Recently, the Fortune Quality Research Institute released China’s first professional report on the high-end watch market, the ‘China High-end Watch Report’, which analyzed the media launch behavior of high-end watch brands in China. There is a misunderstanding when confusing fashion media with high-end media.
Fashion watch brands in high-end watches generally have larger investment budgets than independent watchmakers, and the three-dimensional and diversified delivery methods, especially outdoor media in airports and shopping malls, are often particularly affected by watch brands. Favor. Most high-end watches put about 39% of their budget in magazines, which is much higher than other brands such as apparel and luxury cars. However, when it comes to magazine media, there are often large misunderstandings when brands are launched, which confuses the concepts of fashion media and high-end media, and judges the readership of magazines insufficiently. Today, watch brands are increasingly targeting the mass media, targeting second- and third-tier cities, and targeting the rich media.
Analysis of the media distribution channels and quantity of watches
Independent watchmakers of high-end watches are generally not very large, so except for individual brands, most of the media do n’t put much, but the budget of fashion watch brands is generally large. The former media is concentrated in high-end magazines, and then Its advertising is more three-dimensional and diverse, in addition to high-end magazines, more use of outdoor.
Analysis of high-end watch brand magazine advertising
At present, high-end watches have been one of the magazine’s main advertising revenue sources, and high-end watches have also put 39% of their advertising budget on magazines. This proportion is much higher than other types of brands such as clothing and luxury cars. At present, magazines are mainly divided into three categories: popular magazines, fashion magazines and high-end magazines. Fashion magazines are currently the main channels for high-end watch media distribution. The main focus of high-end watch brands when launching fashion magazines is:
Magazine brand watch brand The first factor to consider when advertising is the brand awareness of the magazine. Therefore, many magazines choose media such as newspapers and televisions. Outdoor advertising is the second most important medium for high-end watch brand promotion. 31% of the entire media budget. Especially outdoor media in airports and shopping malls are particularly favored by watch brands.
Cooperate with large overseas brand media or spend a lot of money to carry out your own brand promotion, etc., so as to enhance your magazine brand and gain more advertisers.
Magazine appearance and advertising environment High-end watch brands, like any other type of luxury goods, attach great importance to magazine appearance and advertising environment (especially related to content and design, and other matters related to advertising). This also caused many magazines to ignore the readability of the magazine while paying attention to the visual, and most of them became product brochures.
Reader quality and circulation. High-end watches are luxury products. Consumers are generally successful people with a certain wealth. So watch brands generally pay attention to the quality of magazine readers, but high-end watch brands have to face the fact that The number of high-end magazine media that can really be distributed to high-end wealthy individuals is scarce and difficult to evaluate. There is a certain gap between the actual circulation of most magazines and the published circulation.
The influence of magazines in second- and third-tier cities has undoubtedly become the most important market for all high-end watch brands. It is the market focus and nuggets virgin for many brands. Therefore, the actual influence of a magazine in second- and third-tier cities has become many brands. An important criterion for evaluating the value of a magazine. Many magazines also see this, and then they strive to expand their distribution capabilities in second and third tier cities. However, due to the lack of resources of teams and customers in the second and third tier cities as shown in Figure 4, the high-end watch evaluation of media and priorities, there are only a handful of real tier two and third tier cities.
Regarding magazine media, brands often make two mistakes when they launch:
Fashion magazines are equal to high-end magazines The readership of fashion magazines is mainly for urban white-collar workers who are pursuing fashion and trends, not for wealthy people. Therefore, in the strict sense, fashion magazines are not high-end magazines, that is, their readers are not real luxury customers.
Analysis of media launch trends for high-end watches
Popular Media Trends With the popularization of high-end watch consumption, many brands recognize that they have a wider customer base and need to do more brand communication for more people. Therefore, brands are increasingly putting budgets into the mass media in order to achieve two goals: one is to reach more consumers, and the other is to educate more potential consumers and young people.
Budgets are shifting to second- and third-tier cities. More and more high-end watch brands recognize the huge contribution of second- and third-tier cities to sales and the huge potential in the future. Therefore, some forward-looking brands have already invested a large amount of advertising budget. Arrived in second and third tier cities and got more returns. However, the placement of luxury advertisements in second- and third-tier cities is still in its infancy and has some problems that need to be solved urgently.
1. Second and third tier cities lack media suitable for high-end watch launch
High-end content does not mean that high-end magazines judge whether a magazine is a high-end magazine. The main criterion is its readership. At present, most magazines publicize that readers are wealthy people. In fact, it is impossible for their magazines to be distributed to wealthy people. The main means of evaluating whether a magazine media reader is a wealthy crowd is to use the media. The development of media in China’s second- and third-tier cities is far behind that of first-tier cities, especially high-end media represented by high-end magazines. Therefore, no place to place advertisements is the biggest obstacle for high-end watches and all luxury brands to enter second- and third-tier cities. Facing the embarrassment of either not launching or enduring with other brands of all kinds.
2. The existing high-end media in the first-tier cities cannot achieve effective distribution in the second-tier and third-tier cities.
Generally speaking, foreign monks read the scriptures, especially in the field of luxury and fashion media. Consumers in second- and third-tier cities are actually more willing to believe in national media with international backgrounds and editing capabilities. However, these media are generally distributed in second- and third-tier cities. Rarely, and it is difficult for high-end consumers with real spending power to see it. The survey structure of the Institute of Wealth Quality shows that the proportion of millionaires who buy magazines at newsstands is only 3%. It can be seen that public distribution cannot solve the high-end interview ability and public relations activity ability, that is, whether they can interview a sufficient amount and quality of wealth. As an example, whether there is a sufficient number and quality of high-end activities targeted at wealthy people will directly reflect the magazine’s readership resources. The former can be achieved through brands, but the latter must have sufficient reader resources as a basis.
Regal media trend is obvious. At present, the main advertising of high-end watches is still concentrated in fashion magazines and channel media. However, the readers of fashion magazines are young and their purchasing power is weak. Although many high-end watch brands have invested a lot in fashion magazines. Budget, but did not receive the expected return. Therefore, more high-end watch brands have begun to pay attention to the emerging print media such as Regal Media. Regarding reading habits and other reasons, Regal Media still uses Regal Magazine as its main expression. This type of media generally has good reader resources, and often uses a lot of public relations activities to maintain good and close communication with rich readers, and readers are more effective than other types of media.