In this blog, we will look at the Marketing Strategy of Rolls Royce, its marketing mix, competitor analysis and various campaigns. But, let us first learn about the company in brief.
About Rolls Royce
Rolls Royce was established in 1904 in Manchester, UK and the foundation was built by the partnership of Charles Rolls and Henry Royce, which also led to the brand name Rolls Royce. They are a cohesive team working under one roof with one goal in mind: to achieve the extraordinary while constructing your dream. Each Rolls-Royce is handcrafted by a team of sixty engineers, artisans, colourists, and sculptors. Every model created by these master craftspeople, designers, and technicians is destined to become a global symbol. Luxury can be used as a synonym for the company. To know more about the company click here.
Now that we have a brief overview of the company, let us dive into the marketing mix explained with the 4P’s.
Marketing Mix of Rolls Royce
The marketing mix refers to a company’s combination of actions, or techniques, for promoting its brand or product in the marketplace. It includes the product, price, place and promotional strategies of the company and how it has used them all in its favour.
1. Product Strategy of Rolls Royce
Rolls Royce is a high-end luxury car manufacturer that caters to the world’s most affluent customers. Rolls Royce has various well-known brands such as Phantom, Dawn, Ghost, and Wraith in its marketing mix.
Customers can order customized cars from Rolls Royce Motors which is unrelated to the Rolls Royce brand, which is owned by another business with the same name. The long front bonnet metallic finish exteriors and tailored interiors distinguish Rolls Royce cars.
2. Price Strategy of Rolls Royce
Rolls Royce is a well-known brand with unrivalled brand value. It targets the rich and upper-class with its premium autos. The company has established a High-Premium pricing strategy for all of its items because they are all in the high-luxury market.
It appeals to affluent people who care about their reputation, name and status yet are unconcerned about extravagant spending. Being associated with the Rolls-Royce brand is a privilege, and the company capitalizes on this by maintaining its premium cost range.
3. Place Strategy of Rolls Royce
Rolls-Royce is a desirable automobile with over 150 production sites and activity in around 50 countries worldwide. The highest sales figures are in the Middle East, the United Kingdom, and the Asia-Pacific region.
To ensure that autos reach their customers quickly and without delay, the company leverages the services of its parent company (BMW), which has its own advanced and popular distribution network and includes dealer services.
4. Promotion Strategy of Rolls Royce
Rolls-Royce has established itself as a luxury brand with global recognition since its inception. It has succeeded in building in the minds of consumers a strong ideal brand value.
Its marketing techniques include displays at high-profile events, expensive hotels, and exclusive vehicle shows. Rolls Royce caters to an extremely exclusive and niche market, and the company relies heavily on word-of-mouth advertising from happy customers who unknowingly become brand ambassadors and marketing agents for the company.
Now that we have understood the marketing mix of the company. We should next explore the campaigns done by the company-
Campaigns by Rolls Royce
Marketing campaigns use a variety of media to advertise items, including television, radio, print, and Internet platforms. Businesses and franchises operating in highly competitive markets may launch frequent marketing efforts and commit large resources to increase brand awareness and sales. Read here to read an article on the same.
Let us look at some of them by Rolls Royce-
1. Rolls-Royce “One of one” by Havas London
It is a film in which, Siamese fighting fish is compared to a Rolls-Royce Phantom to show how each is an “exquisitely unique creation” with no competitors. The campaign, which is Havas London’s first for the brand, aims to emphasize that Rolls-Royce Phantoms are commissioned on a custom basis and are “one of a kind.” It is one of a series of short films from Sam Pilling who is known for his films at F1 sports cars and BMW.
2. Rolls-Royce “The spirit of ecstasy” by Hingston Studio
The House of Rolls-Royce is a new effort launched by Rolls-Royce Motor Cars to bring the tales, experiences, and legends associated with the legendary brand to life. Hingston Studio designed and directed the video, which uses a combination of motion capture, 3D scanning, live-action, and animation to produce an engaging 2.5-minute story.
With the digital shift, online presence is a must to grow, with that said let us view the digital presence of Rolls Royce.
Digital Presence
- The amount spent on digital has increased to become a major component of its marketing spend, Rolls-Royce remains a client-centric company that thrives on the unique individual connections it has with its clients around the world.
- Client interaction fueled by digital continues to rise as how they keep in touch with their clients and how they share their brand’s stories.
- Rolls-Royce Motor Cars’ digital marketing strategy of record has been THAT Agency, which has provided ongoing services such as search engine optimization, paid search, and online marketing. Rolls Royce Motor Cars’ social media is likewise managed by that firm.
- In an overview, compared to the industry average of 7-12 per cent, the Rolls-Royce Motor Cars social network has a stunning engagement rate of over 17 per cent.
Competitors Analysis of Rolls Royce
A competitive analysis is an approach for identifying and researching significant competitors’ products, sales, and marketing tactics. Below is the competitor’s analysis of Rolls Royce
Rolls-Royce produces some of the world’s most opulent automobiles. A Rolls-Royce car is not inexpensive. It is known for making hand-crafted autos that promise a flawless “magical carpet journey” for its customers.
These are the competitors of Rolls Royce
1. Bentley Motors
For more than a century, Bentley Motors has been handcrafting cars. The Bentley Continental GT, Bentley Bentayga, and Bentley Flying Spur are the current models in the Bentley lineup.
They symbolize the height of luxury automotive workmanship, as well as a move toward an all-electric future, with hybrid powertrains already available on select models.
2. Maserati
Maserati has set the standard for automotive design with unique vehicles that are luxurious yet athletic, and always have incredibly distinct lines.
The brand’s cars have grown larger, longer, and more streamlined, moving away from the rounded, curved, sinuous characteristics of its early years.
3. Audi
Audi has been selling high-end cars in India since 2004, but in 2007 it merged with Volkswagen Group Sales India and began developing long-term plans which included significant investments, recruitment drives, and strong sales services to do better to become India’s top luxury car. Audi cars are available in 110 countries all over the world.
The STP Strategy
Market Segmentation is the process of dividing a market into discrete groups of buyers with various needs, features, or behaviors that may necessitate separate products or marketing programs.
A single product cannot possibly service all market sectors. After assessing Market Segments, the organization should choose a market segment to focus on. A Targeting Strategy includes a target market: a group of customers with similar wants or characteristics who the company has chosen to serve.
By establishing and promoting competitive advantages, a company distinguishes itself and positions itself, it is known as Positioning Strategy.
1. Segmentation
Rolls-Royce segments the market based on demographic criteria such as gender, age, income, and ethnicity.
Customers are differentiated based on their purchase patterns, such as usage frequency, benefits sought, usage contexts, and brand loyalty.
2. Targeting
Rolls-Royce, a long-standing symbol of status and aristocracy, has been a luxurious favourite of the affluent and famous since it was initially made in England in 1904 via hand assembly. Rolls-Royce is regarded as a luxurious status symbol around the world.
Rolls-Royce caters to the ultra-rich who have a royal, opulent, and well-known status and who need a luxurious, fast, peaceful, and quick ride, as well as those who desire a personalized car to experience the taste of exclusivity.
3. Positioning
Rolls-Royce automobiles do so to distinguish and position their goods. Rolls-Royce is a symbol of royal, extravagant, and well-known pride. Handcrafted and finished by hand.
The New Rolls-Royce Ghost provides a more luxurious and quick ride than the competition. The finest woods, wools, and leathers constructed with the pride of English craftsmanship give the car’s cabin a luxury ambience.
Conclusion
We might conclude from the foregoing that Rolls Royce cars are a mix of science fiction and history: it’s difficult to recall how amazingly futuristic improvements in prior decades were, yet the prospect of future advancements still fascinates.
Found the blog interesting? If you want to learn about digital marketing and its long-term scope, do check out our 45 minutes Free Digital Marketing Masterclass by Karan Shah, the founder, and the CEO of IIDE.
Thank you so much for taking the time to read my blog, share it with your peers, and leave your views on the same in the comments section.
0 Comments