Tissot is a French watch manufacturing company. It produces one of the finest and excellent watches for both men and women. The company has a long history of producing watches, timing devices, and systems for over 150 years. Its products hold high prestige and value. Customers use its products as a symbol of class, and inspiration. Throughout its history, Tissot has introduced one of the finest quality watches. This is why it is one of the most famous watches manufacturing in the world at present. It has a brand presence in more than 150 countries in the world. Tissot is a subsidiary of the Swiss Swatch Group. The headquarters of the company is in Lacole, Switzerland.
This article identifies specs and insights of Tissot Watches, its background, salient features, branding strategy, stats, and a wrap up to summarize its different characteristics. The discussion will justify why Tissot Watches is ranked among the top most selling watches in the world.
HISTORICAL BACKGROUND OF TISSOT WATCHES
Charles-Félicien Tissot and his son Charles-Émile Tissot founded Tissot in 1853. They founded the company in the Swiss city of Lacole. The company got recognition for its watches made for women in 1900. Before that, the company brought a revolution in the watchmaking industry by producing the first pocket watch with two time zones in 1853. Since then, the company achieved the following milestones:
- The company registered its first logo in 1880.
- In 1898, the company moved to Russia and generated huge revenues by selling its quality watches.
- It launched its first anti-magnetic watch in 1929–30
- In 1930, it merged with Omega– another leading watch manufacturing company.
- During the 1940s and 1950s, the brand was producing one of the finest quality watches and timepieces, especially for women.
- The company produced diamond and crystal timepieces during the 1960s and 1970s.
- In the 1980s it launched its first quartz collection.
- The company became a member of the Swatch Group in 1983.
- It introduced its first tactile watch, with “T-Touch,” technology in 1999.
- The company has introduced famous watches (for men) like:
- Tradition Men’s Watch.
- PRO 100 Men’s Chronograph.
- XL Classic Chrono Watch.
- T-Race MotoGP 2019 Chronograph.
- Every time Watch.
- Tradition Men’s Chronograph.
- Tradition Perpetual Calendar.
- Seastar 1000 Powermatic 80.
- V8 Quartz Chronograph.
The company also introduced famous watches for women like:
T-Touch Lady Solar
Women’s T-Trend Diamond Accented Analog
T-Race Danica Patrick
BUSINESS MODEL OF TISSOT
It offers luxury timepieces and watches to its customers. It also manufactures wall clocks that have the highest life span as compared to other competitors. The company manufactures its watches on the pillars of quality, luxury, sustainability, and durability. It generates most of its revenues by selling to a specific income level group with a brand loving nature. It deploys the most advanced methods in producing its watches and it never compromises on the level of service it offers to its customers. The company makes use of diamonds and crystals for many of its products. This shows the intent of the company to offer class, luxury, and high social value to its customers including both men and women.
Tissot has a wide distribution network in more than 150 countries and over 1500 locations in different cities. The business model of the company stresses a huge emphasis on maintaining a strong distribution network and reaching customers by making direct contact with them through these distribution centers.
CURRENT BRAND IDENTITY OF TISSOT
Since it is the subsidiary of the Swiss Swatch Group, the company is enjoying a strong brand image. This can be understood by the fact that it has sold over 4 million watches and timepieces across the world till now. The company is constantly witnessing an increase in sales due to its quality products and customer-centered approach. In addition, it has made watches for many celebrities like Nelson Mandela and Angelina Jolie, adding to the brand’s overall image and goodwill.
Another fact that must be considered is that its design is different and exclusive to enable the customers with a wide range of choices. This shows the company’s seriousness about customer value proposition.
MARKETING MIX OF TISSOT
The company uses a value-based marketing strategy for reaching its customers. It uses offers its products in different models and for most high-income level groups. To understand its marketing strategy in detail, the 4 P’s of marketing i.e. Product, Price, Place, and Promotion are discussed below:
It makes different kinds of watches, clocks, timepieces, and different components for both men and women. The company through its subsidiaries is also making electronics showing the company’s intent to diversify its range of products.
It charges a price for different income level groups by making different quality watches and clocks in different markets.
It offers its products through its website. Since couple of years, it is also using e-commerce platforms like Amazon and E-Bay. The company has authorized dealers in almost every part of the world. It has clearly given its valued customers a caution to use these authorized dealers only when buying any of its products.
Tissot has always come up with strong marketing campaigns. The company understands the value of digital marketing and, has used medium like:
Many celebrities also use Tissot watches like:
Liu Yi Fei
SWOT ANALYSIS OF TISSOT
To understand the marketing strategy of Tissot in detail, here is an overview of SWOT analysis. It includes
- Exclusive designs.
- Strong brand image.
- Huge presence in more than 150 countries.
- Better or similar products from competitors.
- Marketing campaigns are limited as compared to competitors.
- Low market share knowing the fact that it has still got a better and wide market presence in more than 150 countries.
- The products are made only for high paying income level groups.
- Can still use online means to increase market share
- Come up with low-cost models of its products without compromising on quality.
- It can also come up with promotional campaigns during certain seasons and on certain occasions to build its market share.
- Implications of the pandemic of COVID-19.
- Trade wars between developed economies.
- New entrants can easily take market share by offering lower prices than Tissot.
Headquarters: LeCole, Switzerland
CEO: François Thiébaud
Revenue: 1020 million CHF ( 2020 Expected revenue)
Tissot has competitors like Rolex, Citizen, and many other famous watch manufacturing companies in the world. It must improve its range of products and diversify them by making models for low-income level groups also. COVID-19 has reshaped the business models and environment for future business. The strategy must be revisited for reaching customers.
In addition, marketing campaigns must be considered. The current and future business environment demands more customer-focused marketing strategies, so marketing and sales teams of the company must be on their toes all the time. This in return will bring positive results for the company in the future.