Harvard Case - August Berg: Promoting an Accessible Luxury Watch via Social Media
"August Berg: Promoting an Accessible Luxury Watch via Social Media" Harvard business case study is written by Patricia Lui, Lipika Bhattacharya. It deals with the challenges in the field of Marketing. The case study is 21 page(s) long and it was first published on : Jul 8, 2021
At Fern Fort University, we recommend August Berg implement a multi-faceted social media strategy focused on building brand awareness, fostering community, and driving sales. This strategy will leverage a combination of organic and paid content, influencer marketing, and innovative digital experiences to reach a wider audience and establish August Berg as a leader in the accessible luxury watch market.
2. Background
August Berg is a start-up watch company aiming to disrupt the luxury watch market by offering high-quality, stylish timepieces at accessible price points. The company faces challenges in gaining brand recognition and establishing a strong online presence. The case study focuses on how August Berg can leverage social media effectively to achieve its goals.
The main protagonist is August Berg, the founder and CEO, who is passionate about creating a brand that resonates with a younger, tech-savvy audience while maintaining a sense of luxury and craftsmanship.
3. Analysis of the Case Study
To analyze the case study, we will utilize the following frameworks:
- SWOT Analysis: This framework helps identify August Berg's internal strengths and weaknesses, and external opportunities and threats.
- PESTEL Analysis: This framework examines the political, economic, social, technological, environmental, and legal factors impacting the watch industry and August Berg's operations.
- Marketing Mix (4Ps): This framework analyzes the product, price, place, and promotion elements of August Berg's marketing strategy.
SWOT Analysis:
- Strengths: High-quality craftsmanship, accessible pricing, strong brand story, passionate founder, potential for innovation.
- Weaknesses: Limited brand awareness, lack of established online presence, reliance on direct-to-consumer sales, limited marketing budget.
- Opportunities: Growing demand for accessible luxury goods, increasing social media usage, potential for influencer marketing, expansion into new markets.
- Threats: Intense competition from established luxury brands, potential for counterfeiting, economic downturn impacting consumer spending.
PESTEL Analysis:
- Political: Trade policies and regulations impacting import/export of luxury goods.
- Economic: Global economic conditions and consumer spending patterns.
- Social: Growing interest in personalized experiences, desire for ethical and sustainable products.
- Technological: Advancements in watch technology, increasing use of social media and e-commerce.
- Environmental: Sustainability concerns and consumer preference for eco-friendly products.
- Legal: Intellectual property rights and brand protection laws.
Marketing Mix (4Ps):
- Product: High-quality, stylish watches with unique designs and features.
- Price: Accessible pricing strategy targeting a broader audience.
- Place: Direct-to-consumer sales through online channels and potential partnerships with select retailers.
- Promotion: Focus on social media marketing, influencer collaborations, content marketing, and targeted advertising.
4. Recommendations
To achieve its goals, August Berg should implement the following recommendations:
1. Develop a Comprehensive Social Media Strategy:
- Target Audience Segmentation: Identify specific target market segments based on demographics, interests, and online behavior.
- Content Strategy: Create engaging content that showcases the brand's story, product features, and lifestyle appeal. This includes high-quality photography and videos, behind-the-scenes glimpses, customer testimonials, and educational content about watchmaking.
- Platform Selection: Focus on platforms where the target audience is most active, such as Instagram, TikTok, YouTube, and Pinterest.
- Social Media Calendar: Plan and schedule content to ensure consistent posting and engagement.
2. Leverage Influencer Marketing:
- Identify Relevant Influencers: Partner with micro-influencers and watch enthusiasts who align with the brand's values and target audience.
- Develop Creative Collaborations: Create unique campaigns that involve product reviews, unboxing videos, and behind-the-scenes content.
- Track Performance: Measure the impact of influencer campaigns on brand awareness, website traffic, and sales.
3. Implement Innovative Digital Experiences:
- Interactive Content: Create engaging quizzes, polls, and contests that encourage audience participation and brand interaction.
- AR/VR Experiences: Explore augmented reality and virtual reality applications to allow customers to virtually try on watches and experience the brand's world.
- Live Streaming: Host live Q&A sessions with watchmakers, brand ambassadors, and customers to foster community and build trust.
4. Utilize Paid Advertising:
- Targeted Advertising: Utilize social media advertising platforms to reach specific target audiences based on demographics, interests, and online behavior.
- Retargeting Campaigns: Retarget website visitors who have shown interest in August Berg's products with personalized ads.
- A/B Testing: Experiment with different ad creatives and targeting strategies to optimize campaign performance.
5. Build a Strong Community:
- Engage with Followers: Respond to comments, messages, and reviews promptly and authentically.
- Host Online Events: Organize virtual watch parties, Q&A sessions, and contests to foster community and build relationships with customers.
- Customer Feedback: Encourage customer feedback through surveys, reviews, and social media polls to understand their needs and preferences.
5. Basis of Recommendations
These recommendations are based on the following considerations:
- Core Competencies and Consistency with Mission: The recommendations align with August Berg's core competencies in design, craftsmanship, and accessible pricing. They also support the company's mission to create a brand that resonates with a younger, tech-savvy audience.
- External Customers and Internal Clients: The recommendations cater to the needs and preferences of August Berg's target audience while also providing valuable insights for internal stakeholders.
- Competitors: The recommendations aim to differentiate August Berg from competitors by leveraging social media in innovative ways and building a strong online community.
- Attractiveness: The recommendations are expected to generate positive ROI by increasing brand awareness, website traffic, and sales.
Assumptions:
- The watch market will continue to grow, with increasing demand for accessible luxury goods.
- Social media will remain a key channel for reaching and engaging with target audiences.
- August Berg will have access to the necessary resources and expertise to implement the recommendations effectively.
6. Conclusion
By implementing these recommendations, August Berg can leverage the power of social media to achieve its goals of building brand awareness, fostering community, and driving sales. The company can establish itself as a leader in the accessible luxury watch market by creating engaging content, partnering with influencers, and providing innovative digital experiences for its customers.
7. Discussion
Alternatives:
- August Berg could focus solely on organic social media content without investing in paid advertising. However, this approach may limit reach and impact, especially in a competitive market.
- The company could partner with traditional media outlets instead of focusing on social media. However, this approach may not be as effective in reaching the target audience and building a strong online presence.
Risks:
- The social media landscape is constantly evolving, and August Berg needs to adapt its strategy accordingly.
- Influencer marketing campaigns may not always be successful, and the company needs to carefully select partners and measure the impact of campaigns.
- Paid advertising can be expensive, and August Berg needs to ensure that its campaigns are targeted and effective.
Key Assumptions:
- The target audience is receptive to social media marketing and engaging with brands online.
- August Berg has the resources and expertise to create high-quality content and manage social media effectively.
- The company can effectively measure the impact of its social media efforts and adjust its strategy accordingly.
8. Next Steps
- Develop a detailed social media strategy document: This document should outline the target audience, content plan, platform selection, budget, and key performance indicators.
- Identify and partner with relevant influencers: Conduct due diligence and negotiate contracts with influencers who align with the brand's values and target audience.
- Create and schedule engaging content: Develop a content calendar and start creating high-quality images, videos, and written content.
- Launch paid advertising campaigns: Experiment with different ad creatives and targeting strategies to optimize campaign performance.
- Monitor and analyze results: Track key performance indicators such as website traffic, social media engagement, and sales to measure the impact of the social media strategy.
By taking these steps, August Berg can successfully leverage social media to achieve its business goals and establish itself as a leading player in the accessible luxury watch market.
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Case Description
Set in September 2020, the case talks about marketing an accessible (affordable) luxury watch brand, 'August Berg', by a luxury-product distribution company, Norbreeze, based in Singapore. The company's founder, Anders Peter Juel Sauerberg, was sceptical about the launch of a new collection of the watch brand, as it had seen limited sales in one year since its inception. Sauerberg had set up a kiosk store of the brand in an iconic luxury mall in the city and adopted social media platforms and influencer marketing to promote the brand with little success. The brand represented the ethos of Danish design - minimalism and high quality and targeted a niche category of millennials, i.e. young parents and professionals. The brand was also attached to a corporate social responsibility (CSR) initiative that supported the education of children from low-income families. While Norbreeze had seen success in the Singapore market with the distribution of other accessible luxury watches and jewellery from Danish brands like Skagen and Pandora, it had failed to see similar results for its own in-house brand, August Berg. The 'lipstick effect' of the market due to the Covid-19 pandemic and the lack of brand awareness for the new watch brand were identified as the key reasons for low sales. Given the financial constraints of operating as a start-up, how could Sauerberg enhance the brand awareness of August Berg? What digital and social media marketing strategies could he implement to promote his brand?
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