Should Rolex Roll with the Times?

April 18, 2018 1:37 pm

Social Media Controversies

With Wetherspoons deleting their social media accounts and the very public twitter dispute of the British Milk Council and well as the numerous other mishaps, do we really need social media anymore? Personally, I have a love hate relationship with it. It is great for non-work-related content. I love seeing pictures of my friends and their families frolicking on the beach or the obligatory first day of school photos.

Rolex Shunning social media

But when big brands such as Rolex and Cartier have a noticeable absence from social media, it does pose the question as to whether they are being clever or if there are being the metaphorical ostrich with their heads firmly placed in the sand.

The figures

I can imagine a large board meeting in which the various Rolex big wigs are sat around a large mahogany table, sipping the very finest coffee whilst nibbling delicately on a Lindt Lindor Chocolate Truffle. Here they would discuss the evils of social media and finally conclude, that for their own brand, it is not necessary to engage in such frivolity. They would discuss how the prestige of their brand is what continues to drive sales.

To a degree, they are correct. In recent research Kantar Millward Brown, a global research agency reported that Rolex remains the most valuable watch brand at $8.053 billion. However, based on revenue, Rolex has previously held the award for the world top selling watch brand, has been pushed off their podium by Apple. US based Reputation Institute’s latest survey crowns Rolex as the worldds most reputable brand, yet it’s score dropped to 79.0 out of 100 and so lost it’s ‘excellent’ rating.

smart watch

Rolex jewellery?

If Rolex are no longer the number one watch brand, maybe it’s time for them to diversify? Many other luxury brands have other merchandise in addition to their watches. Cartier, Chanel, Mont Blanc etc. Does that therefore mean that Rolex should broaden their own horizons? Will I soon be coveting the latest Rolex leather bag, or will a diamond and emerald pendent be gracing the pages of Vogue? And will these items be on Instagram?

Highly unlikely.

rolex bag

Investment watches

Even though Rolex refuse to engage with social media our love affair with the brand continues. At RepairsByPost, when our watch repair experts get asked, as they often do, what watch brand to purchase as an investment as well as something to enjoy wearing, Rolex will always be one of, if not the top recommendation.

are traditions enough?

Despite the brands reputation, there has been a decline in Rolex sales, due mainly to the increase in the popularity of technological brands, for whom social media is vital to their marketing strategy. Patek Philippe have just launched its new official Instagram account.

Is therefore the lack of social media presence causing a decline in Rolex sales? Are those men in hand made suits currently regretting their decision to abstain from the modern world? Over the next few months, will we see a flurry of activity over the various social media platforms? They continue to sponsor “the most prestigious tournaments, players and organizations in tennis. From The Championships, Wimbledon and the Australian Open to Swiss phenomenon Roger Federer, Rolex’s contribution to excellence in tennis is based on a rich heritage of almost 40 years, championing performance while respecting the sport’s traditions.” But is this enough?

Rolex media

With the recent closure of the household names Toy R Us and Maplin, it seems that no brand is safe. Failure to keep up with modern shopping methods and failing to fully engage with a customer base and not expanding their outreach has proved fatal. Does Rolex need to take heed? Should it be setting up social media accounts and investigating the best ‘influencers’ or do they (the men in suits eating chocolate) believe that they are above photoshopped images of ‘Z list’ celebrities posing in their underwear? From that perspective I am tempted to agree with them.

Maybe they need to reinvent social media? A more upmarket platform where good taste is the influence rather than an obviously staged ‘impromptu’ photo?

Whatever Rolex decide to do, and I do believe that they need to do something, watch fans all over the world will be waiting. In the meantime, I remain ever hopeful that those lovely well dressed chocolate fans sat around their beautifully crafted antique table, delight me with a new ladies Oyster Perpetual DateJust 31.

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This post was written by The Repairs By Post Team H