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Fossil's Branding Challenges

This document summarizes the history and current state of the watch brand Fossil. It discusses Fossil's origins in 1984 and expansion over time to include additional brands and product lines such as accessories. The document also outlines challenges Fossil currently faces, including new competition from smartwatch and technology brands, declining watch sales, and the need to stay relevant. Research findings show that while Fossil has high awareness as a traditional watch brand, awareness and recognition of its smartwatch line Fossil Q is much lower. The document concludes that Fossil needs to improve brand salience and change consumer judgments to position itself better in the growing smartwatch market. Recommendations include improving brand cohesiveness, changing smart

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429 views17 pages

Fossil's Branding Challenges

This document summarizes the history and current state of the watch brand Fossil. It discusses Fossil's origins in 1984 and expansion over time to include additional brands and product lines such as accessories. The document also outlines challenges Fossil currently faces, including new competition from smartwatch and technology brands, declining watch sales, and the need to stay relevant. Research findings show that while Fossil has high awareness as a traditional watch brand, awareness and recognition of its smartwatch line Fossil Q is much lower. The document concludes that Fossil needs to improve brand salience and change consumer judgments to position itself better in the growing smartwatch market. Recommendations include improving brand cohesiveness, changing smart

Uploaded by

api-401170330
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
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Emily Brennan, Katie Gray, Abby Jennings,

Katherine Keavney, and Meredith Taylor


OVERVIEW
❖ HISTORY OF FOSSIL
❖ INITIAL CHALLENGES
❖ FOSSIL’S BRAND INVENTORY
➢ BRAND ARCHITECTURE
➢ BRANDING & MARKETING PROGRAMS
➢ BRAND AMBASSADORS
➢ COMPETITION
❖ CONSUMER AWARENESS, IMAGERY, & JUDGEMENTS
❖ MAJOR ISSUES & CHALLENGES
❖ CONCLUSION
❖ RECOMMENDATIONS
HISTORY OF FOSSIL
Fossil has also grown to
Fossil’s portfolio has include its own line of
grown to include Relic, accessories, handbags, &
Abacus, Michele jewelry
1984: Fossil founded by Watch, Skagen
Tom & Kosta Kartsotis Denmark and Zodiac

Tom Kartsotis Fossil watches Fossil has gained


learned about carried in licensing rights to make
potential profit from department stores accessories for other
Fossil has added
importing mid-range with the help of companies their smartwatch
fashion watches from Kosta Kartsotis line, Fossil Q
overseas (Sanger Harris
Executive)
INITIAL CHALLENGES

Wearable
New Category = Declining Sales
Technology
New Competition and Store Closures
Revolution

Watch industry is evolving


Fossil now faces new In 2017, watch sales have
and Fossil needs to stay
competition with technology decreased 9% & Fossil will
relevant
brands close 50 stores by year end
BRAND ARCHITECTURE
BRANDS FOSSIL CURRENTLY FOSSIL’S BRAND LICENSING
OWNS AGREEMENTS
BRANDING & MARKETING PROGRAMS
“Authentic, vintage and classic design”

❖ Digital marketing & social media


with emphasis on smartwatches
❖ Aesthetic: Classic and retro designs
with black, white, and earthy tones
❖ #FossilFirsts campaign
❖ New World Fossil Initiative
BRAND AMBASSADORS

LESLIE ODOM JR. KRISTEN BELL

YARA SHAHIDI AUSTIN MAHONE


TRADITIONAL WATCH COMPETITION
MARKET SHARE OF TRADITIONAL WATCH INDUSTRY

18.3% of Traditional 15.7% of Traditional 11.8% of Traditional 5.2% of Traditional


Watch Market Share Watch Market Share Watch Market Share Watch Market Share

OTHER TRADITIONAL WATCH COMPETITION INCLUDES


SMARTWATCH COMPETITION

*Main
Smartwatch
Competitor
CONSUMER AWARENESS

AWARENESS  OF  FOSSIL AWARENESS  OF  FOSSIL  Q

IN  DEPTH  INTERVIEW:   89% listed  in   IN  DEPTH  INTERVIEW:   11%   listed  


top  5  traditional  watch  brand  recall in  top  5  smartwatch  brand  recall
VS.
SURVEY:   85.3%   recognized  F ossil  as   SURVEY:   32.47% have  seen  the  
a  traditional  watch  brand.  Also  ranked  the   Fossil  Q  logo  before
second  most  recognized
brand  behind  Rolex.
CONSUMER IMAGERY
IF FOSSIL WERE A CAR, WHAT KIND OF CAR WOULD IT BE?
CONSUMER IMAGERY
Current Perception Desired Perception
CONSUMER JUDGEMENTS
Fossil’s classic image is holding back it’s placement in the smartwatch market.

Outdated
53.64 Innovative

%
Boring
47.68% Exciting
MAJOR ISSUES & CHALLENGES
❖ Resonance- Not a strong sense of attitudinal attachment, Fossil Firsts Campaign
❖ Judgements and Feelings- Most respondents saw Fossil as a dated, boring but
reliable. Most indicated Fossil is seen as very niche market.

“Fossil would be a Toyota...dependable and reliable but not very chic/innovative”

❖ Brand Performance and Imagery- Fossil is too expensive (35%), Over 35% of people
saw Fossil primarily in handbag industry
❖ Brand Salience- Fossil is not top of mind for customers according to our survey only
12-15% when asked which brands they recognized.
➢ Nearly 60% of respondents did not recognize the Fossil Q Logo
CONCLUSION

Poor Brand
Salience when
considering
smartwatches
Lack of Distrust of
Confusion in
Awareness Smartwatch
Consumer
of Fossil Q   Capabilities
Judgements
Smartwatche
s
RECOMMENDATIONS

#1 Improve brand cohesiveness

#2 Change Smartwatch advertising to be more informative

#3 Advertise more proactively

#4 Implement in-store demonstrations and experts


QUESTIONS?

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