Tiffany & Co. Brand research
Client: This was a project aimed at researching Tiffany & Co's brand strategy.
Team: This audit was completed by a two-person team, with guidance from the faculty at Elon University School of Communications.
Problem: While Tiffany & Co. has successfully maintained its luxury status, the brand faces challenges in balancing its traditional appeal with the need to engage new, digitally-savvy consumers. The company must adapt its communication strategy to remain relevant in a rapidly evolving digital landscape without diluting its iconic brand identity.
Goal: To conduct a comprehensive audit of Tiffany & Co.'s current communication strategy across various channels. The audit aims to identify strengths, weaknesses, and opportunities for improvement, with the ultimate objective of recommending innovative approaches to enhance brand engagement, attract new customers, and reinforce Tiffany's position as a leader in the luxury jewelry market.
key findings
STRENGTHS
Successful marketing and advertising campaigns (messaging channels) lead to strong brand recognition. (Blue Box).
A strong emphasis on quality and values has created a strong brand identity—sustainably sourced diamonds.
OPPORTUNITIES
Advances in renewable energy may help battle the impacts of climate change on the jewelry industry.
Consumers desire a brand with a large social impact in the current social climate.
E-commerce continues to grow in popularity. Allowing for further opportunities to sell Tiffany & Co. products online.
THREATS
Increased access to lab-grown diamonds has made it easier for competitors to have lab-grown diamond collections. A large competitor recently announced a Lab-grown diamond line.
Counterfeiting is on the rise in the US. The counterfeiting of Tiffany’s products could decrease profits and brand equity.
Suggestions and recommendations
Tiffany & Co. can enhance its marketing strategy by releasing an advertisement that showcases the ease of purchasing its jewelry through various channels—online, in-store, and third-party retailers—while emphasizing the emotional joy and excitement associated with buying Tiffany products. This is all underpinned by the brand's commitment to quality, represented by the iconic blue box.
Tiffany & Co. can launch a digital advertising campaign on Pinterest and Facebook that emphasizes sustainable diamond sourcing. The campaign would showcase the journey of a diamond from sustainable production to being set in jewelry and placed in the iconic blue box, thereby connecting the brand's commitment to sustainability with the emotional appeal of owning Tiffany products.
Tiffany & Co. can enhance its commitment to diversity, equity, and inclusion by partnering with nonprofits to create a social media campaign showcasing diverse jewelers in action, featuring interviews and the auctioning of their creations to benefit these organizations while promoting this initiative through in-store displays and digital platforms.
Tiffany & Co. can create a video series featuring individuals of all ages discussing the brand's "timelessness," highlighting stories of mothers passing down vintage jewelry to their daughters and showcasing celebrities like Meryl Streep wearing the same Tiffany piece throughout their careers, with the series shared on Facebook and Instagram to reinforce the enduring legacy of the brand.
TAKE A LOOK AT THE Visual report
