Rolex’s Brand Equity

Do you understand what brand equity is? Every brand that aspires to dominate any market
must want this, without a doubt.

In actuality, brand equity is the union of the following 5 elements:

 Brand Awareness
 Brand Association
 Perceived Quality
 Brand Loyalty
 Proprietary Assets or Uniqueness

We will thus discuss one brand with strong brand equity, which I will refer to as Rolex.

Brand Awareness

Potential clients are aware of Rolex as one of the top luxury watch manufacturers. Rolex
engages the public by sponsoring events or by promoting the worth of its timepieces on
social media.

It should be marked that Rolex has been a reputable timepiece for many years and
frequently serves as the primary sponsor of competitive, high-level sports in which the best
athletes in the world participate. Motorsports are one of the several sports that the Crown
of Haute Horlogerie sponsors. 
In addition to supporting numerous prestigious tennis matches, sailing competitions, golf
tournaments, and equestrian competitions, Rolex has been the official timekeeper and a
global partner of Formula 1's elite racing since 2013. The FIA (Fédération Internationale de
l'Automobile) depends on the accuracy of Rolex clocks to keep time for its 21 races across
21 nations on five continents. The brand's branding is ubiquitous during the Grand Prix as a
Formula 1 sponsor.
Brand Association
It is essential for a prominent brand like Rolex to be linked with initiatives that
have a beneficial impact rather than just being a massive business operating
factory.
Rolex maintains a strong relationship with its clients, which helps to spread
the word about the brand and boost sales. Rolex took the initiative to fund five
young leaders in 2010 who have ideas for improving human lives. Rolex
contributes to the beauty of this world by making 800,000 exquisite timepieces
each year. Rolex supports and finances wildlife protection, aqua and nature
conservation, as well as other environmental causes and projects, alongside
organizations like National Geographic. Rolex products thrill stylish people
because of their style and grace. Rolex has contributed to the dissemination of
innovation throughout the world with technological features like
waterproofness and dual-zone watches.

Perceived Quality
Rolex emphasizes unique personalities, preferences, and requirements. It
prioritizes performance and stability over fit and finishes. People desire high-
tech, secure, and elegant timepieces that will accentuate their personalities.
Rolex creates exquisite timepieces and has established itself as an innovator.
Customers love Rolex because of the high-quality goods company produces.
However, some are halted due to their excessive cost. Tudor was a brand
introduced by Rolex in 1946 to create timepieces of comparable quality to
those made by Rolex but at more affordable prices.
Brand Loyalty
Rolex came in at number two for the most trustworthy company in 2014. The
capacity to produce superior products and the high level of consumer trust
were the causes. It is the most valuable watch company in the world, with
revenues of over $4 billion a year.
Its brand worth is $8.7 billion as of May 2017. This business stands out because
customers want to keep their products for themselves. They are emotionally
and passionately attached to Rolex's merchandise.

Proprietary Assets
A brand should have its own intellectual property, such as patents and
trademarks, to ensure the longevity of its base of devoted customers. The
registered trademarks of Rolex, including Rolex, President, Oyster, Oyster
Perpetual, Crown Device, Datejust, Day-Date, Submariner, and GMT-Master,
are used to sell Rolex watches products.

So, It took several years for Rolex to reach its current level of strong brand
equity.