After launching its first digital only watch fair in April, Watches & Wonders experimented with a hybrid format in September for its Shanghai 2020 showcase, merging together its platform watchesandwonders.com alongside some physical events.
Brands like Parmigiani Fleurier and Purnell as well as nine of Richemont’s watch and jewellery brands: A. Lange & Söhne, Baume & Mercier, Cartier, IWC Schaffhausen, Jaeger-LeCoultre, Panerai, Piaget, Roger Dubuis and Vacheron Constantin participated in the event.
Here, we discuss the impact of the event in Shanghai, which was held in partnership with Alibaba Group's B2C e-commerce platform Tmall, focusing on the Media Impact Value (MIV®), an algorithm developed by Launchmetrics to measure the quantitative number of media placements on all channels - online, social and print - inclusive of paid, owned and earned mentions, allows brands to better analyse their performances and to assess what’s performing well or not.
The study from Launchmetrics, which recently acquired one of the leading influencer measurement platforms in China PARKLU, found that the 2020 editon of Watches & Wonders Shanghai generated $ 1.6M from MIV®, between September 9 -13 this year and the number of Google searches for the event increased by 85 percent between August and September.
However, the strong influence of Chinese social media and e-commerce platform Xiaohongshu, helped play a significant part in promoting the event, accounting for 23.1 percent of the MIV generated by the event, alongside Instagram which represented 25.2 percent. WeChat and Weibo also made a large percent of the impact, of 15.9 percent and 15.2 percent respectively, far outpacing that of Facebook which only accounted for 3.4 percent of MIV, around $71,000.
“In the road to recovery, China has established itself as a key country in which brands should focus on but when doing so, it’s key to understand how to be more efficient and to get a better return on investment. That’s why being able to measure performance and understand which channel creates more value for a brand including China are key to succeed,” said Launchmetrics CEO Michaël Jaïs.
While the distribution of MIV was fairly even between the brands exhibited at Watches & Wonders Shanghai, brands that performed particularly well during the event were Panerai, A. Lange & Söhne and Piaget, each brand generating a higher portion of MIV®, thanks to store openings, brand ambassadors and strong brand activities and placements.
Panerai generated $ 465K from MIV®, or 16.2 percent of the show's total MIV® and was the only brand to generate a spike in brand research on Baidu during Watches & Wonders Shanghai, lower than that caused by the opening of its store on Tmall. It was followed by Richemont’s A. Lange & Söhne which generated $386K, which was three times more than Baume & Mercier or Purnell.
Lastly, Piaget for its part generated $ 305K from MIV®, as a few days earlier, it generated a large amount of activity on Baidu thanks to the presentation of their new ambassador, Liu Haoran, during a big live-streaming event for the opening of their Tmall page.