All businesses have their own stories, but not many of them can boast of the history of more than 180 years. It is quite astonishing to see businesses that withstand the test of time and keep growing for centuries. Many businesses try to replicate the business models of these iconic companies, because they are built on strong business principles.
Jaeger Le Coultre is one such company which was founded in early 1833 and is still rated among the top leaders in luxury watchmaking. Today the company has more than 1400 employees. They have a highly knowledgeable team of mechanics, watchmakers, technicians, engineers, artists, and many other specialists who are responsible for developing some of the most creative and innovative Swiss timepieces.
Clearly, they follow some of the critical business laws of marketing that has allowed them to stand apart from their competition and shine through hundreds of years. In this post, we shall check out why startups can lay the foundation ground for long-term business sustainability and growth by following the example of Jaeger LeCoultre.
Jack Trout and Al Ries are 2 of the well-known business strategists, and they had jointly written a book before 25 years. The good thing about the book is that it holds relevance even to this day. Now we shall check out some of the laws that were laid down in their book, ‘the 22 Immutable Laws Of Marketing’, by citing Jaeger LeCoultre as a case study.
Law: It’s better to be first than it is to be better:
Startups can make the best mark in the marketplace by introducing something new, rather than simply coming up with the product or service which hundreds of companies are always providing. Jaeger LeCoultre Reverso took watch shopping to a whole new level by setting examples with innovation, artwork, and brilliant craftsmanship.
For example, the beauty of their Reverso range gave a whole new meaning to the era of art and elegant decor. This model immediately captured the hearts of the people, and the latest versions are simplified among watch collectors even after 80 years of introducing it.
In addition to providing spectacular art and craftsmanship on their watches, they also came up with a lot of new innovations in the functioning of the observations as well. They later went on to design the watches with push buttons and added functionalities. It made old technologies like winding-watches obsolete.
LeCoultre has won many awards for his contribution in watchmaking, including the gold medal at the Crystal Palace during the 1851 great exhibition. They did not just believe in making watches. Instead, they kept working towards improving the products and inventing new functions on the timepieces.
Law: When you’re the first in a new category, promote the group. In essence, you have no competition.
The inception of Jaeger LeCoultre has an exciting story behind it. Edmond Jaeger, the watchmaker from Paris, challenged the watchmaking companies in Switzerland to make more first movements on the watches, than the one he had invented.
The challenge was taken up by Antione LeCoultre’s grandson, which led to the collaboration of both the companies in the year 1937. Them brand name Jaeger LeCoultre had emerged, and it’s going strong in the luxury watchmaking category even today.
Looking at the law mentioned above, Jaeger LeCoultre is all about setting up new benchmarks and inventing new things. If the startups can set up a new milestone, then it becomes easy to promote the category, simply because of the fact that there is no competition.
Start-up companies must make an attempt to become the first in a new category, rather than joining the existing ones. It gives them ample scopes to effectively market and brand their business.
Law: When You Try To Be All Things To All People, You Inevitably Wind Up In Trouble.
Startups must focus on reaching out to their target audiences, rather than wasting time and efforts on trying to reach everyone out there. Jaeger LeCoultre has withstood the test of time, and their products are selling in the luxury watch categories even today. They have always focused on providing new products to their target audiences, which is why they have been able to carve their name in the luxury watchmaking niche..