Brand equity is the brand reputation in the market. It is a competitive advantage that results in higher sales and profits, also lower costs. This concept consists of the following five main elements:
Brand Awareness
Raymond Weil makes its customers aware of its products through marketing efforts. It has used several promotional tools like advertising campaigns, giveaways of luxurious Swiss watches and events’ tickets. Raymond Weil is the first one to use Facebook commerce and to come on Foursquare. This brand’s presence on social media platforms is a strategic approach to adopt latest communication channels to get closer to clients.
This brand formed the partnership with many companies and platforms to promote itself. It is an official partner of Scotland’s concert venue named SSE Hydro. It also became partners with Labyrinth Theater Company and American Idol. In 2012, RW became the sponsor of the Spring Awakening (musical).
Brand Association
Raymond Weil lives in its consumers’ minds and hearts in many ways. The company has promoted many young talents to the international audience and granted them amazing opportunities. In 2013, RW became partners with a live music platform, Wired, in London to support emerging music artists. This company also established a platform, in a partnership with Aperture Foundation, for young talent in photography. In 2015, the actress Katheryn Winnick became the brand ambassador of Raymond Weil.
The brand has been involved with several charities like Union for International Cancer Control (UICC), the Breast Cancer Research Foundation, and has taken part and organized several online sales of watches to support them. Raymond Weil has been a partner of UK’s largest music-oriented charities, Nordoff-Robbins. In 2007, this brand became an official partner of WWF Panda Ball Gala and provided funding
Perceived Quality
This company is committed to helping consumers find value in their hunt for an elegant wristwatch. People have liked this brand because it offers a collection of high-quality, contemporary watches with technological features at affordable prices. It is ranked in the top luxury watchmaking brands globally.
A survey was done in 2009 by easyJet travelers to vote online for your favorite brand. Raymond Weil got selected for the Best Watch Brand. RW has been selling steel or gold plated, dual time-zone and water-resistant watches for ladies and men. These luxury timepieces have quality, reliability, and precision.
Brand Loyalty
RW is a future aligned brand which is continually looking for new methods to enhance its products’ quality. Due to high sale record and useful feedback, the company reached out to markets of UAE and Asia. This company sells 200,000 watches annually for £1,000.
Raymond Weil contains four main principles which define the brand: Independence, Aesthetics, Creativity, and the Art of watchmaking. It is globally known as the best watchmaking company with a net worth of almost $275 million.
Other Brand Proprietary Assets
Raymond Weil has trademarks under Raymond Weil SA which includes RW, TANGO, ALLEGRO, DON GIOVANNI, TOCCATA, OTHELLO, PARSIFAL, NABUCCO, MAESTRO, and FREELANCER.