Hublot Marketing Mix (4Ps) & Marketing Strategy
Marketing strategy of Hublot through marketing mix framework which covers the 4Ps (Product, Price, Place, Promotion).
Hublot Product Strategy:
Hublot is a world leader brand in the world of premium watches. Hublot has a unique mixture of materials to come up with avant-garde and cutting edge designs. Hublot has created a unique element called Hublonium which makes its watches lightweight. Like all other watches, it doesn’t go with conventional materials like 18K gold; it produces its own gold known as Magic Gold, which makes the watch scratch resistant. It focuses more on innovation not only in its technology but also in the materials they use and it has continuously done that throughout its tenure. It has state-of-the-art watches like its “Big Bang” and “Mag Bang” chronograph editions which went on to win competitions for best design and attracted audiences around the world. These watches also had a unique watch identification number which can be used to find out whether that particular watch is a genuine make of Hublot. Some of the products in its marketing mix include:
• Hublot Big Bang
• Hublot “All Black” Series – Big Bang “All Black King”, Big Bang “Aero Bang All Black”
• Hublot King Power
• Hublot Classic Fusion
• Hublot Masterpieces
Image: Wikimedia
This concludes the product strategy in Hublot marketing mix & strategy.
Hublot Price/Pricing Strategy:
Below is the pricing strategy in Hublot marketing mix strategy:
Hublot watches are targeted to high income group customers who would spend a fortune on luxury watches. So competitive pricing is not a concern for Hublot.
It is a price setter and follows a cost plus pricing strategy in its marketing mix. After all the costs are incurred, it determines what should be its profit margin and set the market prices accordingly. When you look for a luxury brand, you tend to look at the quality and customizability more than the pricing. It has tried to achieve its place in the market by providing unique watches which instils in customers a sense of status and social class. Hublot target customers with high income and high standard of living. This is known as psychographic segmentation where people are divided based on their personality traits, attitudes, values, and buying behaviour. The prices are higher than the rest of market brands due to its unique product and owing to the fact that these watches are assembled by hand, they are not many in numbers and people are willing to pay the price for something that not everyone possesses.
Read more about Hublot
Hublot Place & Distribution Strategy:
Following is the distribution strategy in the Hublot marketing mix:
Given that Hublot is a luxury Swiss watch manufacturer, it has limited stores in the world, about 80 stores as compared to other watch retailers who own thousands of stores. It has a flagship store on Bond Street London. It has forayed actively into football. Hublot has had brand ambassadors like Pelé and José Mourinho. It has also been associated with many football clubs and is also an official timekeeper for football championships in Europe. The distribution strategies that Hublot follows is usually of two types: Direct distribution channel, which includes exclusive boutiques where these watches are sold; and Indirect channel, which includes the online e-commerce websites which features the sale of Hublot Watches.
Apart from Switzerland, it should focus its marketing towards the European and American Market where it is getting most of its sales from.
Hublot Promotion & Advertising Strategy:
The promotional and advertising strategy in the Hublot marketing mix is as follows:
Hublot has a Hublotista club which is dedicated to its customers. They receive privileges such as information, previews and invitations. They provide you with a card on your purchase of a Hublot timepiece. To promote its brand image, it has several brand ambassadors from around the world. Some of which are : a Chinese, film actor/producer Jet Li; famous footballer Diego Maradona; Indian Cricketer Rohit Sharma, the Manchester United football team, Usain Bolt. Bernie Ecclestone, CEO of Formula One, got into an attack and had his watch stole. He then featured in an ad campaign with the same storyline which had the tagline “See what people will do for a Hublot”. Although it has done its bit for marketing, their strategies are not that fierce. There is already too much competition in the traditional luxury watches which have tremendous history. It should focus more on the younger generation or the “Internet” generation public and capture that segment of the market. This gives an insight on marketing mix of Hublot.
About Hublot:
Hublot is a Swiss luxury watches and accessories company founded in 1990 by Carlo Crocco. He was later accompanied by Jean-Claude Biver after his withdrawal from managerial position at Blancpain. They went on to design and produce state-of-the-art watches with a unique touch to cater to the luxury watches sector. Hublot were the ones to introduce the natural rubber strap watches in the market. It took them three years to work on this idea and another few years to test its sustainability in various conditions. The brand came to be known as a synonym to fusion which blends tradition and modernity or innovation. Hublot was later acquired by LMVH (Louis Vuitton Moët Hennessy), a French luxury goods conglomerate, in 2008. Being a watch company, Hublot is also involved in CSR activities.
It is involved in making donations and has connections with various humanitarian organizations. MDM foundation (Main Dans La Main) – an organization for orphans in India, Ayrton Senna Institute, and the Smiling Children Foundation.
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