By Mark Gladwin
Having recently joined Casio UK as the head of its timepiece division, I am delighted to be writing a column for WatchPro.
As a newcomer to the trade, I look forward to bringing my 15 years’ experience within consumer goods and my passion for retail and brand building to this truly exciting industry. I am hugely excited by the prospect of strengthening and cementing Casio’s premium range in the market, and hope to bring a fresh perspective to bear on our unique and individual offering.
Which leads me on to my topic of choice: Is it possible for one brand to position themselves at both ends of the pricing spectrum?
Recent market data shows £120 to £200 and £300 to £500 to be two of the most popular price brackets in the watch market. The increase in value at the top end of the volume market is a positive shift and should give us all confidence for the year ahead, providing we meet the demands of the consumer and keep them engaged with strong in-store execution and new product launches.
Brands that offer products at both ends of the pricing spectrum face a host of challenges, however. To succeed a brand must communicate its unique qualities in a way that is clear and compelling in the mind of the consumer. Heritage is important, but more so is the necessity to adapt and evolve with the times, in order to turn one-time purchasers into staunch brand loyalists.
The modern consumer has access to more information than ever, so it is vital to harness and channel this demand for knowledge. Communicating the quality of product build and design is the number one priority, no matter the price point. What’s more, clearly outlining the benefits behind a premium price point creates a halo effect on those products at entry level too.
It is also vital for a brand to work closely with the retailer to ensure the shopping experience mirrors the brand’s values and aspirations, whilst clearly communicating the price point differential through materials and messaging. A brand can position themselves at both ends of the pricing spectrum by being true to the USPs that the consumer understands and believes in.
Positioning a brand at both ends of the price spectrum is no mean feat — but it is possible. For 30 years, G-Shock has combined unrivalled toughness and technology with functional beauty. This combination has captured the hearts and minds of consumers across sport, fashion, music and beyond, underpinned by the brand’s ethos Never Give Up.
This column was taken from the March issue of WatchPro magazine. To read the issue online in full, click here.