Diamonds Go Dark by shannon.hessen

TITLE

NIVEDITA GOVILA, SHANNON HESSEN, MARIA L. OSORIO, LABDHI VORA PROF. ALESSANDRO CANNATA FASH763 SCAD SPRING 2018 DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

TITLE

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

TABLE OF CONTENTS

Executive summary................................................5 Profile Tiffany & Co...............................................6 Profile Alexander McQueen.................................9 The new initiative.................................................10 SWOT analysis.....................................................12 Jewelry industry facts and figures......................15 Todayâ&#x20AC;&#x2122;s jewelry industry......................................16 Tiffany & Co.........................................................17 Competitor analysis.............................................18 Positioning map...................................................23 Target consumer analysis....................................24 Personas: mental space........................................26 Personas: market space........................................27 Business issue description...................................28 Key success factors...............................................29 Opportunities and challenges............................30 Research goals......................................................31 Research design chart..........................................33 Secondary research..............................................34 Primary research..................................................35

Analysis.................................................................36 Positioning strategy for the new initiative........37 Dagmar model......................................................38 Communication objectives.................................39 Communication mix...........................................42 Budget allocation.................................................44 Activity map.........................................................47 Big idea..................................................................48 Concept moodboard............................................50 Video moodboard................................................51 Storyboard.............................................................52 Explorative concept testing.................................54 Preliminar subjective evaluation of the excutions...............................................................57 Campaign tracking..............................................58 Diagnostic measures and metrics......................59 Marketing materials.............................................60 Pictures..................................................................67 Sources...................................................................75

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

TITLE

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

EXECUTIVE SUMMARY Tiffany & and Co., a luxury fine jewelry company with a history and heritage dating back 180 years, is constantly trying to expand its product portfolio and reach a new target customer. This project proposes a new brand collaboration between Tiffany & Co. and Alexander McQueen that accomplishes that mission. The new collection will feature a range of jewelry pieces that mixes the two companies aesthetics in order to to appeal to a customer who appreciates fine jewelry yet, has a more experimental, bold, expressive, and edgy style. This marketing strategy was created after doing extensive research and outlines the integrated marketing communication process for the new campaign, Diamonds Go Dark. Within this strategy, we propose the details for the new campaign, including the new target market, the opportunities and challenges, the research completed, the communication mix that will be used, campaign tracking techniques, and the positioning strategy for this new initiative. Diamonds Go Dark, invites our customer to reinvent what it means to be glamorous by stepping out of the box and into the dark.

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

TIFFANY & CO. Company Profile

Tiffany & Co. is a holding company that operates through Tiffany and Company (“Tiffany”) and its other subsidiary companies (collectively, “the Company”). Charles Lewis Tiffany founded the company in 1837 and incorporated in New York in 1868. Tiffany is a jeweler and specialty retailer, whose merchandise offerings include an extensive selection of jewelry (91% of worldwide net sales in fiscal 2017), as well as timepieces, sterling silverware, china, crystal, stationery, fragrances and accessories. The company operates TIFFANY & CO. stores in 28 countries, in 13 of which customers can also purchase through ecommerce on their website. Through Tiffany and its other subsidiaries, the Company is engaged in product design, manufacturing and retailing activities target market. Tiffany markets itself as an arbiter of taste and style. In 2017, Tiffany continued to enhance its website and posted an increase in sales. Their worldwide net sales increased 4% to $4.2 billion in 2017.

Mission Statement

The mission of The Tiffany & Co. Foundation is environmental preservation and social responsibility.

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

ALEXANDER MCQUEEN

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

ALEXANDER MCQUEEN Company Profile Alexander McQueen brand was founded by designer Alexander McQueen in 1992. The house of Alexander McQueen is renowned for its conceptual designs, strong identity and unbridled creativity. The house’s early collections developed its reputation for controversy and shock tactics (earning the title “l’enfant terrible” and “the hooligan of English fashion”). In December 2000, the Gucci Group acquired 51% of his company and appointed him as Creative Director before launching stores in London, Milan, New York, Los Angeles and Las Vegas. In 2005, they launched their separate women’s and men’s wear collection. In 2008 they launched their US online store, which has now expanded globally. This same year they made their first large profit. After his suicide in 2010, the company went into a $56 million debt. The Gucci group believed in the company, so did everything to keep it afloat during the global financial crisis until it bounced back. Now creative director Sarrah Burton has kept the company afloat with her designs and the financial backing of the Gucci group. The company’s profit is now approx. $ 50 million a year.

Mission Statement

Alexander McQueen is about creating garments that challenge the conceptual expression of culture and identity. We uphold our commitment to quality, service and our value of our customers

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

THE NEW INITIATIVE Brand Collaboration Both with a very distinct style, this full jewelry collection aims to combine the aesthetics of Tiffany and Co and Alexander McQueen. The collection of jewelry will include a variety of stunning pieces including necklaces, bracelets, earrings, and rings. This unexpected collaboration aims to bring together Tiffany and Co’s traditional, classic, and elegant style with Alexander McQueen’s more dramatic, bold, and darker style. By creating of line of jewelry that eludes Tiffany’s graceful flare with McQueen’s unexpected designs it will target a very specific customer that has a appreciation for fine jewelry as well as a very avant garde style. The collection will feature bold, chunky jewelry and use Tiffany’s knowledge of stones to mix diamonds and darker gemstones such as black onyx into pieces as a node to both companies. Many of the pieces will have a very dark look yet will retain a romantic feeling. Mixing the edginess of McQueen and the traditional style of Tiffany’s the collection will without be eye catching to every jewelry lover. The stunning collection will push the limits of Tiffany’s conventional pieces playing with McQueens modern, dark aesthetic. Working together to design this collection that combines the two companies style, Tiffany designers work with the McQueen designers to ensure that both companies feel represented in the pieces. With almost 200 years of jewelry construction expertise, the Tiffany and Co jewelers will construct the collection. The collection will feature a variety of pieces including 7 necklaces, 5 bracelets, 7 rings, and 3 pairs of earrings. The limited collection will be available for purchase in all Tiffany and Co stores and as well as on their ecommerce platform

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

THE NEW INITIATIVE

Target Market Tiffany’s is constantly innovating in order to bring the brand to a wider set of audience. Known for traditional jewelry design and superior craftsmanship, it’s time for the brand to create refreshing concepts and disrupt their vision to reach to new customers. The Tiffany’s x McQueen customer is a fierce, edgy woman who wants to feel sexy and sophisticated at the same time.

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

SWOT ANALYSIS Strenghts

Weaknesses

• Tiffany’s manufacturing expertise & McQueen’s unique designs

• Both McQueen and Tiffany have lack of brand presence in emerging markets

• Loyal Clientele

• Drastic change in band image for Tiffany’s can adversely affect current customers perception

• Tiffany and McQueen’s strong brand positioning and awareness

• Strong financial backing from Tiffany, McQueen and Gucci

Opportunities

• International expansion in emerging markets • Tapping into the mental space of a modern, edgier customer (new brand perception) • Increase in the promotions will increase the brand awareness of Tiffany’s and McQueen in the market

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

• Unique designs attract customers but only a niche market would purchase them

Threats

• Consumers can take time to accept the new product positioning • Threats from niche designer brands like Iosselliani, Delfina Delettrez

SWOT ANALYSIS

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

JEWELRY INDUSTRY FACTS & FIGURES Global net sales of Tiffany & Co. 2014-2016, by product segment (in millions)

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

TODAY’S JEWELRY INDUSTRY • North American jewelry market sits at $16 billion in 2016 (via Euromonitor) --Up 2.8% from 2015 • Western Europe Market is only $28 billion (via Euromonitor) --Down .3% from 2015 • In the past, largest growth in branded jewelry came from the expansion of established jewelry brands --Cartier --Tiffany & Co • Future growth in branded jewelry is likely to come from non-jewelry players in adjacent categories (ex. High-end apparel, leather goods) --Dior --Hermes -- Louis Vuitton

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

TIFFANY & CO. PRODUCT MIX • Platinum, Gold, Diamond, Silver, Gemstones / precious stones, Titanium, Rubedo metal, Pearl • Rings, bracelets, Necklace, Earrings, Brooches, Charms, Watches, Home accessories, Fragrance

PRICE RANGE $150 onwards

DISTRIBUTION

• Physical stores – 302 around the world • E-commerce in 13 countries and Net- A – Porter

POPULARITY

• Global Presence

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

COMPETITOR ANALYSIS DELFINA DELETTREZ Delfina Delettrez Fendi is a designer and jeweller based in Rome. She founded her company, Delfina Delettrez, in 2007. Since the inception of her brand, she has developed a signature perspective using a wide material vocabulary, manifested in her original use of figurative surrealism and natural iconography including hands, eyes, bees, and lips. The unique aesthetic of Delettrezâ&#x20AC;&#x2122;s work comes from the marriage of classical goldsmith techniques with innovative contemporary materials, progressing traditional Italian craftsmanship to create modern, futuristic jewels.

PRODUCT MIX

Diamond, Silver, Gold, Pearl, Gemstones Rings, bracelets, Necklace, Earrings, Hairpins, Cufflinks

PRICE RANGE $60 - $ 7000

DISTRIBUTION

E-commerce (brand website, Net-A-Porter, The ebster) 2 stores â&#x20AC;&#x201C; London (2015) and Rome

POPULARITY

Emerging in US, Asia, Middle east, Europe

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

COMPETITOR ANALYSIS IOSSELLIANI Roberta Paolucci & Paolo Giacomelli started IOSSELLIANI in Rome in 1997.Roberta is a jewelry and interior designer and Paolo studied traditional goldsmith techniques in Rome. Together they combine the modern & traditional through their use of stainless steel mesh and silver as well as hand-carved crystals in their collections.

PRODUCT MIX

Diamond, Silver, Gold, Pearl, Gemstones Rings, bracelets, Necklace, Earrings

PRICE RANGE $100- $800

DISTRIBUTION

E-commerce (Farfetch, Bonadrag)

POPULARITY Emerging

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

COMPETITOR ANALYSIS LOREE RODKIN Loree Rodkin (born February 25, 1949) is an American jewelry designer based in Los Angeles, California. Rodkin’s flagship store is in Tokyo, Japan. Her designs are also sold in retail specialty stores globally.Her clientele has included Elton John, Mary-Kate and Ashley Olsen, Madonna, Daphne Guinness, Mary J. Blige, Cher, Rihanna and Steven Tyler. Rodkin’s collection includes a bath and body product line, eyewear, fragrances and candles.

PRODUCT MIX

Diamond, Silver, Gun metal, Pearl, Gemstones Rings, bracelets, Necklace, Earrings

PRICE RANGE $1000- $8000

DISTRIBUTION

E-commerce (Farfetch)

POPULARITY Popular in US

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

COMPETITOR ANALYSIS DYLANLEX

Drew Ginsburg, the designer and founder of Dylanlex started as a young fashion designer. Dylanlex was a photo journal, evolved into a social media movement, and arrived later as a line of original hand crafted statement pieces for people as original as the jewelry line itself. Each DYLANLEX piece is handcrafted in New York city, using the expertise and craftsmanship of artisans gathered from across the globe, to create pieces that blend modern edge with the elegance of traditional techniques. Swarovski Crystal, antiqued metals, and internationally curated elements combine to create statement jewelry that would normally only be possible by combining several distinct pieces.

PRODUCT MIX

Diamond, Silver, Antiqued Metal, Gemstones Rings, bracelets, Necklace, Earrings, Brooches

PRICE RANGE $50- $1500

DISTRIBUTION

E-commerce (company website,Farfetch)

POPULARITY Emerging

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

COMPETITOR ANALYSIS DANNIJO Dannijo, a fashion jewelry line favored by socialites and celebrities. The founders of Dannijo — Danielle Snyder, 27, and her sister, Jodie Snyder, 30 — are fashion bloggers and jewellery designers. Their boho-chic jewelry — made of oxidized metals, dotted with colorful stones and studded with shards of crystal — is sold through their website and other department stores in US including Bergdorf Goodman. All of our jewelry is produced by responsible manufacturing facilities, is one size fits all and seasonless. It is their mission to create artisanal, timeless pieces that can be worn as little daily reminders of Love and Beauty. Since their inception in 2008, DANNIJO has advocated creating sustainable economic opportunity for women in underdeveloped areas of the world. All DANNIJO.com packaging is handmade in Rwanda. PRODUCT MIX

Oxidized Metal , colorful stones, Crystals

Rings, bracelets, Necklace, Earrings, Brooches

PRICE RANGE $38- $2200

DISTRIBUTION

Department stores (Bergdorf Goodman, Net-A-Porter, Bergdorf Goodman, Neiman Marcus) E-commerce (company website)

POPULARITY

Emerging in US

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

POSITIONING MAP High Price

Modern

Traditional

Low Price DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

TARGET CONSUMER ANALYSIS DEMOGRAPHICS Age group: 25-45 Location: Primary: U.S.A. Worldwide through website Income level: $120.000+/YR. Occupation The Tiffany+McQueen customer is an independent business woman who works in influential positions on different fields.

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

TARGET CONSUMER ANALYSIS PSYCHOGRAPHICS The Tiffany+McQueen customer is driven by unconventional fashion trends and creativity. She wants to be perceived as fierce and edgy by her social groups and achieves this objective expressing herself through her apparel and accessories. She is interested in art, music and culture and going to alternative but fancy events. As a working woman she understands and enjoys the skill of pampering herself through eccentric gifts and expensive beauty products.

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

PERSONAS: MENTAL SPACE

Marissa (35)

a s s i ar

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

Marissa works as a beauty editor for a fashion magazine in NYC. She is a fashionista crazy about limited editions and new indie brands. She celebrates her life-goals treating herself to luxurious jewelry and accessories. As she inherited her grandmotherâ&#x20AC;&#x2122;s jewelry collection, she is aware of the importance of purchasing unique pieces that will last forever.

PERSONAS: MARKET SPACE Sophia (52) Sophia is an art consultant from Miami. She dresses pretty conservative but likes to wear statement pieces of accessories and jewelry now and then to freshen up her look, specially in art-related events. She owns a collection of bold jewelry that she has collected over the years in her many trips around the world.

CAM I

sophia

LLE

Pablo (31) Pablo works as a design researcher at Ideo in San Francisco. He spends his free time playing in an indie rock band and playing video games. As a designer he values innovation on product design and as an environmentalist he likes to purchase timeless pieces that can last for generations. So he looks for interesting high-quality jewelry to purchase as gifts for his girlfriend.

Camille (24)

o pabl

Camille lives in Michigan where she is completing her masterâ&#x20AC;&#x2122;s degree in marketing. She enjoys fast fashion and gourmet coffee. Her favorite getaway is to travel to NYC to look for second-hand bargains of her favorite luxury brands at edgy thrift stores in Brooklyn.

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

BUSINESS ISSUE DESCRIPTION With a goal to expand their target market Tiffany and Co is collaborating with the fashion house of Alexander McQueen in hopes of reaching a new group of customers. McQueen has a younger more modern, and less traditional audience that Tiffany and Co could benefit from. Tapping into this new group of younger customers could be extremely beneficial for Tiffany’s as the brand continues to age. Tiffany’s has attempted to do this by redesigning some of the stores to make them more inviting for a younger customer as well as offer new designs, such as the HardWare collection with Lady Gaga. With Tiffany’s traditional style, many millennials today associate the brand with older customers, which is what this collaboration seeks to change. Reaching out to a younger customer who is usually thought of as too ediger for Tiffany’s the collaboration is illustrating to this target market that Tiffany’s has high quality, luxury jewels for every style.

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

KEY SUCCESS FACTORS Status provider

This is the key requirement most luxury jewelry brands. The brand building process should focus on this

Authenticity and Certification

Luxury jewelry brands have been associated with authentic and certified jewels that are considered an asset in the long run.

Innovation

Constant innovation while also maintaining the heritage is the key. Brand like Cartier, Tiffany and Co. have been associated with iconic, timeless pieces but they offer impeccable contemporary range as well.

Trend in Fashion

Customers look for trendy fashion jewellery that offers a unique style to match their personalities and is updated with the changing fashion trends.

Excellent customer service

Luxury brands rely on excellent customer service with personal care and attention to detail and this helps to increase and build their loyal customer clientele. Tiffany has been associated with authenticity, innovation, excellent service with its 180 years of heritage. Over the years, it has build emotional connection with its customers. DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

OPPORTUNITIES AND CHALLENGES Opportunities • Rise of digital media gives Tiffany an opportunity to promote the brand through interactive engagement to generate resonance • Building on new collaborations with brands will help further to enhance Tiffany’s and reach a wider set of customers • Shoppers are more concerned with expressing individuality rather than buying jewelry for traditional purpose

Challenges • Rise of smaller designer brands will intensify the competition with customers seeking exclusivity and individuality • Price and product placement of the edgier jewelry • Introducing a new a product position to a new market for Tiffany’s in a disruptive way • Drastic change in band image for Tiffany’s can adversely affect current customers perception • Consumers can take time to accept the new product positioning

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

RESEARCH GOALS The foremost factor of the research was to confirm what customers think about Tiffany coming up with the limited edition of dark and edgy jewelry and their willingness to try the product. Some of the key research goals are described below : • Consumer knowledge on Alexander McQueen • Consumers notion about the collaboration between Tiffany and McQueen • Consumer acceptance to Tiffany’s new disruptive and edgy designs • Consumers preferences when it comes to jewelry • Tiffany’s competition within the edgier segment of jewelry • Current shift in the jewelry market

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

TITLE

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

RESEARCH DESIGN CHART

Sources of Key Insights

Secondary Research

Primary Research

Existing Knowledge Base

Interview Base

One Source Euromonitor Statista

Focus Group

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

SECONDARY RESEARCH Both primary and secondary research was conducted to accomplish our objectives. Using internet platforms and certified sources like Euromonitor, One Source, Redbooks, Statista, etc. we began with the secondary research on each of the companies Tiffany and Alexander McQueen along to understand individual brand aesthetics and positioning in the market. Customer profiling and target market identification helped in understanding our target customers and what grabs their attention. In 2017, Jewelers of America (JA), the national trade association for businesses serving the fine jewelry marketplace, released the results of its US consumer and retail research study conducted by Provoke Insights. The study revealed that consumers say they will most likely to give gifts of gold (40%) followed by sterling (32%), colored gems and pearls (32%) in the next year. 50% of consumers think that fine jewelry has sentimental value and helps to mark special occasions. Gold and sterling silver jewelry are primary self-purchase choices (56% and 40%, respectively) while gemstone and diamond jewelry are more desirable to give or receive as gifts. An article from fashionista spoke about how shift in shopping habits and new competitors is affecting and scrambling heritage luxury jewelry companies to get younger customers. The article describes that the jewelry market is healthy and is expected to grow at a rate of 5 to 6% per year over the next three years and fine jewelry makes up to 4 to 5%. Thus, the overall market is expected to make up 10% of it by 2020. It also said that the most storied brands have been struggling and will continue to struggle if they don’t capture the attention of the 18-to-34 years old who are set to become the most important cohort for diamond jewelry purchases. The article gives a brief description of the new jewelry shoppers who are younger consumers and are more concerned with expressing individuality. Apart from different articles we also read the case study of tiffany who has spent the past couple of years aggressively going after millennials and shifting its retail and marketing efforts to appeal to modern jewelry shoppers. The case study talks about Tiffany’s partnership with Net-a-Porter to sell a section of styles online. The jewelry brand’s goal was to shift its perception as a gifting brand to self-purchasing brand that millennials would be interested in. With this foundation knowledge of the fine jewelry industry and Tiffany in particular, we were ready to perform primary research based off the existing secondary research.

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

PRIMARY RESEARCH For our primary research we conducted focus group discussion which was helpful in gaining consumer insight as it brought together people to discuss overall feeling and idea of Tiffany’s collaboration with Alexander McQueen. The participants of our focused group discussions were between the age of 21-29 years. We asked 12 questions, with each question based out of the key points gathered from the secondary research. We also showed them our mood board and mock up jewelries and asked their opinion. Below stated are the questions which we discussed: • • • • • • • • • • • •

What kind of words come to your mind when I say Tiffany & Co. Do you know the brand Alexander McQueen? What kind of words come to your mind when I say Alexander McQueen How do you think Tiffany should reach a new target customer? Do you think if Tiffany’s created a jewelry line with an edgier design it would be too off brand or do you think, or it will give Tiffany a fresh look? What do you imagine when you envision a collaboration between Tiffany and McQueen? *Showed mood board and asked for their response* *Explained the tagline and asked for their responses* *Explained storyboard of video ad and asked for their response* *Show the jewelry and ask if they think it fits the aesthetic* In your opinion who can be Tiffany’s competitor for their new collection? What kind of aesthetics can Tiffany’s add in its portfolio?

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

ANALYSIS Secondary and Primary Research had viable support to move forward with Tiffanyâ&#x20AC;&#x2122;s collaboration with Alexander McQueen and Tiffany introducing their limited dark and edgy collection. Through our primary research we understood that the consumers were aware of both brands and their aesthetics respectively. They associated the limited collection to millennials with high disposable income and jewelry shoppers who are more concerned with expressing individuality. Luxury heritage fine jewelry companies, who are tied up in a concept of exclusivity and legacy should try to be successful in engaging millennials on social media and deliver seamless ecommerce experiences. This research was extremely beneficial to ensure that our creative idea was headed in the right direction. Combined with trends of single women acquisition, selfpurchase and the younger womanâ&#x20AC;&#x2122;s desire for self-expression, design appeal is expected to become more important in attracting new and repeat customers to the category.

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

POSITIONING STRATEGY FOR THE NEW INITIATIVE High Price

Modern

Traditional

Low Price DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

DAGMAR MODEL UNAWARE

AWARE

COMPREHENSION AND IMAGE

ATTITUDE

ACTION

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

COMMUNICATION OBJECTIVES

OBJECTIVES

TACTICS

• Brand Awareness • Brand Relevance

• Campaign Video • Print ads in high profile magazines

• Connect with new customers

• Creating Social buzz using Facebook, Instagram, Twitter, Company website, and micro site

PRE-PURCHASE ORIENTED

• Generate Enquiries • Create purchase intentions

• Launch party at the Tiffany Flagship • Press Preview

PURCHASE ORIENTED

• Generate excitement and eagerness

• Billboards in strategic locations and subway stations ads

BRAND ORIENTED SOCIALLY ORIENTED

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

COMMUNICATION OBJECTIVES Based on the DAGMAR Model, the objective of our communication plan is to create awareness amongst a new, edgier customer to facilitate comprehension and action. This should later lead to an increase in sales but the primary objective is to attract the audience. This could be measured through the internet click through rate and awareness amongst the customers. Some of the mediums we plan to use are campaign video, instagram, Twitter, Facebook, company websites, billboards, subway station ads, Magazines, opening party at Tiffany, and a launch press preview.

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

TITLE

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

COMMUNICATION MIX Primary medium The primary medium would be included In the digital media category. The campaign will be displayed in social media platforms as Instagram and YouTube, amongst others, and the contents are going to land in a microsite specially designed for the collection. This micrositeâ&#x20AC;&#x2122;s objective is to captivate the customers through interaction, making them stay longer, influencing them to shop the collection. It consists in a game similar to jewel challenge where the user plays with the different kinds of gemstones of the collection, creating a jewelry piece with each win. Itâ&#x20AC;&#x2122;s an indulgent experience to the sight because of its aesthetic values, but also very addictive!

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

COMMUNICATION MIX Secondary medium The secondary medium would be traditional, mainly focused on billboards and magazine ads. As the main spent media for Tiffany co. is on magazines, it is important to be consistent with the medium to keep building brand awareness and fitting the new product line into the existing communication strategy.

Synnergies The traditional media will be a support for the overall digital strategy. The aesthetics of the product line and campaign will make such an unexpected combination with the primary brand that this will encourage the customer to discover more through digital channels. The magazines and billboards open the door to a new universe for the consumer. An astonishing mixture never seen before in the brand.

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

BUDGET ALLOCATION In 2017 Tiffany and Co spent a total of $52,636,970 on all their advertising and had a total revenue of $4.001 billion. This means in 2017 they spent about 1% of their total revenue on advertising. With an understanding how Tiffany & Co typically allocates their marketing budget, based on their media spread, we then used the objective-and-task budgeting method to strategically allocate marketing budget. Since we are launching a new, luxury product that is created for a specific customer, we predict based on past launches and research that our awareness to purchase conversion ratio is 5%. While our predicted revenue from the new collection is $650 million. Understanding this our goal is to sell 300,000 units, since the average price of a piece from the new collection is $2,600. Since we have a predicted revenue of $650 million we don’t want to spend more than what Tiffany usually spends on advertising so we are allocating $7.8 million. This is about 1% of the total revenue which is how much Tiffany typically dedicated to their marketing. We decided how to allocate the $7.8 million dollar marketing budget by looking at past patterns of how Tiffany usually spends per advertising technique. Of their $52 million annual budget in 2017 Tiffany’s spent a total of $31 million on magazine ads alone, magazine advertising took up the largest percentage of their annual advertising budget at 60.3%. The two biggest categories following were national newspapers at $16.8 million and US Internet search ads at $12.3 million. Following their trends, for the new initiative we dedicated $1

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

million of that to magazine ads since this is Tiffany and Co’s largest advertising medium based on spending habits. We also allocated a $1.5 million about to the collaboration website and the microsite to since Tiffany’s also allocates a large amount of their budget to different forms of internet advertising. In order to get press and bloggers to talk about the new collaboration be decided to throw two launch events, one invitation only where we invite important press figures and relevant fashion and beauty bloggers to spread the increase the excitement. The other event will be open to the public and will take place in Tiffany and Co’s flagship store on 5th avenue during regular store hours.

BUDGET ALLOCATION Vehicle

Objective

Campaign Video

Uses visuals to show off the collection and create a story line behind the jewelry. The video will help bring the collection to life and help reach a wider audience.

The video will help potential customers understand the atmosphere and aesthetics surrounding the new collaboration. Using a video will allow us to share this piece of media on many different platforms such as social media platforms (YouTube, Facebook, Instagram) that will invite a new audience while also using it in our retail stores and ecommerce platform to reach our broader audience. This story aims to show off the jewelry and catch the eye of a new kind of customer.

Share the visuals of the collaboration and allow others to share. Visuals such as ad photos, videos, and behind the scenes content will be posted on Instagram.

Posting frequently around the launch date as well as before to provide sneak peeks will help the collaboration gain press. Posting visuals on Instagram will allow people Instagram users to provide their feedback and interact with the post through commenting. Social Media platforms like Instagram will also help to establish a hashtag for the collaboration. Both companies will also be able to share the photos on their Instagram accounts.

Sharing the news of the collaboration on Twitter will allow the word to travel fast espeically with both brands having such a large following.

The Twitter platform’s role in this campaign is to spread awareness to both company’s following and allow consumers to retweet visuals, videos, tweets, and articles so their followers will also see the content.

Facebook will allow both companies to easily share the visual content as well as run targeted ads surrounding the campaign to reach the wanted consumer group.

Facebook will allow both companies to publish a variety of different kinds of media on the platform such as video and photo. Unlike Twitter, Facebook will allow the companies to publish visuals with more description and detail in the post and can also easily attach a link directly to the products.

Using the visuals already developed such as the photos and videos we will promote the new collection on the front pages of both company’s websites. These visuals on the homepage will link to where consumer’s can shop the collection on Tiffany and Co’s website. The mircrosite will be avilable before the launch to increase excitment and anticipation.

On both company websites we can advertise the collaboration on the front page of both companies. Through these pages we will be able to show the full story of the collection. We will be able to have the video, photos, and full description of the collaboration in one place so consumers can interact with all of the information in one space. On the website customers will also be able to see the full collection and be able to order it directly. With so much traffic to each site, having the collection advertised on the front page will increase awareness. With more space to elaborate, the websites will contain all the information about the collection such as the gemstones used, how long the collection will be around, and the inspiration behind each piece. The microsite will be launched before the products to increase awareness and excitment. It will also be used to generate traffic to the main site and engage the customer through different interactive elements on the site.

Instagram (both company’s accounts)

Digital

Twitter

(both company’s accounts)

Facebook

(both company’s accounts)

Company Websites & Microsite

Task

Cost 1.8 million

.3 Million

Measuring Effectiveness In order to meausre the effectivness of the video, we will track the total video views as well as the number of interactions people have with the video (such as comments, shares, and retweets). We will also track how much traffic it directs to the site through the related link.

To track the effectivness of Instagram posts, we will be able to see how users interacted with posts through their comments and likes. Tracking the hashtag we will also be able to see how many people reposted the visuals using the hashtag.

.1 Million

To measure the effectiveness of the Twitter platform we will easily be able to see how many people interact with the tweets by retweeting them or sharing them. Through Twitter we will also be able to see who uses the hashtag and what they are saying about the collaboration.

.1 Million

To measure the effectiveness of Facebook we will use Facebook’s analytics to track the reaction of the posts from both companies. If we pay for Facebook Ads we will also be able to use Facebook’s Ad analytics to see how many people the ad reached and how many people who saw it clicked on the link.

1.5 Million

To measure the effectiveness of the front page websites advertisement for the new collection we will measure how many people clicked on the photo to learn more about the collection. Once they have clicked to learn more we will track how much time each user spends on the page interacting with the different elements.

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

BUDGET ALLOCATION Vehicle

Out of Home

Task Since billboards are often static photos this billboard will be an ad photo that will feature one, possibly two peices of the new collection. With the focus on only those peices, hopefully consumers will be attracted and want to learn more by visiting either companies websites. Both brands will be listed on the billboard to inform the audience who is affiliated with the advertisement.

Subway Station Ad in NYC

With such a large population using the NYC subway as their daily transportation, advertising on the side of a subway will increase awareness.

New York City Subways are used by a huge population of the NYC workforce everyday. With both brands having retail stores in New York it’s important to advertise to the population that has easy access to the new collaboration. With so many young professionals commuting, ad will increase awareness with the younger generation, which is who we are specifically

Magazines

Increase awareness of the brand as well as the new collaboration among a specific target market.

The magazine ads will provide a call to action to visit the website to learn more about the new collaboration. With Tiffany spending a large amount of their marketing on magazines ads it is important to associate their brand and the new collaboration with high profile fashion magazines.

Billboard on the side of a building

Opening Party at Tiffany Promotion

Launch Press Party/ Preview

Objective A large billboard on the side of a large building will get the attention of thousands of people walking past and will create awareness of the collaboration.

In order to create excitment this opening party will take place in the store and will be open to every, allowing customers to see and interact with the collection.

Taking place in the Tiffany’s flagship store on 5th avenue this party will be advertised on both company’s social media platforms as a kickoff event for the new collaboration. It will be open to all customers to come and see the new collection up close. In order to get customer’s in our target market there we will invite specific big time bloggers to the event to encourage their followers to come meet them and see the new collection. The party will be decorated with the same aesethics of the collaboration and will feature a photo booth and photo wall to encourage attendees to share their photos on their social media platforms.

This launch party will be geered towards the press and editors of fashion magazines and websites to encourage them to share content on the platforms about the new collaboration and collection.

This event will take place in a historic home in NYC with the same feel of the new collection. Members from both company will be hosting the party and encouraging their contacts to come. The collection will be on display for attendees to interact with each piece and they will also be displayed on models so to gain a better visual of someone wearing the peices. This party’s goal is create buzz and get large influencers in the fashion community to be excited about the collaboration in hopes they will share it will their followers. The attendees will include fashion editors from magazines, fashion content creators for large, influencial fashion websites, as well as prominent fashion bloggers who fit the style of the new collection.

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

Cost

Measuring Effectiveness

.5 Million

Before deciding on a location it is important to study the statistics behind each possible billboard location. We will look at the foot traffic by the billboard location, the demographic of the foot traffic, how many vehicles pass by the location everyday and finally compare and contrast the location of the billboard with the location of the store.

.5 Million

Similar to the billboard, before we deciding on the location of the subway ad we will gather the statistics of each location option. With some stations much busier than others we want to ensure that we choose a location that gets a lot of foot traffic.

1 Million

Measuring the effectiness of a magazine ad is based off the the magazine circulation and the number of subscribers they have.

Having the party in store will allow us to track how many purhcases the party lead to. While we will be able to track how many attendees purchased an item from the new collection, we will also be able to see how many people instagram or tweeted pictures from the event using the hashtag. While this may not be the equivelent of a purchase it creates even more awareness. To measure the effectiveness of the party we will track who was at the party and which company/ title they were representing and then see who writes about the collection or shares pictures from the event.

1 Million

ACTIVITY MAP Pre Launch February

March

Launch April

May

Post Launch June

July

August

Digital Ad Campaign Video Instagram Twitter Facebook Company Websites Microsite Out of Home Billboard Magazine Ads Promotion Launch Press Party Launch Press Party

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

BIG IDEA “DIAMONDS GO DARK”

The concept aims to show every woman´s dark side. The product from this collaboration is specially designed to make the customer feel sexy and, why not? a little bit naughty.

Storyline: A Tiffany’s inspired cocktail party is happening in a fancy location. Champagne, good looking people and some Tiffany’s blue boxes in the background. The main character, a feminine angel-looking girl in her 20’s is enjoying herself. Suddenly something catches her eye. The shadow of a mysterious woman, and she can’t stop looking at her. When this woman leaves the room, she is compelled to follow her. The mysterious woman takes of her jewelry pieces one by one leaving them as a trail for the main character to find them. At the end of that trail the girl enters a dark room with a mirror. And she realizes that the mysterious lady is herself, BUT DARKER.

Executional Tactics • Evocative cues: unexpected ending • Slice of life: trendy upscale lifestyle

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

TITLE

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

MOODBOARD: CONCEPT

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

MOODBOARD: VIDEO

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

STORYBOARD

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

STORYBOARD

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

EXPLORATIVE CONCEPT TESTING KEY FINDINGS • Tagline: the word Black should be replaced with Dark • The Tiffany Blue must be involved in the visual ID design • Jewelry aesthetics: The gemstone must still be focal part of the jewelry piece • Competitors concept-wise: Bulgari, Cartier

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

TITLE

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

PRELIMINARY SUBJECTIVE EVALUATIONS OF THE EXECUTIONS

KEY FINDINGS • Brand placement in each medium has to be relevant in order to understand the collaboration • The ending of the commercial is unexpected and helps the customer relate to the main character (evocative cue)

EXECUTIONAL TACTICS • The campaign portrays a slice of life by showing a trendy upscale lifestyle. This lets the consumer to engage in the experience and feel a part of the lifestyle.

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

CAMPAIGN TRACKING Tiffanyâ&#x20AC;&#x2122;s objective of the marketing campaign is brand awareness to attract a edgier customer. Tiffany will invest in continuous tracking. The tracking will begin with the pre-launch activities in February. Since brand asssociation is the overall objective, the company will be in contact with the target consumers to discuss their reaction and response to the campaign. Good tracking research will allow Tiffany to monitor and assess a new competitive product before it will be too late. Tiffany will measure the outcomes and ad diagnostics of the entire campaign to gauge the success. The identification and monitoring of the brandâ&#x20AC;&#x2122;s optimum target market is an important output of good tracking research.

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

DIAGNOSTIC MEASURES AND METRICS Once the campaign concludes, the marketing team will conduct a post-campaign evaluation. Interviews for tracking studies will be conducted continuously or periodically. The survey questions will address different diagnostic measures regarding brand awareness, purchase intentions, brand considerations, ad recognition, ad recall, and personal characteristics. Diagnostic metrics like number of hashtags, likes, comments which will be used to track the number of followers gained through social media platforms in the six-month period. These steps will allow the marketing campaign to see if the message of the ad was delivered and received well, if brand awareness was achieved based off their expectations, and if sales have improved during this campaign.

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

MAGAZINE AD

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

BILLBOARD

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

INSTAGRAM

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

FACEBOOK

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

YOUTUBE

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

TWITTER

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

MICROSITE

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

PACKAGING

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

VIDEO

Youtube link

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

PICTURES

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

PICTURES

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

PICTURES

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

PICTURES

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

PICTURES

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

PICTURES

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

SOURCES Ang, Lawrence. Principles of Integrated Marketing Communications. Cambridge University Press, 2014. “Best Global Luxury Brands Brand Value 2017 | Statistic.” Statista, www.statista.com/statistics/273135/most-valuable-luxury-brands-worldwide-by-brand-value/. Carrigan, Marylyn, et al. “The Fine Jewellery Industry: Corporate Responsibility Challenges and Institutional Forces Facing SMEs.” SpringerLink, Springer Netherlands, 18 Feb. 2016, link.springer. com/article/10.1007/s10551-016-3071-4. “Delfina Delettrez Is One of the 500 People Shaping the Global Fashion Industry in 2013.” The Business of Fashion, 1 Sept. 2015, www.businessoffashion.com/community/people/delfina-delettrez. Flores, Olga. “Tiffany & Co.” Tiffany & Co., 1 Jan. 1970, tiffanyandcompanyblog.blogspot.com/. “High Jewelry - Color Treasures.” High Jewelry - Color Treasures | BVLGARI, www.bulgari.com/enus/products.html?root_level=861&sign=882. (JA), Jewelers of America. “Jewelers of America Releases 2017 Fine Jewelry Industry Consumer and Retail Market Study.” PR Newswire: News Distribution, Targeting and Monitoring, 14 Dec. 2017, www.prnewswire.com/news-releases/jewelers-of-america-releases-2017-fine-jewelry-industry-consumer-and-retail-market-study-300571484.html. Mau, Dhani. “Can Old-School Fine Jewelry Brands Woo Fickle Millennials?” Fashionista, 15 Dec. 2017, fashionista.com/2017/12/fine-jewelry-industry-millennials. “Tiffany’s Element of Surprise.” Diamonds.Net, 25 Apr. 2018, www.diamonds.net/news/NewsItem. aspx?ArticleID=62167.

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

SOURCES “Tiffany & Co. Global Net Sales by Product Segment 2014-2016 | Statistic.” Statista, www.statista.com/statistics/710608/global-net-sales-of-tiffanyand-co-by-product-segment/. “Tiffany HardWear.” Tiffany & Co., www.tiffany.com/collections/ tiffany-hardwear?&omcid=ppc_google_Collections%2B-%2BHardWear%2B-%2BBR%2B-%2BBMM%2B-%2BUS&mkwid=sYIHyz4QO%7Cpcrid%7C192947530055%7Cpkw%7C%2Blady%2B%2Bgaga%2B%2Btiffany%7Cpmt%7Cb%7Cpdv%7Cc%7Cmtid%7C744dpc50313%7Cslid%7C%7Cproductid%7C%7Ctargetids%7Caud-404618656954%3Akwd-303329635853%7Cgroupid% 7C41867674557%7C&gclid=Cj0KCQjw5fDWBRDaARIsAA5uWThJTKz82lr7iDXN3UZtivHhcTwA0mW0Qgq8KVhKpMzV3K-pM-JUT7QaArs_EALw_wcB. “Tiffany Makes Inroads With Millennials as Hepburn Era Fades.” Ad Age, 24 Aug. 2017, adage.com/article/cmo-strategy/tiffany-makes-inroads-millennials-hepburn-era-fades/310236/. “Tiffany & Co.” REDBOOKS Agency and Advertising Database, www. redbooks.com./advertiser/TIFFANY_AND_COMPANY.

DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018

THANK YOU DIAMONDS GO DARK | TIFFANY + MCQUEEN | FASH763 | SCAD 2018