Posted at 11.02.2018
Indian Watch industry is estimated to be around 1600 crores and Titan is using together with it with a market show of over 50%.
This is a super brand that has altered the way we look at ( or wear) watches. A marketing success account, Titan is a brandname which will be of interest to most of the marketers. Titan, a brandname from TATA was launched in 1987. During that time Indian watch market was dominated by HMT. At that time watches were seldom stylish and was catering to the essential need of knowing enough time. Titan changed all that. With its stylish watches and smart advertising, Titan needed the market by storm. Titan infact transformed the way watches was made and marketed in India.
HMT, a general public sector company hardly ever bothered to react.
Titan in the beginning pioneered the concept of " Gifting watches". The ads captured the essence of gifting and combined with the trendy music, easily found the creativity of the marketplace.
Customers who have been sick and tired of awful time machines welcomed the brand and Titan possessed a wish run for quite some time.
Titan faced whole lot of problems later when the competition began to eat up the lower end of the market. Besides that, there is another problem. The brand was lacking innovation. To be more precise, the customers were weary by Titan. There was nothing at all new. Gifting proposition was no longer working.
During this period, Titan made a big mistake. It wanted to play the volume game. For the Titan launched another brand Sonata. Sonata was an enormous success since it was an inexpensive product but at the price tag on the mother brand Titan. Titan was perceived to be always a superior brand but with Sonata ( at that time " Sonata from Titan") endorsed by Titan had taken away the prime image from the mother brand. It had been a big costly oversight.
Titan realised this mistake and got away the Titan brand from Sonata. Now Sonata is endorsed by Tata not Titan.
Titan realising that the market desired something to be worked up about watches began a comprehensive marketing campaign. Titan carefully segmented the marketplace and developed different subbrands for every segment. Sub brands like Border, Steel, Dash, Nebula, Classique, Royale, Fast Monitor, Raga, and the lately launched Wallstreet. Insurance agencies various products / models and subbrands, Titan could create freshness about the brand.
Titan also moved away from gifting. Titan was placing itself as a fashion accessory rather than time keeping device.
Titan also found its persona in Aamir. Aamir provided the essential advantage to the brand. Titan was careful in keeping the brand above the super star.
The ads were fresh and neatly carried out.
Titan also was driving another strategy. Watches was perceived as a onetime buy and consumers seldom managed multiple watches. So Titan forced the concept of " Matching Watches to Clothes" in the recent commercials.
Since men are becoming much more serious customers of products, this is strategy that is worth checking out. For Titan, even if the idea fails, It has created the essential freshness in the brand.
Titan also made its presence in the women watch segment. It have a sub brand Raga concentrating on the upwardly Mobilee women in the superior segment.
Titan also relaunched the FastTrack brand of watched aiming the target section of 18-30 yrs old.
Earlier Fasttrack was directed at 20-25 year olds and positioned along the lines " Cool watches from Titan". Then your company found out that the junior in the age group of 11-20 years account for 42% of watch buying in India. Predicated on this insight the company relaunched the brand bringing down the target segment to 18-30 time olds with the baseline " Just how many you have?". Again the strategy aimed at promoting the multiple watch buying idea. Fasttrack also launched a variety of fashion accessories like Sunglasses hoping to be a lifestyle brand.
Indian watch market is obviously segmented and whole lot of serious players are preventing out in these segments. The lower quantity portion has HMT, Sonata, Maxima struggling with it out. The mid section has Titan, Timex etc and the premium section has Titan, Citizen etc. The super premium portion is also hotting up with whole lot of international brands establishing shops in India.
Titan has carefully created market for itself through careful segmentation and branding strategies. It is a brand that showed the earth that Indians are good in Branding.