Tiffany and Co. | Case Study
When you think of Tiffany and Co., what do you think of? The teal box, expensive diamond crusted jewelry, dog collars? As someone living nowhere near a Tiffany brick and mortar store, I think of the color. I see only those with crazy amounts of disposable income splurging on the items Tiffany probably didn’t expect to make lasting impressions. The dog collar and dog bowls, a budget friendly set of glasses, and sunglasses. I find these to be a range of prices, but all relating to the brand somehow.
When I walked into a Tiffany for the first time in New York City, I was amazed with the sheer amount of Tiffany Blue (trademarked in 1998). The walls, a small car, stairs, floors, etc. was all in that robin’s egg blue. I found varying displays that brought pops of other bright colors, but nothing quite gives the vibe of Tiffany quite like their very own Pantone shade that adorns the entire interior.
Tiffany and Company has made steps to remain relevant in recent years. The most recent being Beyonce and Jay-Z in their campaign series surrounding the concept of Love. There are a few videos in which the couple stars, and with Beyonce releasing an album soon after, it made sense to bring more customers to the brand.
Although it seemed like a good idea at the time, the campaign faced backlash from the notion that Beyonce was wearing a blood diamond caused younger generations to riot.
Persona
Using craiyon.com, an ai art generating website, I’ve compiled a few key personas of a Tiffany and Co. shopper.
The key persona for Tiffany and Co., according to other sources (not the ai generator who keeps showing me three fingered humanoids reaching for diamonds) seems to be those who are luxurious and also women. They advertised for those with smartphones specifically, a very easy way to tell wealth. This is intentional as their products are expensive and typically are targeted to women, so advertising this way guarantees that they hit those that can afford a piece of jewelry or another product. This also gives a way to advertise on apps that may only be available on iOS or Android. Since Androids are more affordable, they may spend more money marketing to iOS users as they can see it more frequently and get taken to a well-done mobile site.
Platform
Recently, Tiffany and Co. has been using platforms like Instagram to showcase not only sponsored ads, but visuals of their products. I have come across many products that actually fit my personal vibe in a way of simplicity and less flashy. Since Tiffany and Co. is a jewelry company known for their silver and diamonds, it is interesting that as someone who isn’t a huge fan of flashy jewelry that they offer things that are nearly entirely silver or gold rather than covered in diamonds.
The are quite a few notable factors for Tiffany and Co. being on Instagram. First, they have 13.7 million followers. That number means a lot especially in terms of audience and reach. Although it is clear I don’t follow them, I still get a rush of ads from them either way, so their advertisement money is clearly working.
Next, they have two collaborations with the least likely businesses — the NBA and NFL. Tiffany and Co. had pop-ups with the NBA All-Star game as well as Superbowl LVI. The contrast with a professional athletic competition and dainty jewelry is very interesting to me, as it seems like the two have nothing to do with each other. But, Tiffany has awarded the Vince Lombardi Trophy every year to the winners of the Superbowl. This was something I had never thought that they did, but as they show it has been happening since the 1960’s, it is a great way to remain relevant in a different area of reach.
For the NBA All-Star game, they collaborated with professional players and adorned a set with Tiffany Blue. The walls, basketballs, the court and rim even, it was the base of a ton of content. It was overall a collaboration with Arsham Studio, and it is yet another way of staying relevant even if there was no previous history between the brand and the huge corporation that is the NBA.
DTC?
Tiffany and Co. was previously most known for their physical location in New York City, New York. They specifically have a Return to Tiffany necklace referencing the store that is still sold and is easily recognizable as a classic. This is something I recognize the most and also feel that is one of the most classic pieces you could see on someone walking down the street. When I was doing an exchange trip program I vividly remember one of the students from Argentina wearing the exact necklace I have referenced below, showing that Tiffany and Co. is also more than just a United States company.
Recently, due to Covid-19 and New York City’s heavy mandates and requirements, they have been pushing their website and advertisement online more and more. Their website is very clean, with accents in their Pantone shade, and it is easy to find products that you are looking for. This makes it more accessible, say to other countries, knowing they can look online and have their product delivered to their home. Another key feature online is that they have complimentary shipping — which due to the high price tag is probably just built in anyways. They also offer complimentary returns, free engraving, and find in store options.
Since the stores are so high end, you won’t be finding one within 130 miles of Raleigh. In fact, the closest physical store to NC State is in Richmond, Virginia. The second closest by a mile is in Charlotte at SouthPark Mall, a known luxury brand carrying shopping center. This is likely to keep their reputation as high luxury so customers don’t feel like the products can be bought by just anyone (even though they can).
I would come to the conclusion that Tiffany and Co.’s DTC distribution is heavily developed and is probably the most caught up in terms of moving with time. They may not be making NFT’s or be in Roblox, but their ways to get product to customers is very advanced and convenient for their target audience as well as those who may be breaking into investing in high quality jewelry for the first time.
With regards to the core shopper, I would place their DTC to a positive level. Although their ideal shopper is the luxurious older woman, they have been making an effort to target younger shoppers as well — mainly still women. I find typically that older women are branching into technology and being able to find things online more, but usually like the experience of being in a store. I can compare my shopping experience to my friend’s in this case. My parents are older, and their shopping experience is always in person, finding the product, maybe talking to an associate about it, buying it there, and going home. My friend’s parents enjoy the convenience of places like amazon more as they don’t have to leave the house and they can get just about anything delivered. In Tiffany and Co.’s case, the in person experience is more valuable to someone like me. I thoroughly enjoyed walking around the entire store (all the levels and every corner), seeing every weird display someone may miss, every little detail, and just experiencing the New York City store. That was something I valued so much going to New York City as I figured I would never be able to see the store for a very long time again. For someone who doesn’t really care for the experience, the online option is super convenient and hassle free if you know exactly what you want without the hassle of trying to be talked into other products while you’re there and potentially spending more than you expected.
Now, I didn’t buy a single thing from the physical store and I have never bought anything online and that’s not at fault of the company’s DTC distribution. That’s purely due to me not wanting to spend a good $375 on a necklace no matter how cute it is. But, if I had enough money in a disposable way, I totally would. I would personally choose to get it on a trip up to New York, and make a whole visit to the city for that. I don’t travel much up north ever, so being able to take something like an investment piece like that home would tie the experience along with it.
I personally find the effect to be good, as it encourages those who know exactly what they want to see where they could get it, immediately buy it, and have it where they are in only a few short days. This is valuable in its own and I can see exactly why Tiffany and Co. branched into the e-commerce area.
What should they do with the 4 P’s?
This next piece is written with an ai generator (https://rytr.me/) and approved and curated by me.
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Tiffany and Co. is one of the most recognized jewelry brands in the world. It started by selling high-end jewelry to the elite back in 1837, and it became an international market leader by 1851.
Over time, Tiffany and Co’s target market has shifted from the upper-middle class to a much more diverse customer base. They have expanded their product line to include new price points so that they can keep up with the changing trends of the market.
In both 2015 and 2016, Tiffany & Company did not experience any profit or growth, but when they announced their strategy in 2017, it was clear that they wanted to regain their brand power. They wanted to freshen up their positioning within the modern retail environment without devaluing their prestigious heritage range. The company’s commitment came with a price tag- $150 million dollars to be exact — but Tiffany & Co. is optimistic about its future prospects with this reformulated strategy.
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I know this last bit may be an odd read, and it came out as more of a summary of my entire analysis (which is interesting as I did not give it any of my writing beforehand).
I found using the ai generator for this part was very interesting, and was pretty accurate, so there isn’t much to touch on and change.
Sources
https://www.youtube.com/watch?v=ZOXO1Cyu1WY
https://www.marketingdive.com/ex/mobilemarketer/cms/news/advertising/4096.html
