Digital Marketing Strategy

Rolex

Pricing Strategy

•Identify the pricing and payment strategies your brand uses including digital methods of payment offered and any differences between online and offline •Identify an improvement opportunity and the benefits that opportunity offers to the brand and its customers

Pricing Strategy

● Premium Pricing Policy ● Pricing depends on the model and the material of the watch ● High labour cost as all the products are handmade ● Exclusivity of the watch ● Watch material is made in the factory itself and highest quality material is provided ● Heritage of the watch (worked for nearly 100 years) ● Unique design and the value of the finished product ● The brand has targeted consumers from the wealthy class to whom money does not

matter but exclusive items do

● Rolex is a price setter in the market and hence does not set its prices for the products based on its competitors, rather it sets the price for its own products

● No Sale or Discount for customers

Payment Strategies

“Financing the cost of a Rolex means you'd likely pay installments over a set term rather than the entire amount at the time of purchase. You may be able to do this with a layaway or leasing program, or with a loan” (Lendingtree, 2020).

● Layaway program. ● Progressive Leasing. ● Affirm loan. ● Credit card. ● Personal loan.

Digital methods of payment offered and any differences between online and offline

Rolex offers a payment financing plan online with various monthly choices which offers the customer different choices of funding their purchase. Makes it more accessible to people trying to afford their watch. Rolex offers 3,6,9,12,24,36 financing monthly options through its dealerships. New products sold by Rolex have the 0% interest option and interesting choice which could be seen to devalue the brand as it becomes more accessible.

Gives a wider audience than previously to Rolex. This option is also offered in person.Need to qualify and a credit check is needed.

Debit card and credit card are also accepted instore.

Improvement opportunity and its benefits to the customer

1) Provide Brand Value Proposition - Expand brand proposition through different platform to attract different target audience than the one Rolex already has thus increasing brand

value

2) Brand loyalty scheme - By rewarding the most loyal fan, Rolex could grow their loyalty following by form of exclusivity

3) Expand across several channels and gather feedbacks - With the huge following Rolex already has we could ask feedbacks and suggestions from our already loyal fanbase to

further expand the brand through their suggestion, showcasing Rolex abilities to adapt to

customers needs.