Brand equity is the commercial value of the brand. It is related with vast knowledge, customer loyalty, and the market percentage secured by the company. Brand equity has following five components:
Brand Awareness
Rolex is the leading luxury watch brand and it is well-recognized among its potential customers. It has always been a part of special events to take its brand recognition forward. This brand has sponsored several of concerts for promotion. Using the social media platforms, Rolex connects with the people and displays the value of the wrist watches.
It’s been a century that Rolex plays a fundamental role in the sports. Rolex is not solely a sponsor of most fantastic sports events but also appears as a partner. It’s the official sponsor of the Women’s World Golf Rankings. Since 2001, Rolex has been in the use of Le Mans 24 Hours motor race. From advertisements on billboards in major cities to Men’s Magazines like GQ and Maxim, Rolex is on the way to promote its business.
Brand Association
Rolex has the association with its customers in many ways which also contributes to the publicity and increases the brand purchases. In 2010, Rolex took the initiative to provide funding to five young leaders who have human life improvement ideas. Rolex has also played its part to make this world beautiful by producing 800,000 beautiful watches annually. Rolex, along with organizations like National Geographic, supports and provides funding to aqua and nature conservation, wildlife protection and other environmental causes and projects. Rolex products have style and grace which makes fashionable people excited about it. Technological attributes like waterproof and dual-zone watches make Rolex spread the innovation around the world.
Perceived Quality
Rolex focuses on various personalities, choices, and demands. Its priority is not only fit and finish but also performance and stability. People want high-tech, safe and sophisticated watches which will give power to their personality. Rolex produces beautiful watches and has made a brand of innovation. Rolex is famous among its consumers for the quality products. But some gets stopped because of its high-price. Rolex launched a brand called Tudor in 1946 to produce watches of the same quality as Rolex’s but at less expensive rates.
Brand Loyalty
In 2014, Rolex held the 2nd position for the most reputable company. The reason was the high level of consumer trust and ability to deliver outclass products. It is the world’s most valuable watch company that generates $4 billion of sales almost annually.
As per May 2017, it has the brand value of $8.7 billion. What’s unique about this company is that consumers feel like keeping its product are present to themselves. They have a very intense and emotional relationship with Rolex’s products.
Other Brand Proprietary Assets
A brand should possess proprietary assets that include the trademarks and patents so, that its loyal customers base remains strong. Rolex Watches sell its products under the registered trademarks of Rolex that include Rolex, President, Oyster, Oyster Perpetual, Crown Device, Datejust, Day-Date, Submariner, and GMT-Master.