In our previous article, we extensively learnt about the SWOT analysis of Tiffany and Co. However, in this article, we are going to take you on a journey in analyzing the marketing strategy of Tiffany and co – A worldwide leading brand in luxurious goods.
Our aim is to delve into intricate matters concerning the evolution and success story of Tiffany and co and to help you gain insight into how it transitioned from being a “fancy goods store” in Broadway, New York to a worldwide renowned luxurious brand.
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Before we delve into the marketing strategies of Tiffany and co which we fully intend to cover, let us gain a little insight into the foundation of the company, its target market, and its digital presence.
About Tiffany and Co – Company Overview
Tiffany and Co. is a luxury goods manufacturer international company, founded by Charles Lewis Tiffany in 1837 as a stationery and fancy goods emporium in Brooklyn, Connecticut. Tiffany and Co. have iconic status in the world of luxury. Tiffany and Co. has more than 9 product divisions other than jewelry which are leather, watches, tableware, decorative arts, stationery, crystal, water bottles, personal accessories, and many more.
Presently, the jewelry chain has operations in the US, UK, Europe, Canada, South America, Australia, and Malaysia. The jeweller makes almost 60% of their products from cheaper versions such as sterling silver, rose gold, and other non-jewellery products that are outsourced to contractors.
|CEO||Anthony Ledru (LVMH)|
|Industry||Jewellery, Sterling silver, Diamonds.|
|Market Share/ Revenue||$4.4B|
|Vision||“To be the world’s most successful and respected designer, manufacturer, and retailer of the finest jewelry.”|
|Tagline||“Beautiful design makes a beautiful life.”|
Current News about the brand
- Tiffany & Co. Announces It Is the Official Jeweler for Beyoncé’s RENAISSaNCE WORLD TOUR
- Tiffany & Co. Unveils Its Newest House Ambassador: Jimin of BTS
- Cartier sues Tiffany for ‘high jewelry’ trade secrets thefts in the US
- LVMH has a plan to revamp Tiffany and add more products
- Luxurious exclusive products
- Good shopping experience
- High Quality Products.
Interest & Hobbies
- Going to social parties
- Pocket Pinch
- Stock Availability.
Social Media Presence
Marketing Strategy of Tiffany and Co
It is really astounding to unravel how a premier jewelry retailer constantly maintains its exclusivity and elite standards whilst breaking boundaries in every business aspect over decades and centuries. The simple fact is that they do not just sell luxury goods, they have reached across and bridged the gap between sales and consumption by establishing a fascinating and exciting purchasing process that connects with the emotional mannerisms of their consumers, leaving them with that feeling of engaging satisfaction.
An effective marketing strategy of Tiffany and Co. is making itself one of the most- visible brands online!
Segmentation, Targeting and Positioning (STP)
The target audience of Tiffany and Co. is mainly women, in their pre-teen to middle-age years. This is the group that cares most about lifestyle and status symbols, they care about themselves a lot.
Women who are really into luxury beauty and personal care products belonging to the upper-middle and rich class are the customers of Tiffany and Co. It started as a retail store. It has now expanded around the world and offers its product range as well.
Tiffany and Co. positioned itself in the market by being the first one to start assisted self-service in the retail industry. It has been continuously rolling out new stores in most countries.
How does this brand use Digital Marketing in its strategy?
1. The Pinterest approach of Tiffany & Co.:
Due to the brand’s audience’s preference for its visual appeal, it has about 4 lakh followers on Pinterest. By making a variety of inspiration boards for people to peruse, it tells its story and raises brand recognition.
They use Pinterest to boost sales as well as their brand recognition and market position. To help individuals find exactly what they’re looking for for every occasion, they’ve built a variety of boards. For eg “Wedding rings” and “anniversary rings”
2. Social media:
Tiffany & Co. is a luxury jewelry brand that uses social media to reach its target audience. The brand has over 20 million followers on Instagram and over 10 million followers on Facebook.
Tiffany & Co.’s social media posts are aspirational and stylish, featuring photos of its jewelry being worn by celebrities and influencers. The brand also uses social media to run contests and giveaways and to connect with customers on a personal level.
In recent years, Tiffany & Co. has launched several successful social media campaigns. For example, the #TiffanyBlueBoxChallenge campaign encouraged people to share photos of themselves with Tiffany & Co.’s iconic blue boxes. The campaign was a huge success, with over 1 million posts being shared on social media.
Tiffany & Co. is also using social media to promote its new products and collections. For example, the brand recently launched a new campaign for its HardWear collection. The campaign featured photos of the collection being worn by celebrities such as Zendaya and Lady Gaga.
Tiffany & Co.’s social media marketing is effective because it uses a variety of channels to reach its target audience. The brand’s content is high-quality and engaging, and it is shared on a variety of online platforms. Tiffany & Co. also uses social media to create a more immersive and interactive shopping experience for customers.
3. Influencer Marketing:
Tiffany & Co. employs influencer marketing as a strategy to engage its target demographic and showcase its products. The brand collaborates with a diverse range of influencers, encompassing celebrities, fashion bloggers, and prominent figures on social media platforms.
Tiffany & Co.’s approach to influencer marketing proves effective due to its ability to tap into a broader audience and establish connections with potential clients. When influencers share images featuring themselves adorned with Tiffany & Co. jewelry, it cultivates a sense of aspiration within their followers.
In 2019, Tiffany & Co. initiated a partnership with Beyoncé and Jay-Z for their “About Love” campaign, showcasing the couple adorned with Tiffany & Co. jewelry. The campaign garnered remarkable success. The subsequent year, Tiffany & Co. joined forces with Zendaya for their HardWear campaign, wherein Zendaya donned the HardWear jewelry collection, resonating remarkably with her fanbase.
Continuing their influencer collaborations, in 2021, Tiffany & Co. teamed up with Lady Gaga for their Tiffany T campaign. The campaign spotlighted Lady Gaga adorned with the Tiffany T jewelry collection, serving as a splendid commemoration of the brand’s 185th anniversary.
Marketing and advertising Campaigns
- In July 2021, Tiffany co-introduced an all-time makeover campaign, a refreshing brand for the new generation of its consumer; Gen Z. The title “Not your mother’s Tiffany” was a statement of intent that ushered in a youthful and unfazed brand of dazzling diamonds and jewellery. However, this was vehemently objected to as people, especially older women saw this as alienation of its main brand and were therefore unsuccessful.
- Tiffany’s most recent campaign advertisement” About Love” was one of their most exceptional as it featured people’s most loved couple Beyonce and Jay-Z. It was basically an ad paying homage to Audrey Hepburn as Beyonce is seen sporting the same exotic piece of jewelry (The Tiffany Diamond)donned by Hepburn in the 1980 “Breakfast at Tiffany’s”. The message passed across was that of universal love among couples.
- Mothers are obviously not forgotten as Tiffany launches a new piece of jewelry in a magical turquoise box along with a beautiful poem to go:
“Thank You for Making Us Who We Are Today. Thank You for Always Lending a Hand. Thank You for Seeing the Beauty in Things. Thank You for Being on Our Side. Thank You for Making Us Laugh. Thank You for Being Bold. Thank You for Reminding Us the Sky’s the Limit. Thank You For Giving Us Life.”
Top 5 Competitors of this brand
- Cartier: Renowned for its luxurious jewelry and watches, Cartier is a key competitor of Tiffany & Co. The brand’s exquisite craftsmanship, iconic designs, and longstanding heritage in the high-end jewelry industry position it as a formidable rival.
- Harry Winston: It is synonymous with rare and exquisite gemstones, making it a strong contender in the luxury jewelry market. With a focus on high-quality diamonds and impeccable craftsmanship, Harry Winston competes closely with Tiffany & Co. for discerning customers.
- Bulgari: Known for its bold and distinctive designs, Bulgari is a prominent competitor in the luxury jewelry sector. The brand’s fusion of vibrant colors, opulent materials, and innovative aesthetics attracts a diverse clientele, challenging Tiffany & Co.’s market presence.
- Chopard: Its reputation for crafting elegant and sophisticated jewelry, coupled with its commitment to ethical sourcing and sustainable practices, positions it as a notable rival to Tiffany & Co. Chopard’s emphasis on craftsmanship and responsible luxury appeals to a similar demographic.
- Van Cleef & Arpels: Renowned for its intricate and imaginative designs, Van Cleef & Arpels is a recognized competitor in the high-end jewelry landscape. The brand’s emphasis on creativity, exceptional gemstones, and storytelling through its pieces offers a distinctive allure in the market, competing alongside Tiffany & Co.
Example of a Failed Campaign Or Backlash from Viewers
“Not Your Mother’s Tiffany” campaign sparks backlash
What was the issue?
They rolled out a campaign with posters with bolded words “Not Your Mother’s Tiffany”—plastered around LA and New York which didn’t really land well with millennials. The Millennials thought that the brand was attacking them just to appeal to their Genz audience. Citing a tweet from entrepreneur Rachel ten Brink—in which she says the brand is “dissing” its longtime customers—as an example. Tiffany & Co. did not respond to Marketing Brew’s request for comment.
What backlash did the brand face?
They received a lot of backlash on Instagram and on Twitter. A lot of users boycotting the brand sharing their thoughts on Twitter and commenting under their posts on Instagram.
On Instagram, the brand’s followers didn’t shy away from critiquing the push. A few particularly representative examples:
“As a mother who has spent the last 15 months working from home and homeschooling my daughters at the same time, I feel really offended by your campaign. Mothers all over the world have been hit particularly hard by the pandemic—I am not sure this is [the] right moment to diminish us (it obviously never is). If it wouldn’t hurt my husband I would take off my Tiffany’s wedding band and my Tiffany’s engagement ring right now,” Instagram user @drea_steiner commented.
“As a mum and older woman you’re saying you don’t need me as a customer anymore,” @mexwinder commented.
What did the brand do?
Tiffany & Co. did not publicly respond to the backlash against its “Not Your Mother’s Tiffany” campaign. However, the brand did quietly remove the campaign from its website and social media channels.
This ends with an elaborative marketing strategy of Tiffany and Co. Let us conclude our learning below from the marketing strategy of Tiffany and Co.
Throughout the breakdown of the marketing strategy of Tiffany and Co., we saw them earn love and support, target audience or not. This was so because they found ways to connect to the inner tastes of the public by designing quality products and services.
This trend has been kept for decades and centuries, transforming its jewellery and diamonds and developing digital marketing strategies to keep in line with the rapidly evolving world. Despite the growing need for more cost-effective jewellery, and the threat of the global pandemic, Tiffany and co have done it right.
The company always keeps their consumers engaged by introducing occasional marketing campaigns and also has a strong digital presence on its website and various social media platforms. If you want to have a look at the case study of the Chanel brand, here you go.
Digital marketing is crucial since it links a company with its clients when they are online and is effective across all sectors. It links businesses with ideal consumers through SEO and PPC on Google, social media marketing, and email marketing. If you would like to learn more and develop skills, check out IIDE’s 4-Month Digital Marketing Course to learn more.
Alternatively, you can enrol in one of our free online masterclasses led by IIDE’s CEO, Karan Shah, to gain insight into the field of digital marketing. We hope this blog on the marketing strategy of Tiffany and Co. has given you a good insight into the company’s marketing strategies.
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