A brand audit of Fastrack carried out by students of Ravenshaw Management Centre, Cuttack as a part of the curricula of Integrated Marketing Communication.
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Exclusive Summary During 2003-04, the brand went in for a repositioning exercise targeting the executive segment as well as the casual watch segment. It was a suicidal experiment. The brand sales came down to Rs 23 crore. The change in positioning did not fit well with the brand. The steely look of the watches emphasized that it was sturdy and long-lasting. long-l asting. Fastrack was constantly refreshing the designs, but the sales were stagnant. The trouble lay with the price; the consumers were not willing to pay Rs 1200 – 1200 – 2700 2700 for a watch that did not have the executive image. In 2005, the brand went for another repositioning exercise with a new logo and a new positioning. They adopted the famous break-away positioning of Swatch and decided to again target the youngsters, the Generation Next. But for this they had to break the price barrier. The brand discarded the steely look of the t he watches and looked at a mix of plastic and steel. It was a perfect cut-copy from the strategy adopted by Swatch. By doing so, Fastrack was able to reduce the starting price to Rs 500 and was available in a price range of Rs. 500 – Rs. 2000. For its positioning, Fastrack captured the essence and philosophy of today’s fun loving, free spirited youth through the new positioning encapsulated in a tongue in cheek colloquial phrase - “How many you have.” Thus they launched a campaign with the slogan “How many you have.” Fastrack then promoted itself through a 360-degree media blitz through television, outdoor, events and promotions to change the perception of watches as a functional tool to a fashion accessory. Fastrack was now positioned as the ultimate fashion accessory for the youth – variety, multiplicity and constant excitement being the order of the day. They also revealed a new logo signifying the spirit of bonding b onding among today’s youth. Titan also earmarked Rs 8 crore (Rs 80 million) for Fastrack's advertising. The campaigns were aimed at students in the 15 to 25 year age group, belonging to SEC A and B, in the top 30 towns. The communication promoted the idea that owning several watches is acceptable, if not a required behaviour. The campaign, the positioning and the price was a great hit. The brand sales zoomed to Rs 35 crore. The sunglasses also contributed significantly to this sales boost.
