The company has worked with cricketers in the past but is now embracing Bollywood with open arms. The reason is its shifting marketing strategy that is now more about fashion and trends. As part of this, watch brand Timex India recently signed up Ananya Panday as its brand ambassador. In a chat with Storyboard18, Deepak Chhabra, managing director, Timex India, spoke about the brand’s marketing budget, how Bollywood will help amplify the messaging, the smartwatch business complementing its business and more. Edited excerpts:
Tell us a little about the ‘Waste More Time’ campaign. It’s a catchy tagline. What is the idea behind it and how does Ananya Panday amplify this messaging?
Waste More Time is a global campaign for us… The objectives behind this initiative are multifaceted. Firstly, it serves as a captivating tagline that grabs attention and sparks curiosity. It’s not every day that a watch brand encourages people to waste time, prompting individuals to take notice.
The inspiration for this campaign stems from the post-COVID era, where individuals re-evaluated the significance of life, relationships and personal time. The emphasis is on indulgence, recognising its importance in the face of life’s uncertainties. This sentiment is particularly resonant among the younger generation, who often prioritise digital interactions but are now grappling with the drawbacks and addiction associated with social media. The campaign aims to encourage them to find joy and fulfilment in seemingly mundane activities, fostering a shift from the relentless hustle culture.
The campaign seeks to connect with a broad audience, with a special focus on the youth who are navigating the evolving landscape of digital life. By advocating for spending time on personally fulfilling endeavours, the campaign challenges the notion that every moment must be dedicated to a predefined set of tasks.
To enhance the impact of the message, the campaign features Ananya Panday who is a youth icon, carefully chosen to resonate with the target audience. Known for her carefree attitude, she serves as a relatable figure who promotes spending time with family and engaging in activities that bring personal satisfaction. Her alignment with the campaign’s ethos makes her a fitting choice.
Timex has worked with cricketers Brett Lee and Suresh Raina in the past and now you have gotten a Bollywood face on board. Is this a change in strategy? Additionally, will you also be engaging influencers for the campaign?
Brett Lee and Suresh Raina were associated with us quite some time ago, likely around five to seven years in the past. Since then, there has been a notable shift in the perception of watches. They are no longer just timekeeping devices; they have evolved into special accessories. This transformation necessitates a continuous evolution of our thoughts and campaigns.
In the present scenario, people are acquiring more watches than ever, not merely for timekeeping but to complement their fashion choices. The influence Bollywood has become even more pronounced, emphasising the need for our campaigns to adapt.
Given the current emphasis on watches as fashion accessories, our strategy has shifted towards collaborations with influencers, Bollywood stars and models. This change aims to distance us from sports associations, as our brand’s identity is more aligned with fashion.
Instead of sports, we are now channelling our efforts into working with influencers to convey a message that resonates with our brand’s identity. While influencer collaborations are ongoing each month, the new campaign will feature a more extensive roster of influencers than our usual monthly collaborations.
Help us understand the media plans around the campaign.
As a digital-first organisation, our campaign strategically blends traditional and digital channels to reach both customers (sellers) and consumers (buyers) effectively. Approximately two-thirds of our budget is allocated to digital platforms, including social media, PR and influencers, while the remaining one-third targets traditional channels like TV and outdoor advertising.
Is the campaign timed for the festive season?
The campaign is tailored for the festive season and the upcoming urban wedding season.
We have a collection called Fria that is specifically designed for weddings, featuring jewellery watches adorned with crystals and stones. This collection has expanded significantly in the last two years and has clocked remarkable growth. The range boasts an extensive variety of colours in stones and crystals, offering approximately 40 to 45 options. This versatility allows individuals, whether they are getting married or attending a wedding, to seamlessly match their timepiece with their attire.
In the era of smartwatches gaining widespread popularity, how does your traditional watchmaking company foresee and adapt to industry trends, ensuring continued relevance?
Smartwatches are definitely seeing significant growth. They represent a distinct segment, contributing incrementally to our business rather than replacing or competing with analogue watches. Our company also offers smartwatches to meet the demand of consumers who are passionate about this category. We view smartwatches as an additional consumption category, and our goal is to actively participate in this growing market.
Remarkably, the impact of smartwatches on analogue watches has not been negative, both in India and globally. Instead of cannibalising the market, smartwatches have expanded the overall watch category. In our business, while we observe robust sales of smartwatches, the traditional analogue watch segment is experiencing high double-digit growth compared to the previous year. This demonstrates that the two categories can coexist and thrive concurrently in the market.
Lastly, help us understand your marketing budget, how it has gone up and what are the marketing initiatives coming up from the brand?
In 2018-19, which was the pre-COVID era, our marketing investment accounted for approximately 7 percent of our revenue. Fast-forward to 2022-23, and the landscape has transformed. We are currently allocating around 11-12 percent of our revenue to marketing. Although the percentage has not increased a lot, the noteworthy aspect is that this change is against a much larger revenue base.
Our business has nearly doubled compared to 2019, resulting in a substantial rise in both the percentage and the absolute investment. Over the last two years, we have witnessed a significant and substantial increase in our marketing investment, reflecting the growth and expansion of our brand.
Additionally, while we currently have a female endorsement, we are actively seeking a male counterpart to complete our brand representation. The upcoming campaign will feature another male celebrity endorsement, ensuring a well-rounded brand image. Additionally, influencers will play a substantial role, with monthly influencer engagements complemented by frequent celebrity events, averaging one event per quarter.