How to start a Watch Brand: key steps for you to launch and grow your luxury goods business.
With the global market for watches, jewellery, and other luxury products increasing each year, there are many with an ambition to capture their share with new and distinctive brand concepts. To achieve this requires an in-depth understanding of the luxury industry, as well as a robust go-to-market strategy and a well-considered brand story for your customers. Below, I outline some of the key considerations required in starting and scaling your own watch or jewellery business.
Decide if starting your own watch company is the right decision.
Do you have the vision and resources to define a brand concept, and to turn that concept into a company with longevity?
Starting your own watch brand is not for everyone and requires both time and investment to succeed. The watch industry is made up of a few large groups which retain most of the market share, along with a smaller number of independent brands.
The word ‘independent’ can mean many things in the watch industry, from small ‘microbrands’ at very low price points, through to the most premium areas of the market where watchmakers with industry experience launch new technical innovations, and long-standing privately owned businesses that are not part of one of the larger groups.
To succeed in the luxury industry, you’ll need vision, resources, and a scalable commercial model. Often, when working as a freelance watch designer, I facilitate my clients early-stage discovery and research to better define the brand, before we begin the creation of the brand identity or products.
Create a strong USP.
What differentiates your watch business from existing brands?
Creating a strong Unique Selling Proposition (USP) in the watch sector requires careful research, analysis, and strategic thinking. Here are a few steps you can take to create a strong USP for your watch brand:
Understand your target audience: Research your target audience's demographics and buying habits. Understand their needs, wants, and pain points.
Analyse your competition: Understand the strengths and weaknesses of your competitors and their Unique Selling Proposition.
Define your brand's identity: Define your brand's values, personality, and mission statement. Use this to create a unique brand identity that differentiates you from your competitors.
Identify your unique selling points: Look at your products, services, and overall brand experience. Identify what sets you apart from your competition and what makes you unique.
Create a positioning statement: Summarise your USP in one sentence that clearly communicates the unique value your brand offers to its customers.
Use your USP in your marketing: Incorporate your USP into your marketing materials and campaigns to communicate it to your target audience.
Deliver on your USP: Consistently deliver on your USP to build trust and credibility with your customers.
For example, a strong USP in the watch sector could be: "Our watches are made with sustainable materials and eco-friendly practices, making them a guilt-free fashion statement for the environmentally conscious consumer."
It's important to note that a USP is not something that can be easily copied by competitors, it should be unique and specific to your company and brand.
Research your position in the market.
Where is your place within the industry?
Researching your intended market position in the luxury watch sector involves several key steps:
Identify your competitors: Research the top players in the luxury watch market, including both established brands and newer players. Look at their product offerings, pricing, and target audience.
Analyse their market position: Look at the market share, brand awareness, and customer loyalty of your competitors. Look at their advertising, marketing and sales strategies.
Understand consumer behavior: Understand the demographic, psychographic and geographic characteristics of your target audience. Look at their buying habits, preferences and opinions about the luxury watch market.
Study industry trends: Stay informed about the latest trends and developments in the luxury watch market, including new technologies, materials, and designs.
Conduct customer surveys: Conduct surveys or interviews with customers to gather feedback on your brand and products, as well as your competitors’.
Use online tools: Use online tools such as Google Trends, SEMrush, Alexa, etc to analyze the online presence and visibility of your competitors.
Monitor sales data: Keep an eye on sales data of your competitors to understand their performance and how it compares to yours.
Hire a market research firm: Consider hiring a market research firm to conduct a more in-depth analysis of the luxury watch market, including consumer behavior, market trends, and competition.
Build a strong brand identity.
You’ll need a name, a distinct visual identity, and a compelling story that connects with people.
Designing a brand identity is an important step in your journey towards creating a recognisable watch brand. Some of the elements that you’ll need to get right include:
your brand name - Something unique, memorable, and globally appropriate.
a brand story - What is the reason your watch brand exists?
key brand messaging, including the ‘elevator pitch’ that distinguishes you from competitors - Why should customers relate to your brand?
your logo - Often the first chance you get to make an impression.
brand colours and typography
tone of voice - How do you want to come across in your communications and marketing?
Design and develop great products.
A successful brand is nothing without innovative and unique products. Most of the time and investment that you will put into creating a watch brand from scratch will be in designing and developing your first product collection.
A little insight to the watch design and development process can be found here.
You can also read a little more about watch design here, and a few non-watch projects here.
Create the wider product environment.
It’s time for the creation of digital and physical retail environments that touch on every element of how your customers experience your brand.
With a distinctive brand identity, a compelling story to tell your customers, and great products to sell, you will need to build a client experience through retail design that reflects your new watch brand, including:
your website
packaging
distribution and retail network
POS retail displays
window displays
trade fair and exhibition booths
and much more…
Launch your watch brand.
With a unique brand identity that defines you from competitors on the market, innovative products, and a robust retail mode, it’s time to launch your watch brand!
Launching a watch brand requires a comprehensive and strategic approach. Here are a few steps you can take to launch your watch brand successfully:
Develop a business plan: Create a detailed business plan that includes your brand's mission, target audience, pricing strategy, marketing plan, sales projections, and financial projections.
Design and develop your products: Design and develop your watch collection, taking into account the latest trends, materials, and technologies. Make sure your watches are of high quality and meet all relevant safety and regulatory standards.
Build your brand: Develop your brand identity, including your brand name, logo, and messaging. Create a brand website and social media presence to showcase your products and connect with potential customers.
Create a sales strategy: Develop a sales strategy that includes wholesale, retail and e-commerce sales. Identify potential retailers and distributors and create a sales pitch.
Launch your brand: Plan a launch event to introduce your brand and products to the market, and use it as an opportunity to connect with potential customers and media.
Create a marketing plan: Create a marketing plan that includes online and offline marketing strategies. Use social media, influencer marketing, and PR to build brand awareness and drive sales.
Monitor your progress: Keep track of your progress and adjust your strategies as needed. Monitor your sales, customer feedback, and industry trends to stay competitive.
Continuously improve: Continuously improve your products and services to maintain the quality of your brand, keep up with the market trends, and keep your customers satisfied.
It's important to remember that launching a watch brand is a process that takes time, resources and effort. It's important to have a good team and a clear plan in place to increase your chances of success.
Engage customers, scale the brand, and grow a community.
Luxury goods businesses are built over time. Your reputation will come from meaningful and long-lasting relationships with your customers.
Launching a new watch brand from a blank sheet of paper is about so much more than finding those initial customers and gaining brand awareness. There will be complex challenges to overcome ranging from your retail strategy to brand engagement. You will need to show deep and meaningful commitment to your brand, loyalty, and word-of-mouth marketing.
Creating memorable experiences for your consumers is key to representing the brand you want to build, especially with the instant communicative power of social media platforms. If you can create an experience that truly represents your brand, this can translate to increasing your revenues, profitability, and market share.