram is a popular platform that has more than 700 million active users per month. Influence of Instagram on brands has changed the whole marketing game. Influencers are accessible, unlike celebrities, so it make easy for brands to get in touch for collaborations. Multiple fashion brands have broken traditional barriers to expand their reach(Cresswell, 2019). Watch companies need specific advertisement to explore potential buyers. It involves window shopping, which is exciting.Advertisingthrough magazines, billboards and TV ads is common practice for watch brands.
YouTube, Instagram, Twitter, and Facebook pay for aproduct to use. Influencer compelsaudience to purchase. Facebook and Instagram send the post, twitter tweets, and YouTube features the video (Martikainen, and Pitkänen, 2019). Influencer marketing, an influencer that motivates the people to act or to influence the followers to contribute to the progress of the brand is called influencer marketing in the watch marketing.With the advent of internet, watch brands realized the advantage of going online. For instance, Twitter and Facebookemploy effective marketing strategies to advertise watches. Instagram is a picture and video social platform that makes effective yet different connections with people as compared to previously mentioned platforms(Wilson and Anderson, 2019). Instagram has potential marketers and millions of followers who observe their favorite products daily. This allows watch brands to come up with latest videos and eye-catching advertisingto influence people.Watch brands use liberal policies to engage followers and do customer conversion. The Instagram followers provide ease to watch brands, such as providing picture of particular watch, its model number, price and sometimes store location(Influencers, 2019).
Multiple Watch brands, like Rado, Daniel Willington and Tiffany are using modern marketing to sell the products. Influencer marketing is a potential practice to reach the influentialpersonality followers through targeted message. This marketing concept is about a solo person as an influencer, who posts pictures and have an opinion. According to aBlogtoWatch findings, influencer marketing is irresistible to watch brands. The watch industry holds a healthy relationship with advertising and marketing. The confident watch companiesproduce compelling messages about their brands and speak to customers. For example, a luxury watch brand Rado is successfully campaigning in China and India using celebrities.Targeting different Chinese is done by focusing their preferences because they are well aware of the product.The watch industry has been witnessed to have a fractured relation with advertising since it is a luxury industry. In this way, brands do not go to consumers but consumers come to brands, being high end brands(Reviews et al., 2019).
70% of teenage YouTube subscribers trusted a common social influencer and attracted to purchase the brand product (Martikainen, and Pitkänen, 2019). 51% of Marketers influencers depend on video content sources may be on Facebook or YouTube. In this strategy, marketers get the best (ROI) return on investment means the company receives instant feedback in the form of profit which they invest in influencers. This platform provides a source to earn huge profit, for example, a company that invests1$ on to influence the product while earning 6.5$ (Silvia, S. 2019). It’s the latest source to maximize its profit for the marketers and expected rapid progress in this marketing process.A Sweden watch company Daniel Willington is using social influencers after 2011 to create social awareness. Light weight and ultra-thin design allow consumers to get in touch with social media influencers.
Influencer marketing has two types of influencers.
Celebrity Influencer
Well, familiar brands approach celebrities to influence their product.
Micro Influencer
Common persons involved in marketing terms who built their profiles and are known as social media personalities. They have excess in numbers of their followers. A company approaches these micro influencers to use their product and show it to their audience.
2.5 Price-Quality-Strategy Model
The price quality model helps companies to position their products with respect to market and their competitors. They consider price level and competition in this regard so strategy helps review competitors’ framework.
Figure 6 Price Quality Model
Currently, watch industry is searching for fresh eyes that act as a roadmap to reach audiences, who prefer modern watches. Brands rely on influencers to reach new population, so it is a good investment to get involved social media influencers. It is estimated that in 2020,influencer marketing is estimated to reach 10 billion dollars because more brands are harnessing the sponsored content to getprofit (Cresswell, N. 2019). The watch brand Daniel Wellington has built a social strategyby investing £15,000 to make noise about watches(Cresswell, 2019). This strategy is playing a leading role for the brand to acquire a leading brand status in Europe. The key steps of this process are, sending free watches to Instagram’smicroinfluencers, they post photos on social profile using hashtags, and influencers get a unique room code to offer discounts. This way brands are spurring social users to get involved in regular competition campaigns(Influencers, 2019).
Influencer marketing is rampant due to paid opinion and selling luxury goods. Social media demonstrates the unscrupulous marketing danger because it is an age when brands work on ambitions(Silvia, S. 2019). The most significant part of influencer marketing is to change the public relations, in order to manage stories. The watch makers are eager to show positive sentiment to stakeholders, thus focus on marketing avenues and advertising. Instagram is virtually unregulated place, where paid opinion matter(Reviews et al., 2019). This range of entities that work collectively and offer unlabeled marketing contentis referred as influencers. In the Swiss watch industry, luxury watch media is a common concept, and media today informs educated audience about high end timepieces by complicating the product categories(Wilson and Anderson, 2019). Digital media is a style influencer regarding watch industry because virtual friends share information about products and engage followers to know about luxury watches(Adams, 2019).
Chapter-3 Methodology/ Research Plan
This chapter will discuss the research methodology and design of this study. It will elaborate the kind of research chosen for this study that suits the method and research planning. Research plan is explained as under:
3.1 Research philosophy
The research philosophy used for this study is ontology epistemology. It is about the philosophy of research pursued in qualitative aspects. The research study focuses on ontology Epistemology in terms of reality for different entities. For instance, in this research study, qualitative aspects of watch brands will be discussed with specific attention to influencer marketing. This kind of philosophy explains about the reality categories of product. The explanation of valid knowledge under broader theories is discussed to explore the direction of research (Robertson, 2008). The ontology explains about the interpretation of a specific concepts, such as influencer marketing, that is used in current research study.
The epistemology discusses about valid knowledge in light of information that is accessible. The ontology elaborates about the reality and how it is easy to understand the existence. Current research study has usedinfluencer marketing approachfor the watch brands.It provides that in reality, the products exists that need effective marketing approach to target customers. This research approach will discuss the key techniques and methods used to conduct study. For instance, the strategy plan or design for this study is qualitative (Goertz & Mahoney, 2012). On the theoretical grounds, the philosophical stance will be explained.
3.2 Research approach
The research approach for current study is inductive approach. The inductive approach is inductive reasoning, in which research proceeds after getting some observation of theoretical data. In this research study, the inductive approach will be about getting in touch with an issue, which is influencer marketing for watch brands, and its impact will be seen through social media. It moves from a specific to a general issue, which is influencer marketing and its impact on watch brands. The deductive method of research is to get involved with the social theories and test it with data (Klauer & Phye, 2008). This kind of research moves from general to a specificissue. The current research study stands with the inductive approach because it will move from a specific to general issue.
3.3 Research methodology
The methodology of this research is qualitative and this approach is chosen to elaborate more on secondary sources, peer reviewed journal articles and academicresources. Qualitative research is a significantmethod for the research study in which meaning, concepts and description is carried out with the help of peer reviewed scholarly articles (Klauer & Phye, 2008). A theoretical framework makes the foundations of the qualitative research. This research study is qualitative and will provide in depth analysis and understanding of different theoretical concepts, on the basis of past studies. This kind of analysis is helpful to create openness and encourage people to expand their ideas and responses about different topics. Qualitative analysis add valuable information to research study and explains theoretical evidences.
3.5 Data collection
The data collection is from secondary sources. In the qualitative research studies, data is collected from past studies, documents and focus groups. This way, theoretical information will be gathered that will make it easy to find out central concepts. Secondary sources used for this study are coming from secondary sources, journal articles, case studies and academic research papers.
Secondary source provide a valuableanalysis of existing research studies because scholars have added their viewpoints and conducted empirical research on them (Goertz & Mahoney, 2012). These studies provide an insights about systematicevidences, key factors and validity of data.
3.6 Data analysis
Data analysis in qualitative research defines different theoretical models, foundations, description of terminologies and observations (Robertson, 2008). After discussing different research studies, and scholarly viewpoints, the data will be analyzed in consistent form to find out the answer to research question. Data analysis will give rise to specific theories and structure of data that is adequate to discuss influencer marketing approaches for watch brands.this paper is using qualitative approach in which case studies will be analyzed.
3.7 Reliability / validity
Validity and reliability of data is to find out the internal consistency of gathered evidence. It is a process that guarantees authenticity of data and that there are no loopholes and all the research evidences found are valid. The reliability of study focuses on its generalizability, for examples, research documents, past studies, empirical research, case studies, watch market reports and social media findings will be used to discuss this study. This data will show validity, if gathered documents are from reputable resources (Shaha, 2004).
3.8 Ethics consideration
Key ethical considerations will be focused while completing this research study. These ethical considerations are about integrity & honesty, carefulness while estimating data, openness while discussing, objectivity, and use of authentic & credible sources to gather valuable information (Klauer & Phye, 2008).
Chapter 4-Analysis and Findings
The qualitative study has an objective to discuss how watch brands have been using influencer marketing on Instagram to dominate the watch market in the past five years. The methodology has used some case studies to discuss the influence of marketing on watch brands. Some case studies used for this research are some latest brands like Daniel Wellington, 5th Watches, Movement Watches, etc. a comparison is made of these new brands with those that arise in the past 5-10 years under the influencer marketing approach. The process of using influencer marketing and traditional marketing for the analysis of watch brands is significant in understanding the role of marketing.
4.1 Data Analysis
With the help of case studies, the marketing aspect, and its significance for the watch industry is estimated. For this research, three case studies of watch brands are used. These case studies are Daniel Wellington, 5th Watches, and Movement Watches.
Daniel Wellington is a Swedish watchmaker, it has successfully worked on hundreds of influencer marketing campaigns and acquired a competitive position. It has adopted an influencer marketing strategy, rather than going for traditional marketing campaigns to increase its success ratio (Adams, 2019). Filip Tysander was inspired from a simple strap of Rolex watch (an Englishman was wearing), and wanted to setup own brand. At start, as seed capital, he invested $US15,000. From 2013 to 2015, brand reported 4700% growth rate. In 2014, they produced one million timepieces per year, in comparison to Rolex that took 111 years to attain this success (Anderson, S. and Neville, 2019).
The revenue of Daniel Wellington in 2015 was $220 million, and it used Instagrammers’ power to convert a $15000 worth company into a successful brand only in 4 years. In the fashion world, Daniel Wellington has strategically leveraged modern marketing approaches and user-generated content to convert it into a favorable identity and engage millions of consumers. The approach of Daniel Wellington was to develop an attractive story to engage customers and later worked on the idea of classic backpack concepts like James Bond. The brand derived consumer’s action by working on coupons, hashtags, and using influencer created content. Instagram influencer’s actions and the hashtag campaign about this brand has generated more than 800K videos and photos. The brand accountis grown from 850K to 2.1 million, the profit rate increased to 214% in only one year.
5th Watches is a leading watch brand in the industry and acquired phenomenal success due to modern marketing tactics. By focusing on strong brand aesthetics, 5th watches worked on a unique business model to sell products, and the social media presence enabled it to engage more and more people. Its influencers on Instagram have done an exceptional jobby creating content, sharing stories, images, and videos to promote brand values (Marketing, 2017). The good marketing tactics not only resonated with the brand value but also portrayed products in different lifestyles across the world. Fifth watches brand sells online with the help of travel influencers to spread the effect of travel and tourism and high profile bloggers to show different perspectives. The brand is famous on Instagram, and due to marketing campaigns, its influencers are massively engaged in bringing more customers (Kix, 2019).5th watches offer Ronda movement and these quartz watches are making good influence by using influence marketing. This global brand has put so much on marketing and influence that its development and distribution centers are spread worldwide. In no time, this brand has earned the trust and admiration of experts.
Movement Watches is another up and coming watch brand in the same price point as Daniel Wellington and 5th Watches that was founded in 2014. The scope of influencer marketing has increased the success of brands due to the usage of content and messaging. The brand campaign on an average hold 47,000 people as followers, and they created 73 posts. This specific campaign produced a potential reach of 3.4 million. This influencer campaign of movement watches provides the tendency of modern marketing with sponsored posts. In a case, Liza Herland, an influencer, invited its followers to get a custom code for a 10-15% discount on movement watch purchase. It is a common way to get track conversion rates. Movement watches have rationally used its influencers from different walks of life to discover a new selling path (Glucksman, 2017). The case study provides that marketing, in its essence, is a key criterion of engagement and understanding of different brands’ products and their quality. The marketing campaign by Movement watches has found to have a high level of engagement, so engaging more people and getting their likes is a success (Naas, R., 2018). This opportunity expanded and leveraged to huge influencers.
The structure of marketing campaigns by these watch brands provides insights to get more and more followers who are engaged with other people. The influencer campaign coordinators are of the view that fashion brands provide minimalist products at affordable prices. These watch brands are successful and running as hot brands in the watch industry, thus proving the significance of the latest marketing campaigns. The success of positioning and implementation of brand value illustrates the role of influencers approach and their level of targeting people (Satell, 2014). The coordination activities and effective communication transforms the value of traditional marketing. Most of the cases have provided that the ideal candidate for this campaign has a broader understanding of modern marketing tactics, so the passion for building networking and relationship matters (rschl, M. and Steinberg, L., 2017).
The watch industry has entered the realm of influencer marketing. These approaches are significantly linked with follower’s strategies, interests, and preferences. The active role of followers under a media marketing campaign provides the significance of understanding that they acquire from influencers. These case studies yielded that influencers are engaged in supporting the partnership, building new and innovative relationships, and interactions. These elements work significantly in the realm of modern marketing since they collaborate with internal marketing efforts. In some cases, it is found out that content strategy works enormously, such as for Denial Willington. Influencer marketing is a key concept linked in the watch industry today because all the influencers are guided to get efficient customer acquisition and partnership by adapting core marketing principles. The role of interaction and power of communication matters most in these cases (Renard, D., 2013).
For watch brands, influencer marketing is critical to consider, and other significant aspects related to it are effective communication, understanding of fashion brand’s value, role-playing activities, and evolving environments. The social media wizard is a role-playing platform for the organized campaigns because it contributes in influencer marketing that serves as a long going network to bring more followers (Perspect, M., 2018). The case study knowledge and findings discussed the scope of marketing for the watch industry and currently prevailed trends (Kix, 2019). The findings suggest that internal marketing plays a crucial role in customer acquisition, making a central space and building & cultivating a relationship for the digital space. Moreover, it also elaborates that the core marketing principles are quite important to work for followers and be adept. The other values associated with this kind of marketing are highly organized, strategic scope, gregarious, and detail-oriented. Representation of a brand to large people needs knowledge of fashion, music gaming, and other niches’ knowledge to target more people and to attract them with their respective interests.
4.2 Watch Market in the past 5 years
The past five years show a glimpse of consumer transformation in decision making, particularly when considered in terms of consumer fashion. The realm of marketing has started influencing every sector and every industry (Vyatkina, O.L., 2020). This much fame and fashion-oriented products were not developed past years ago, but a focus was made on traditional approaches. From 2017-21, the aspect of modern marketing is considered to be a boom due to the role of influencer marketing, newly designed social media platforms, and to focus on consumer decision making power (Glucksman, 2017). Prior studies highlight that the boom in marketing is due to the aspirations of millennials. The manufacturing of designer watches needed a modern platform to showcase new tendencies and features of a modern product. Movado group bought Movement Watches in 2018and offered a strong expansion for millennial brand. This transaction holds an initial $100 million payment, and two payments of $100 million (Naas, R., 2018). This acquisition was for the best interest of millennial basebecause digital expansion has given MVMT access to the global networking (Perspect, M., 2018).All of this was not absent but primitive five years ago. Since 2015, the impact of horological products from all over the world was down. Some exporting countries of watches like Hong Kong faced a decline in unit terms and value from 2014 to 2016.
The decline in the watch industry was apparent at the global level, and it impacted the global economy (Zhou, W. and Duan, W., 2013). In addition, luxury watch market confronted a sluggish global economy, where Chinese demand was decreased. Switzerland experts reported that the peak falling trend in 2014 was due to traditional marketing approaches or price-conscious customers that derived price level down. Low and quartz watches also faced intensified competition a decade ago in China. Middle range watches faced abounding opportunities with good value and quality products, in accordance with fashion and personality. Since the early 80s, the weakest position for the watch industry was 2017. The timepiece industry confronted turmoil due to the collapse of several global economies. The watch market faced a two-year slump, and the dip in the sale was spared later with a number of factors.
The slump in the watch market was faced in most of the economies, yet industry executives remained optimistic for the high-end growth of the watch industry. It was a low-end market for the first six months of 2013; for instance, quartz watches volume declined by 6%, but mechanical watches faced growth in volume by 12% (Satell, 2014). The factor contributed to the level of price on average. The mechanical watches by that time period represented 77% of exports and 27% volume. In addition, mechanical watches were ten times expensive than quartz watches in 2012. From 2012-15, the market segmentation was carried out on these two types of products. The quartz segment was divided into digital and analog, while analog watches were a fashion symbol, and digital watches were popular in the emerging economies.
The marketing aspect was not broader, and the segmentation was carried out by specialist retailers, internet retailing, and departmental stores. The global watch market five years ago only considered innovative services and pricing strategies to acquire intense growth in the market. Only a few leading players rule the market on the basis of a portfolio, product differentiation, and pricing. To know the growth of a product, demand, and supply act as leading forces. Smart wearable watches faced an increase in demand due to product differentiation by major companies. The traditional watches were not fit for seamless connectivity and to work in this digitalized world. The innovation in digital watches in terms of health monitoring, personalized experience, and seamless connectivity allowed people to focus on some key connectivity features. Smart wearable watches acquire growth over the traditional watch market, so the potential growth was anticipated in the traditional watch market.
Smartwatches helped inculcate the wearing watch habits in young people. Online to offline strategy in e-commerce was a key factor developed after 2015. Offline purchases influenced the experience of consumers at various digital channels. Buyer behavior changes suggested that effective marketing strategies can be the potential to enter into cut-throat competition for the watch market. The effective sale was started determined by online marketing strategies (Glucksman, 2017). These feature-driven emerging technologies under specified functions, quality improvement, and environmental protection models. Watch companies’ developed new watchmaking technologies by including precision and new material to meet functional and aesthetic requirements, such as surface coatings. Consumers faced increased use of social media and marketing campaigns. The watch market started attracting the young generation to count as future potential customers, due to their interest in digital watches. Informed decision making and product features enable young consumers to be more aware of watch market dynamics.
4.3 Influence of Marketing in Watch Brands
In the last few years, social media marketing has played a major role in promoting watch brands. Smartwatches bolstered the environment of marketing by acting as the game-changer. Smartwatches created a division in watch specialist, which obviously has some positive and negative points. Due to the increased prevalence of social media platforms, such as Facebook, YouTube, Instagram, Twitter, and LinkedIn, people involved with products and brand companies (Watches, 2017). The increased involvement of people with these products allowed companies to cater to consumers’ feedback and views. Consumers rapidly made purchase decisions due to ease of using social media applications and better connectivity.
Consumers found it easy to get in touch with all the brands of their choices and get discounts and coupons. The product personalization, communication, and product designs offered substantial help to consumers to make choices and get flexible purchase. They faced more and better interactions with suppliers and product manufacturers by campaigns. The innovation of social media campaigns is an advanced aspect of traditional marketing that changed the entire game. Marketing got ease through mobile applications because it is always available whenever customer want and need. The brand-customer relationship is driven through modern marketing campaigns. Facebook and Instagram are now marketing through advertisements to target customers. Only sending a message can help customers get their favorite products.
The brand-customer relationship on Instagram yielded transparency and allowed the business to flourish at an optimum level. The personalized data-driven marketing is friendlier today and has developed numerous ways for watch market. Brands keep targeting new and more targeted customers by segmentation and by targeting customers via their interests which is very easy to do via social media marketing because of the vast data points offered by social media platforms such as Instagram. Deloitte reported that 60 percent of customers today are using digital or online channels to make purchases and reveal their interests. Instagram is using key influencers to drive sales of watches with the help of unique content, photos, and videos. The influence of influencer marketing on the watch market is impeccable. It is unbeatable in a sensethat luxury watch industry foresees trends on social media to design its innovative campaigns.
4.4 Impact of traditional and the new age of marketing online
Traditional marketing is an old form of advertisement that encompasses engagement through radio, TV, and print media. The oldest form of marketing is replaced by digital marketing today due to the influence of social media. Old or traditional concepts are ancient in sending a message to customers, tracking their interests, and pursuing them to buy the product. Print, broadcast, telephone, and daily mail are some tools of traditional marketing that was used for marketing a product (Watches, 2017). Marketing messages through telephone marketing was also a common way that is changed in the modern age. Printed material such as brochures, postcards, and letters are replaced by social media applications where everything is digital and shown in an impressive way of 3D. Both forms are different in terms of engaging consumers and persuading them to buy since modern media utilizes effective approaches to transform decision making of consumers. The impact of traditional marketing is replaced with a modern style of marketing due to social media influencers.
There are positives and negatives for both traditional and modern marketing. For example, traditional marketing methods are good in terms of using newspapers, brochures, and email broadcasting. Traditional methods only worked for people connected to TV, radio and newspapers, they spread limited influence. These methods are beneficial for when working on a small scale but not accurate to measure customers’ demand and quantify potential people. The modern marketing has captured audience from every walk of life, such as multiple groups, communities, and ethnicities. Modern marketing engages people through influencer marketing campaigns but disadvantageous in terms of sharp memory of the internet since it does not care for consumer privacy. The case studies have highlighted the potential of modern style of marketing and its benefits for watch market.
Chapter 5- Conclusion
The current research study discussed the influence ofinfluencer marketing on the watch market in the past five years. The research question of this study was how watch brands are using influencer marketing to dominate the industry in the past five years. The objective of this study was to investigate the social media channels and the role of influencer marketing in the digital world. The focus was maintained concerning advertising in the watch market and how watch brands have acquired a central position due to the influencer marketing approach. The focus of the study was to explore the nature of influencer marketing techniques employed by the watch brands. This study has answered the research question and fulfilled objective.Research indicated that influencer marketing has changed the brand influence over audience and their decision buying habits are changed. All the results found from this discussion are relevant to the objectives and research questions. Results of study are in consensus with (Kim, A. and Ko, E.2012), about brand awareness, (Glucksman, M., 2017) discussed about influencermarketingstrengths, (Silvia, S. 2019) social media effect on millennials, (Sadler, R. and Kyeremeh, E. 2016), brand influence that capture audience (Chaffey, D., Hemphill, T. and Edmundson-Bird, D. 2018) digital business perform stronger role to promote branding.
Today, this scope is increasing, and emerging brands in the past five years have becomethe hottest brands in the industry, such as Denial Willington, Movement watches. There is an underlying ideology related to the act of influencer endorsements. At the point when an industry expert or a social media performer or a celebrity shares any content regarding a brand, it creates immediate credibility of such brand or organization, understandable and straightforward. The plan is, if any organization can hire a genuine personality to recognize and notice its brand, it develops an opinion that the brand is a market leader and a reliable company, based on the sentiment and endorsement provided by the social media influencer. The acknowledgment is much progressively viable in niche marketing when an expert in your industry promotes your content. Credibility created right now considerably accelerates the period in which brands can establish and build up authority and trust with purchasers.
As discussed above, marketing by an influencer can expand your positioning and reach significantly in the online market. Social media users can get more information about your products, your history, and your services. Influencers can make a powerful contribution to brand recognition, which is one of the most significant benefits of social media marketing. To maximize the strategy of influence, it is essential to create an attractive and reliable content that enhances the social media appearance of the celebrity as well, to ensure the benefits for both the parties. Celebrities are mainly the motivation behind new movements or trends. They often propose new brands, ideas, and products, etc. Thus being noticed as a unique fashion style is one of many advantages of influencer promotion. Aligning the celebrity with the product, which moves the stick in the trend market, proves the consumers that the company is a leader in innovation in the circle.
The significance of this particular advantage cannot be overstated. Compatible personalities present the content to the specific social media users who are already following their profile. There are no additional costs required to find or test your audience, as the celebrity already acquired followers on social media for themselves. Furthermore, celebrities who promote your products increase sales. Users are looking to celebrities for advice more and more on which brands to buy. According to research, around 40 percent of people said that they purchase products or services after social media campaigns by celebrities. And these numbers are gradually increasing as eminence of social media has risen. All watch brands have one fundamental objective which is to increase its sales and brand equity. Influencer marketing can support in achieving both because it can expose the brand to its targeted audience in the millions.
The analysis conducted in this research study involved multiple branding activities and the use of their tactics to attract an audience. With the help of three pillars, reach, relevancy, and resonance, the audience is targeted, and a focus on products determines their level of interaction. The individual behavior towards influence made by the marketing approach is examined under theoretical evidence. Influencer marketing is a driver to get customers the latest updates and information about their favorite products. Research evidence made it clear that Instagram is a great social media application that has accelerated product recognition and enhanced brand value. The current study has addressed the key strengths and weaknesses of influencer marketing regarding watch brands. Currently, influencer marketing is a rapidly expanding strategy that has an enormous reach to the audience regarding consumer buying decisions.
The younger audience has no more interest in television because digital and social media is getting prominence day by day in the and more youthful generation has increasingly contributed and favored to its popularity. That is why celebrity marketing is now a mandatory source for reaching Gen Z’ers and Millennials. It brings great value to the brands by attracting consumers through digital media marketing. By celebrity marketing, and access to prospective vision with the personalities is increased that they couldn’t reach as fast with the other marketing channels. Especially in this case where a celebrity, they use, has a good number of followers on social media or blog in the particular industry the client operates.
A recent study on social media marketing showed that 37 percent considered blogs are the best platforms for influential marketing. Facebook is second with 25 percent of social media marketing tools, followed by many other social platforms like Twitter, Instagram, and YouTube. There are different types of content used by celebrities that vary from your rational thinking as well. Fresh and unique content can attract more consumers’ attention and maybe get persons who turn out to be desensitized to the company’s message to show interest.
You may even find some new innovative ideas to use in the content for your blogs. A research done by Digital Luxury Group presents that 40% of Google search results for mechanical and branded watch comes from forums and blogs. Not to be surprised, blogger spread is a usual practice for many brands. TAG Heuer, Omega, IWC, Patek Philippe, and Vacheron Constantin use it more often and work in many different ways: from distribution of samples of brand content to visits of the manufacturing sites, invitations to heritage or VIP functions, and publicity to exclusive opportunities.
Conclusion is consistent with the analysis and it significantly addresses research objective and study. The current study has used evidence regarding the influence of social media for watch brands and how it has worked significantly to build brand trust and equity. The case studies used in this research highlighted the notion of influencer marketing that how this strategy helped boosting the growth patterns of products in only a few years. Social media influencing strategy by Kenneth Cole and Ted Baker are leading brands of watch industry that illustrated that Instagram is playing an instrumental role for companies to promote products.
5.1 Recommendations
For watch industry, influencer marketing is working significantly due to global customer base and it has engaged them through multiple styles of posting, videos, and sharing images. It is recommended that the arrangement should procure a real character to perceive and see its image, as it builds up a supposition that the brand is a market head and a dependable organization, in light of the assessment and underwriting gave by the online influencer. It is also recommended that believability should be right and impressive to accelerate the period wherein brands can set up and develop authority and trust with buyers.It is seen when an industry master or an online life entertainer or a superstar shares any substance in regards to a brand, it makes quick validity of such brand or association, justifiable and clear. The affirmation should be logical in practical in specialty advertising when a specialist in your industry advances your substance.
Though few bloggers are genuinely impactful, less than one-third of digital bloggers are remained from a year to another, even as 90% of discussions and genuine impact in digital marketing are driven by only 3% of personalities. Multiple famous brands started the trend of hiring social media influencers, setting the marketing campaigns direction and their digital media accounts, and have begun to co-create the products. Maurice Lacroix stormed the social media channels of the biggest football fans around the globe by co-designing a special edition timepiece collection featuring FC Barcelona players and fans. This social media campaign was carried out by the Digital Luxury Group that created a lot of attention all over the world. Omega started to develop a new watch with the collaboration of Buzz Aldrin; Aldrin was one of the two astronauts from the ever 1st moon mission of 1969. They named it “Mars Watch.” Aldrin attended the Rio Olympics as part of the Omega family. He comprehensively promoted the brand on Twitter to his one million-plus followers.The journey to be the hottest watch brand today has ensured that influencer marketing was used as a pivotal approach to target people.
5.2 Limitations
Case studies of Daniel Wallington, 5th watches, and movement watch brands made it clear that how significantly these watch brand has acquired a central position in the watch industry only in five years. Thelimitations are the small number of case studies, use of qualitative analysis and the limitation to only watch industry to know the consumer buying decisions.The discussion of this study provides that theoretical evidence about modern styles of marketing and traditional marketing work differently to capture audience. The study has limitation about only focusing on the watch industry to know marketing game which has surpassed all the traditional marketing records by directly involving customers in visually attracting campaigns as well as advertising on billboards and magazines. This research study is significant in terms of explaining marketing activities, discussing key tactics to strengthen the customer base by influencer marketing, and the rapid expansion of watch brands.
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Analyze the social Media Essay example and dissertation writing
