REPOST: Why Rolex Watches Are The Most Reputable Consumer Products In The World According To Industry Study

Already known for its commitment to high quality craftsmanship, the Rolex brand of watches have been named the most reputable consumer products in the world in one industry study. Ariel Adams, writing for Forbes, explores the reasons behind this designation.

It does not come with much surprise that Rolex is a company with a high reputation. The 2014 Global RepTrak 100 study by the Reputation Institute places Rolex in an exceedingly high position as tied for second place on their overall list of the 100 most reputable companies, and number one when it comes to a reputable company as measured by consumers. Also, Rolex is the most reputable company that exclusively produces a consumer product. In a world where pundits argue that wrist watches are going the way of the LP, how is this possible and what does this mean?

The Reputation Institute has been measuring the reputation of the world’s biggest companies for the better part of two decades. Their empirical studies are based on consumer survey data from 15 of the largest consumer markets around the world, totaling over 55,000 interviews according to the company. Topping the 2014 list for the position of the most reputable company is a tie between The Walt Disney Company and Google that each earned a score of 77.3. Tied for second position is BMW and Rolex each with a store of 77.2. According to the Reputation Institute, what each of these companies have in common is a high degree of trust among consumers and a great ability to deliver meaningful and personally important stories that consumers want to be a part of.

Image source: Forbes.com

It is interesting to see Rolex, a luxury watchmaker, so high on the list. What is interesting is that compared to Google, Disney, and BMW, relatively few people interact with Rolex on a daily basis. Google is ubiquitous, Disney is something most people grow up with, and BMW is one of the world’s top automotive makers that most people see several of on their daily commutes. As a wrist watch, a Rolex is a more personal item with less regular visibility even though Rolex is a major international advertiser. What is so impressive is that, despite all this, Rolex has succeeded in keeping their product not only in a state of high-regard among consumers, but also on their minds.

Looking at the entire list of the 100 most reputable companies, Rolex was not the only watch maker. At 61 on the list is The Swatch Group (who owns a range of entry-level to high-luxury Swiss watch brands), and at 37 is LVMH. Louis Vuitton Moet Hennessy is responsible for a range of products including fashion and spirits, but also owns about a half dozen quality watch makers such as Zenith, Hublot, and TAG Heuer. While it is impressive that each of these groups is on the list, the placement of Rolex near the top, as a company that exclusively makes timepieces is much more telling of the reputation they have with consumers specifically related to their watches.

So what exactly is the Reputation Institute looking to measure in the RepTrak 100 study? The study is really about consumer perception and not about overall corporate performance or growth. Reputation is a combined metric that includes how a consumer feels about a company’s products, image, governance, personal relatability, citizenship, and financial performance. A reputable company both produces high-value quality products, but is also a conscious world citizen that is good to people and its own employees.

Given that Rolex is a notoriously secretive company it is further impressive to see them have so much acclaim with consumers. I personally visited Rolex and shared some insights about how they produce timepieces (here). This is information that few dedicated watch industry insiders even know. So to have Rolex rank so high with consumers in regard to their governance and leadership in the world is extremely interesting. When it comes down to it, I think that Rolex is so high on the list because they have been successful at retaining a core element of the Rolex ownership experience–that being that a Rolex is a sign of success and personal accomplishment.

Image source: Forbes.com

My own observations find that many consumers view a Rolex timepiece an item to reward themselves with upon achieving some level of personal success. That is distinct from a mere status item, which is about a consumer wearing or owning something that communicates success to others. No doubt many consumers are interested in showing off their perceived success to others, but what makes a Rolex product unique is that many consumers feel owning one is a personal gift to themselves. That suggests a very high-level of reputation and deep personal relationship consumers have with what a Rolex product means to them emotionally, as opposed to its strict utilitarian value as a timepiece or jewelry item.

My understanding is that Rolex has retained a high level on the RepTrak 100 list for a while, so its high placement on the list is not a new development. What is equally impressive is how Rolex has maintained its image over the years in spite of growing competition from other types of products vying for consumer attention when it comes to “rewarding yourself and celebrating success.” Specifically, one can observe that Rolex focuses on a core set of products that improve but vary little over the years, and that Rolex emphasizes the “story of Rolex” as a means of communicating the brand values as well as famous people who have worn Rolex watches over the years.

Image source: Forbes.com

What other watch makers and brands overall may be able to learn from Rolex is how to gain reputation from an extremely solid and unfaltering product ownership experience. Rolex is not only able to maintain a high degree of perceived value for its products with consumers, but Rolex timepieces further enjoy an impressive re-sale value. The pre-owned market for Rolex timepieces is perhaps larger than that for new Rolex timepieces. To put things into comparison with another more modern company focused on consumer products that enjoy a high sense of consumer esteem is Apple. While consumers regularly pay a premium for Apple’s consumer electronic products the company is placed at number 7 on the 2014 RepTrak 100 list. While Rolex is not see as innovative as Apple (not that Rolex is trying to go for that), consumers hold Rolex products in a more reputable position overall. An interesting question is whether the result of such a study make new people want to buy Rolex products or if it simply reinforces a desire that existing fans of the brand already have.

Rolex's commitment to quality can be seen in after-market watches, a testament to the timeless durability of its timepieces. Visit the Swiss Wrist website for more on used Rolex watches.

Rolex Oyster: A brief history of the first waterproof watch

It was a major step forward. Two decades after Hans Wilsdorf of Rolex decided to put up his own watchmaking company, the Oyster, inarguably the first waterproof wristwatch widely sold, was born.

Wilsdorf established Rolex, in 1905. Years before that, in 1851, an interesting model of a timepiece was exhibited in London. Made by W. Pettit & Co., it was described as a "watch, keeping time, though suspended in a glass globe." To show dirt and water could not pass through it, the watch was exhibited submerged in water. But it looked too heavy and impractical for wearing.

All other watches at that time had to be wound and set by key, until Patek Philippe invented a prototype watch with keyless winding and setting. This led to the development of a more practical archetype for a waterproof watch.

In 1888, Paul Perregaux and Georges Perret invented a cased timepiece with a screw-down crown. The casing and the crown not only held the dial and the crystal in place, but also prevented water and dirt from entering the inner works.

Later in 1925, Wilsdorf bought the patent from Perregaux and Perret, and in 1926, the first batch of Rolex Oyster watches was produced. This time, the timepiece had a screw crown design for easier time adjustment, a screw back and bezel, and a hermetically sealed case, giving it optimal protection from water and other elements.

Image Source: ablogtowatch.com

The next thing Wilsdorf thought about was how he would market the most invaluable feature of his product. Rolex came up with a poster where the timepiece was associated with mermaids. Meanwhile, Rolex dealers decorated their store windows with an Oyster submerged in a fishbowl filled with water and fish.

Image Source: rolexblog.blogpost.com

Obviously, people grew fascinated with the product, and the fish bowl ad campaign went on for decades. The rest is history for waterproof watches.

Image Source: luxuryactivist.com

Over the years, Swiss Wrist has gained a loyal following of luxury timepiece aficionados looking for the best deal on pre-owned Rolex models. Visit its official website to find out the model that best suits you.

REPOST: Rolex worn by hero PoW in Great Escape up for sale

Made famous by history and its name, a Rolex watch worn by a prisoner of war during the Great Escape is up for grabs in an auction.  More of the story in this article from Express.

Despite being held in the ­Stalag Luft III camp in East Germany, Flight Lieutenant Gerald Imeson was able to order and take delivery of the watch in 1942.

The Swiss firm had offered all British officer PoWs one of their timepieces to replace ones seized by the Germans – on condition they pay after the war.

The offer was made only to British officers because they were seen as honourable gentlemen.

The Rolex Chronograph is expected to fetch £30,000 next month [BOURNE END/BNPS]. Image Source: www.express.co.uk

Mr Imeson wore the watch as he helped dig the three tunnels for the audacious escape attempt in 1944. He acted as a “penguin”, one of the men who dispersed soil dug from the tunnels through holes in their trouser pockets.

He was allocated position 172 in the queue of PoWs to escape but never made it into the tunnel because the guards discovered the break-out.

Of the 76 men who escaped, 73 were recaptured and 50 of them were executed.

The event was immortalised in the 1963 film The Great Escape, starring Steve McQueen and Charles Bronson. Mr Imeson wore the Rolex ­Oyster Chronograph watch on the forced marches through Germany to evade the advancing Russians in the winter of 1945.

He survived and returned to Britain with the Rolex and eventually paid his £170 bill – about £5,000 today – in 1947.

The watch belonged to Flight Lieutenant Gerald Imeson, pictured fourth from left [TIMEZONE/BNPS]. Image Source: www.express.co.uk

Mr Imeson treasured the watch until he died in 2003 aged 85. His last wishes were for the timepiece to be sold one day so that his family could benefit.

It will be sold at Bourne End Auction Rooms, Buckinghamshire, on November 6.

It has a pre-sale estimate of £25,000 but is likely to sell for more.

Auctioneer Martin Perrin said: “PoWs generally had their watches confiscated on the excuse that they may have contained hidden compasses.

“When the owner of Rolex heard PoWs were having their watches taken from them he said British officers could replace them with a Rolex and not be billed until after the war.

“Airmen who were kept in Luft camps were treated quite well and there would have been a gentlemen’s agreement for the PoWs to order and keep these watches.

“The model Flight Lieutenant Imeson chose was one of the top Rolexes made at the time. It was sent to him at the camp via the International Red Cross.

“He kept the watch for the rest of his life and treasured it. But it was his wish that it be sold to benefit the family.

Steve McQueen starred in The Great Escape, which immortalised the real-life event [MCCARTHY/GETTY IMAGES]. Image Source: www.express.co.uk

Flight Lieutenant Imeson, of Overton, Hants, flew with Bomber Command during the war and was captured in October 1941.

The Wellington bomber he was piloting was returning to Britain from an attack on Cologne when it crashed off the Belgian coast.

At dawn the next day a member of the Belgian resistance swam out to assist the pilot and one other survivor but they were spotted by a German patrol boat and towed ashore.

 Swiss Wrist is one of the world’s largest online retailers of luxury watches, specializing in their maintenance, restoration, and price appraisals.  Visit this website for more information.