NEW YORK, NY / ACCESSWIRE / July 17, 2019 / The luxury watch market is proving to be resilient in the digital era, with demand growth in Asia driving a positive industry outlook. According to Erik Boneta of Boneta Inc., when it comes to symbols of status and affluence, the pedigree of high-end watch brands simply cannot be duplicated by smart watches and “The top brands of today, Rolex, Audemars Piguet, Richard Mille, and Patek Phillipe, really care about their brand and the quality and design of their products.” Although consumers still value the experience of handling high quality timepieces in person, the industry is embracing social media to communicate brand value and increase sales revenues with an eye on future growth.
Digital and mobile platforms are the most important extension of a company’s identity beyond the brick and mortar store. Curated images, expert product reviews, and other media content can translate the luxury goods experience to a global audience. Members-only promotions granting privileged access to corporate perks can recreate the benefits of exclusivity. Since the next generation of consumers are digital natives who have grown up online, strong brand awareness translates into direct sales and impact on customer behavior. Market surveys indicate that 14% of those aged between 18 and 24 made their first luxury purchase on the Internet. Even if sales are not made immediately, the persuasive power of online media over consumer preferences is clear. “Social media plays a key roll in current marketing. Many people don’t have the time, nor want to walk into a store and feel obligated or pressured to buy something. They can see the watches online and know where to buy them. Brands always have ambassadors that consumers can relate to when seeing them wear the same watch they own,” explains Erik Boneta. Social media already has the greatest effect on the decision to buy timepieces in established markets such as Japan, Germany, and Italy. Deloitte reports that 60% of people use online channels to research information, including pricing, on high-end watches.
Luxury watchmakers are well positioned to leverage influencer marketing as way to engage current and future patrons. An influencer builds an authentic relationship with followers through quality content around a product. Their presence on multiple platforms at one time, like Instagram, Pinterest and YouTube, enhances their reach and credibility with the target audience. Genuine engagement is the key advantage that social media marketing has over traditional methods like magazine advertising. While conventional mediums allow prospective buyers to take a passive role, brand ambassadors interact in real time with followers. Continuous communication through likes, shares, and comments builds trust with luxury consumers and enhances their product experience. For high-end timepieces, the most popular personalities command audiences that range from several hundred thousands to in the millions.
Watchmakers should scale marketing strategies according to what is best suited to their corporate image instead of assuming one-size-fits-all, according to Erik Boneta. Micro influencers have 500-10,000 followers and are followed for their niche expertise. Their reach may be relatively modest, but the impact is outsized due to strong credibility. Mass influencers (including celebrities) have followers in the millions and tend to partner with several brands at once. Although watches will not be the sole focus of the content, a company will reap benefits from global visibility.
Erik Boneta is the owner of Boneta Inc, a New York City-based fine watch retailer. With over 15 years’ experience in the industry, he specializes in procuring and selling luxury timepieces. Boneta Inc.’s in-house team of experts verify the quality of every product, ensuring functionality and authenticity for discerning customers.
Erik Boneta – Founder of Boneta Inc. in New York City: http://erikbonetanews.com/
Erik Boneta of Boneta Inc. Examines the Growing Importance of the Asian Market for Luxury Watch Makers: https://www.bloomberg.com/press-releases/2019-07-13/erik-boneta-of-boneta-inc-examines-the-growing-importance-of-the-asian-market-for-luxury-watch-makers
Erik Boneta of Boneta Inc. Analyzes the Impact of Millennials on Luxury Watch Industry: https://finance.yahoo.com/news/erik-boneta-boneta-inc-analyzes-042000870.html
SOURCE: Boneta Inc.
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