Tiffany & Company
Brand Book
2020 Enter the World of Tiffany
Brand Book Content. Foreword Company Logo Tiffany Blue Who is Tiffany Our Values Target Market Speech Script
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Made With by Tara Morrison Minerva Schools at KGI United State For a better experience, please read this document from the link below: https://www.flipsnack.com/tarambooks/tiffany-co-brand-strategy.html
Through exquisite design and masterful craftsmanship, we create and sustain a world that is beautifully unexpected.
Welcome to The World of Tiffany
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Tiffany & Co.
Foreword Welcome to the World of Tiffany. Our story begins in a small, New York-based stationery and fine goods store. Since then, we have expanded into a top, innovative, and global phenomenon in the jewelry market.
At Tiffany & Co., we are an international icon of legendary style, bold artistry and innovative design. We want all of our customers to feel special, heard, and find beauty in the unexpected.
Tiffany & Co’s brand identity, our strongest asset, is at the core of our business. This document will describe how our values, attributes, and mission translate into our expression. More specifically, it will incorporate elements of our voice, imagery, and how we can best appeal to our core consumers.
Every aspect of our brand embodies this idea, and we are excited for you to join our community and help maintain and build this reputation. Tara Morrison Brand Manager
Tara Morrison
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Company Logo.
Simple & Sophisticated With high recognition, clarity, and sophistication, our logo remains unchanged. With the three colors of black, white, and Tiffany blue, the logo represents our simplicity and timelessness.
Logo Black
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Tiffany & Co.
Logo Tiffany Blue
The Power of the Tiffany Blue
The Blue Box The Little Blue Box has grown to become a symbol of luxury, exclusivity, and subseqeuntly, represents Tiffanny & Company’s point of differentiation: Unique and exclusive handcrafted design, excellent customer service, and the entrance into the World of Tiffany.
The Iconic Tiffany Blue® Hue With a signature color, that is trademarked under our name, we transfer the recognition of Tiffany Blue to pivotal company assets.
The Blue Book The Blue Book Collection began as a direct mail catalogue in the US. Now, it is released annually - showcasing the earth’s most unusual and exquisite gemstones. As one of the prime symbols of our company, it blurs the line between reality and imagination.
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Who is Tiffany? Tiffany is the modern woman. At the forefront of elegance, style, and success, She finds and creates beauty in the simple, yet unexpected, elements.Tiffany makes an impression on everyone she meets. She is definitely memorable. With a touch of spontaneity, she approaches life with well-deserved confidence. In saying that, Tiffany does not strive to be liked. Instead, she strives to empower, and to exude ambition.
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Tiffany & Co.
Our Values INNOVATIVE
CULTURAL ICON
LUXURIOUS
SUSTAINABLE
Tiffany & Co is the icon of legendary style, bold artistry and innovative design. Focusing on timeless design, their ring is a symbol of the world’s greatest love stories.
Through associations with pop culture, including Breakfast at Tiffany’s and Sex and the City, Tiffany and Co. is a cultural symbol representing the modern woman,
Creating jewelry for the French Crown Jewels, President Abraham Lincoln, and Audrey Hepburn, Tiffany & Co have served the best of the best.
A pledge to net-zero greenhouse gas emissions by 2050 and the launch of the Tiffany foundation seeks to preserve the world’s most treasured landscapes and seascapes.
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Innovation
Customers meet Tiffany & Co. at different touch points? How can we evoke a sense of innovation consistently? RENOWNED DESIGNERS Our product lines are designed by global top artists, translating Tiffany & Co’s vision into reality.
SOCIAL MEDIA POSTS We highly value our designers and make sure they are credited across all social media platforms of Twitter, Instagram, and Facebook.
Fifth Avenue Flagship Store
Showcasing extraordinary jewelry in fantastical settings
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Tiffany & Co.
“I want to capture the irregularity of the universe.” — Jean Schlumberger
Cultural Icon
Customers meet Tiffany & Co. at different touch points? How can we evoke a sense of cultural leadership consistently?
PIONEER OF SOCIAL VALUES The Love Your Way campaigns empowers love to be shown in anyway individuals choose.
TRENDY AND TIMELY MARKETING CAMPAIGNS Our marketing channels are creative and are adaptive to current trends and needs.
Brand Ambassadors
Believe in Dreams Campaign with Elle Fanning
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Luxurious
Customers meet Tiffany & Co. at different touch points? How can we make customers feel elevated and proud? PERSONALIZED SERVICE Finding the right fit for customers is our priority. We support guests at all steps of the purchasing journey.
LIFETIME WARRANTY With a certificate that certifies the authenticity and integrity of serialised Tiffany diamonds, customers also get lifetime warranty.
CLEANING
World Renowned Customer Service Purchase our products and get a lifetime of care
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Tiffany & Co.
A complimentary cleaning service and routine checks to give customers the best Tiffany experience.
Sustainable
Our values and missions shape all of our company actions How can we ensure sustainability internally and externally? PLANET We are dedicated to protecting the natural world by taking action on climate change and conservation, and influencing others to do the same.
PEOPLE We are dedicated to diversity, inclusion, fairness and development for all of our employees, customers, and communities.
PEOPLE
The Tiffany & Co. Foundation
Supporting organizations dedicated to environmental conservation
We strive to ensure that every step in the journey of our products contributes to the wellbeing of people and the planet.
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Tiffany & Co.
Target Market
How can we retain our core customers and acquire new ones? Primary:
Secondary
The Classy Woman
The Untraditional Trend Setter
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The Classy Woman WHO ARE THEY?
Lauren Jones is a 36 year-old business woman in Florida. She is married and has two kids. Lauren spends her weekends getting a glass of wine with friends, or spending quality time with her family.
WHAT DO THEY NEED?
All of her jewelry in the past has been a present from her husband. Although she appreciates it, sometimes, she seeks an opportunity to treat herself through her hard work. Fashion-wise, she seeks a classic style with a modern twist (not for everyday wear). However, she may be more likely to purchase a few pieces a year due to her higher income.
WHAT WILL GET THEIR ATTENTION?
Lauren appreciates tradition, ensured high quality, and personal service (one that goes beyond other brands). However, you have to get her early in her decisionmaking process, proving to ther that your brand is supportive amongst all steps.
What we can offer them: As a 183-year-old brand, Tiffany has proven itself with the utmost quality and innovative designs. Moreover, customer service is offered at all touchpoints in ways that feel personal and effective, rather than automated and cold. 16
Tiffany & Co.
The Young Trend Setter WHO ARE THEY?
Olivia Michaels is a 20-year old university student. With a limited budget, she does not usually buy jewelry for herself. Instead, all of her fine jewelry was a gift from others.
WHAT DO THEY NEED?
Fashion-wise, Olivia aims for a classy, yet trendy look. She wears a lot of the same things over again, but likes to add a new twist to each outfit (like a statement necklace, or a pop of color). Jewelry-wise, she would buy classic pieces if the piece had a timeless design, was within her price range, and her attention was drawn to the brand.
WHAT WILL GET THEIR ATTENTION?
Custom-made jewelry, excellent customer service, and unique experiential opportunities will capture Olivia’s attention. She wants to do something fresh, new, and “Instagram-able.”
What we can offer them: Through our innovative designs, customizability, and exciting marketing channels and opportunities of engagement, we offer Olivia a chance to be independent with her jewelry shopping. Tara Morrison
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Brand Speech For a video of the brand speech, please watch here: https://www.youtube.com/watch?v=Kx3ZG_VZQnc&feature=youtu.be Hi all, Firstly, I would like to thank all of you for being here today. Tiffany & Co. has been a pivotal role model for many luxury brands. Through everything
variable reduction models, we will evaluate each of our marketing efforts on the
quality products, genuinely care for all of our customers, and are one of the strongest competitors in the jewelry market. None of that has changed. The maintenance of our brand image in the last century relies on who we are to our customers. Our strongest asset, therefore, is our brand image. Over time, we have maintained strength in our differentiation and esteem, how well we deliver on our promises.
these systems, we will have a long term focus on customers, a broader perspective on marketing, that goes beyond traditional channels, and clear benchmarks for measuring impact. Our efforts so far have started us on the right foot. Generally, our new product lines, brand ambassadors, and unique retail stores have strong millennial appeal. Interactive stores offer a unique touchpoint that other brands are lacking. Our customers, who are purchasing products for themselves- rather than for loved
Co. has lost the touch of exclusivity that has always co-existed with our brand. Although
offer them just that. Our locations, such as the Blue Box Cafe in New York, and the
growth, lower relevance suggests low retention of customers and low customer loyalty (Young & Rubicam, 2018). The brand book serves to remind us who we are, what we can offer our consumers, and how we can increase our perceived centrality. Alongside our new parent brand, LVMH, we are focused on achieving our goal of becoming The Next Generation Luxury Jeweler. However, by targeting millennials, we potentially run the risk of losing our cultural cache with older audiences. This leads us to the question: How can we effectively acquire millennials while maintaining and reinvigorating relationships with our core customers? More importantly, how can we do so while maintaining our integrity and identity?
experiential destinations. However, as a company that prides ourselves on our innovation and design, we must continuously integrate improvements to such locations. For example, many companies offer personalization through engraving services on offer, but we go above and beyond. At our location, customers can create monograms and designs on screens to be transferred on jewelry items! As other companies integrate similar
customers, we have to be more creative with our channels and the way people interact with us. Appealing to such markets requires better integration of customer lifetime equity into our systems. Our slightly lower prices attract young shoppers. If we can directly target customer loyalty, those consumers, who may become wealthier as they age and enter creating a model that can capture the reality of our customer equity. The two teams of corporate marketing and customer insight and analytics will work together. Through
Instead of targeting underserved consumers, we are staying true to our core customers and trying to gain the loyalty of non-traditional customers. Instead of gaining a foothold through more functional and less costly products, we aim to lock in customers with our brand value, protecting ourselves from potential disruptive innovators. Ultimately, the reignition of our brand book, alongside integrated data collection methods to track customer equity value, will encourage evidence-based ideas that existing and new platforms, enabling more opportunities for our customers to engage gathering individuals with similar values and desires for creative expression,
Where we are:
Tiffany & Company
Pandora
Cartier
Swarosvski
Signet Jewelers
Figure 1. Centrality-Distinctiveness map of the global jewelry market. The size of the circle corresponds to annual revenues in 2019. Values of distinctiveness and centrality were based on a scale of 1-10, and were interpreted from perceptions of brand strength.
Where we want to be:
Tiffany & Company
Pandora
Cartier
Swarosvski
Signet Jewelers
Figure 2. Centrality-Distinctiveness map of the global jewelry market. The size of the circle corresponds to annual revenues in 2019. Values of distinctiveness and centrality were based on a scale of 1-10 and were interpreted from perceptions of brand strength. Although Tiffany & Co. were already in the upper-right quadrant (their optimal space), they would benefit significantly from further increasing centrality.
LO and HC Applications #b164-brandDNA: The brand book built upon the brand brief created in the past assignment. Critical brand assets, such as the history of Tiffany’s blue color and blue book were mentioned to make sure future marketing ideas are grounded in similar values. Moreover, examples within each value (innovative, sustainable, luxurious, and cultural-leadership) show the possibilities we can target while exuding such values. #b164-brandEquity: I took in your feedback and created a new perceptual map that taps into the brand equity metrics of centrality and differentiation. The C-D map values considered rankings from the Interbrand website and the BAV through factors of relevance, esteem, knowledge, and differentiation. Moreover, this analysis sets the context for the brand speech: we need to reestablish our relevance (and thus centrality) to consumers. #b164-customeracquisition: First, I described the importance of customer acquisition (targeting non-traditional and younger millennials whilst aiming for customer retention will lead to longterm profits). This line of thinking is transferred into the need for data collection regarding customer equity to ensure no relevant customer segments are being overlooked. Moreover, specifically, strategies of interactive spaces was evaluated as a good start. To maintain momentum, we must continue to innovate to be more salient in millennial minds. #b164-innovation: I distinguished between incremental and disruptive innovation. The former is a better path for Tiffany & Co as targeting lower prices with functionality might diminish the brand value. Moreover, disruption from above may also be inappropriate as it will marginalize some consumer segments (creating a luxurious product with a high price point would go against our strategy of utilizing lower prices to lock in millennials). However, with the foundation set for new channels (interactive spaces and brand ambassadors), we must continue to distinguish ourselves from other brands. #communicationdesign: Considering your feedback, utilizing a book format harnesses the power of story-telling and uses visuals to further shape perceptions of the reader. This is especially important for a brand book: I intentionally incorporated of Tiffany’s blue and various images (that are consistent with the brand by exuding high quality). Moreover, I targeted the cognitive-communication principles of perceptual organization, informative change, and relevance: I organized content into groups and placed them on different pages so it would be easier for readers to process it. #responsibility: In addition to meeting with the Professor for specific tips and tricks, I made sure to integrate each one of the pieces of feedback given in the last assignment (ex: the incorporation of a new brand equity graph and clearer explanations of innovation). #expression: Throughout the brand book, I utilized appropriate language given Tiffany & Co’s online brand identity and expression. Moreover, the speech is written in a friendly, professional, and clear manner. By balancing positive and negative aspects, I hope to encourage those who are listening to the speech. Moreover, by creating a video, I was able to utilize elements that cannot be seen in just the script: facial expressions, a positive tone, and associations with other sources (videos of the location, graphs, music, and the brand book itself).
References Bloomberg Markets and Finance. (2018, August 27). The Transformation of Tiffany’s Flagship Store [Video]. YouTube.https://www.youtube.com/ watch?v=VXsG8CGabWI&t=20s Christensen et al. (2015). What Is Disruptive Innovation? Harvard Business Review. Retrieved from https://hbr.org/2015/12/what-is-disruptive-innovation Dawar, N., & Ragga, C.K. A better way to map brand strategy. Harvard Business Review. Retrieved from https://hbr.org/2015/06/a-better-way-to-mapbrand-strategy Foussianes, C. (2019, November 19). Tiffany & Co’s Famous Blue Box Cafe Will Close for Two Years. Retrieved from https://www.townandcountrymag.com/leisure/travel-guide/a29843486/tiffany-blue-box-cafe-close-two-years/ Fripp, G. (2018, February 22). What is Customer Equity? Retrieved from https://www.clv-calculator.com/what-is-customer-equity/ Hanssens, D., Thorpe, D., & Finkbeiner, C. (2008), Marketing When Customer Equity Matters. *Harvard Business Review, 86, *5, 117-123. Retrieved from https://hbr.org/2008/05/marketing-when-customer-equity-matters WBR Insights. (n.d.). Tiffany & Co. Re-Imagines Luxury for Younger Generations at New London Style Store. Retrieved from https://futurestores. wbresearch.com/blog/tiffany-and-co-re-imagines-luxury-strategy-at-london-style-store
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