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. have more than 9 product divisions other than jewellery which are leather, watches, tableware, decorative arts, stationery, crystal, water bottles, personal accessories and many more.
Presently, the jewellery chain has operations in the US, UK, Europe, Canada, South America, Australia, and Malaysia. The jeweller makes almost 60% of their products from the cheaper versions such as sterling silver, rose gold and other non-jewellery products that are outsourced to contractors.
| CEO | Anthony Ledru (LVMH) |
|---|---|
| CMO | Andrea Davey |
| Area Served | Worldwide |
| 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 jewellery.” |
| Tagline | “Beautiful design makes a beautiful life.” |
Marketing Strategy of Tiffany and Co
It is really astounding to unravel how a premier jewellery 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.
Tiffany and Co. 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.
Marketing 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 jewellery ( The Tiffany Diamond)donned by Hepburn in the1980’s “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 jewellery 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.”
Social Media Marketing
Social media marketing is really important when it comes to gathering the audience at large and no wonder a brand like Tiffany and Co. uses it to its full advantage.
Tiffany and Co. can be found on four social media platforms namely Facebook, Twitter, LinkedIn and Instagram. They have two accounts on Instagram one is the worldwide account and another Indian account. You can visit and check their content on all the platforms.
The posts posted by Tiffany and Co. on Facebook & Instagram are the same except on Linkedin where the posts are more towards the corporate side. The posts on Facebook & Instagram are related to the promotion of new launches of products, marketing collaborations with influences & celebrities, discounts & offers, guidance, health & hygiene, etc and more.
Tiffany can be found on various social media platforms:
Instagram: 1.34 million
Facebook: 1.1 million
Pinterest: 300.4K
Twitter: 1.7 million
SEO Strategies
As SEO ranking suggests, the number of organic keywords – below 500 is poor, above 1000 is characterised as good and 10,000+ is characterised as stunning.
As we can see https://www.tiffany.com/ has 773,153 organic keywords, and it is considered out of the league. Hence, the digital marketing of Tiffany and Co. is gaining an unexpected number of insights.
Further, the organic traffic per month is 8,602,306 which is again very astonishing. As a result, Tiffany and Co. are putting total effort into its SEO strategies for better promotion of the brand. While the brand is working hard to strengthen its position in Google SERP results.
SEO helps in achieving your long-term goals for your brand. A good ranking and a favourable placement help in raising the profile of your brand. In short, SEO strategies are crucial for the development of the website and to provide more visibility to the relevant audience.
If you are someone who doesn’t want to miss any step in implementing the right SEO for your new website, then you must have a thorough go-through of our in-depth blog on Step-by-Step Guide on SEO for New Websites in 2022 – IIDE where you will explore a new website SEO checklist, all the SEO requirements for a new website, how long does SEO takes to work for a new website, and more.
Influencer Strategies
It is known to every Tom, Dick and Harry that Tiffany and co propagate deals, endorsements and advertisements with the most popular celebrities in every industry; movies, music, modelling etc. The face of Tiffany’s campaign “About Love” was known to feature popular R&B couple Beyonce and Jay-Z. Other celebrities such as Gal Gadot, Haley Bieber, and Audrey Hepburn(Breakfast at Tiffany’s) have been known to advertise one or two pieces of Tiffany jewellery.
Ecommerce Strategies
For its E-commerce strategy, Tiffany and co have its current website for jewellery exhibition and sale, mobile apps like engagement ring finder apps and exhibition apps(bookings and ticket reservation). It makes sure various means of reputable service are offered to the public.
Mobile Apps
Tiffany and Co. have a mobile application called engagement ring finder through which customers can on the go purchase rings from top sustainability-minded brands. On the app, the customer can also access inspiration, exclusive offers and more.
The application provides a feature of live chat support where users can get unbiased opinions and recommendations of products from expert advisors. Customers of Tiffany and Co. can easily reserve products online to pick them up in-store or order them and get same-day delivery by using the app. The application got more than 50 Lakh+ downloads with a star rating of 4.7.
Content Marketing Strategies
Tiffany’s is very active on various social media platforms; Instagram, Twitter, and Pinterest. Its cumulative followers on all social media platforms could amount to over 5 million. This is due to constant updates on social media platforms, websites and apps, keeping its clients abreast of needful and entertaining information and making them so involved that they always want more.
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.
Conclusion – The Best Thing About 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 over 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.
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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