Companies hitting it big through crowd funding, those are our modern day Cinderella stories. MVMT watches is one of these fairy tales. It began in 2013 when two college dropouts pursued their dream to sell design and high-quality watches at affordable prices. Their initial Indiegogo goal was $15.000 but they ended up with a whopping $219.898.
The MVMT message was clear, luxury watches are expensive not because of their quality, but because most of your money goes to larger than life marketing campaigns. The industry is leading with giants like Swatch Group, Richemont, Rolex and getting a market share is cut-throat.
Right after the crowd funding campaign ended, MVMT took the important decision of keeping their audience engaged through social media. Their mission: not letting the buzz slip away, keep the worth-of-mouth going.
"We made sure to produce great content and the rest really came organically. We found people hashtagging us, tagging friends, and we received hundreds of DMs. It was really a viral effect from our point of view." - Jake Kassan, CEO, MVMT
Crowdfunding websites grant entrepreneurs a stage to tell their story and MVMT watches immediately struck the hearts of millennial consumers. Millenials are known to seek transparency in what they're paying for and have an aversion for big brand advertising. Therefore it was crucial for MVMT to interact with them on their preferred channels.
Their two greatest social media allies are Pinterest and Instagram, because of their focus on extraordinary looking content. Getting repinned on Pinterest and maintain the Instagram hashtag #jointhemvmt kept them in the spotlight.
Besides their heavy focus on brand and customer content, they also employed a successful referral program. Referring two friends gives them 10% discount and if they both buy a watch, you receive 15%. On the MVMT website, you can track your progress on how many people you referred. It's a great word-of-mouth feature that keeps customer interaction going.
After three years MVMT has sold over 500.000 watches and took in a revenue of thirty millions dollars. They kept their promise on both sides, the price point of their products is still miles below the competition and they haven't resorted to expensive marketing campaigns. By nurturing their following through social media connections and customer referrals, MVMT is still in full growth.