swarovski consumer insights
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- 1. Generating and Applying Consumer Insights for Swarovski
- 2. Swarovski is the premium brand for the finest crystal adornments since 1895. It is associated with top-class designers and brands. Its creative manufacturing process remains a secret that is part of Swarovskis legacy. Jewelrys prices range from $35 up to $1,500. It has physical and online presence, i.e., Swarovski retail stores and swarovski.com Although Swarovski creates crystal jewelry and not diamonds, it managed to compete with Tiffany & Co. Background
- 3. Top of mind unaided recall word cloud
- 4. Focused on relationships Have a desire to make someone feel good and special Buy unique gifts for their special ones People who buy Swarovski as a Gift Demo- graphics Psycho- graphics Women and men Single or married Age group of 18-45 Medium to High Income Target Group
- 5. Usage Level: Bought at least once in last 2 years Price Sensitivity: Low Level of loyalty: Medium to High Product Involvement level: High People who buy Swarovski as a Gift Behavior Geo- graphy Living or spending most of the time in metropolitan areas Living in San Francisco Bay Area Target Group
- 6. Persona Rachel 35 years Chandler 42 years
- 7. Qualitative research : Personal interviews with Target group (in-person) and competition Sample size of 9 for Target group and 4 for competition Quantitative research Survey with Target group, non buyers and self buyers Sample size of 45 Research methodology
- 8. Insights and actions
- 9. People gift Swarovski to the special people in their lives to show how special they mean to them. Swarovski correctly communicates peoples feelings to others. People gift diamonds and gold to people who are not very close to them. They want to impress those people by the value of the gift and not what symbolizes. Insight 1 : attitude (belief) Ads within malls that emphasize relationships: How a mother/wife/daughter felt when she receives a Swarovski. A wall inside the store to show relationships special moments. People can share their own moments of Swarovski.
- 10. Respondents give high importance to variety as well price and value for money when they decide on a gift. However, they are not looking for discounts. Insight 2 : attribute Stores should always keep the right quantity of bracelets and earrings that are within the $75-$150 price range. Earrings and bracelets are the most common items that people buy for their special ones.
- 11. Swarovski adds special moments to your life. People can create memorable moments by buying something for their loved ones without an occasion. Insight 3 : motivations Share videos of real-life moments on YouTube, such as meeting someone special after a long time or saying thank you.
- 12. Stages of decision making for men take place nearby/in the store. Men seek assistance from women in making the final choice. Men ask their friends to accompany them. Insight 4 : decision making process Provide personal shoppers in stores. Leave the choice on customer .
- 13. Women like to talk about jewelry with family members and ask their opinion . Men dont discuss jewelry related topics with anyone and make the decision without any consultation with family members. Insight 5 : Gender and family influence For women, add frequent posts on social media and involve into discussions (#TellUsWhatYouBought). For men, keep individualistic approach towards every post.
- 14. Customers want to enjoy the exclusivity associated with Swarovski. Negative attitude towards personal emails, TV advertisements or Billboards. Insight 6: Communications Advertisements only near the stores. Social media to also keep the brand equity intact by posting absolutely relevant material.
- 15. Customers trust that Swarovski knows what a woman wants and that if they go to Swarovski, they will end up liking something and buying it. Insight 7: attitude The adverts to include a statement, We know what a woman wants. On social media Unable to decide what to buy for the lady you love. Swarovski knows exactly what a woman wants. Come to Swarovski and ask for our personal shoppers.
- 16. Customers take pride in associating with Swarovskis prestigious history, authenticity and skilled craftsmanship in creating every piece . Insight 8: attitude Archived pictures of old times where people are producing Swarovski jewels on social media. Show some old trends and how Swarovski was a part of it. Share facts about the source of crystals.
- 17. Use words in various communication methods Brand association word cloud
- 18. Swarovski store environment is welcoming to everyone unlike competitors stores. The pricing strategy is perfect as people associate price with quality . The advertisement creativity outside the stores is eye-catching and people visualize their special ones wearing Swarovski ; looking glamorous and beautiful . Few insights on what Swarovski is doing right
- 19. 1) How Swarovski Innovated And Stayed Relevant To Its Market. (November 17, 2014). Fashionbi: Data and Insights about Brands in the Fashion & Luxury Industries. Retrieved from http://fashionbi.com/insights/marketing- analysis/how-swarovski-innovated-and-stayed-relevant-to-its-market 2) Swarovski Targets Teens with Cut-Price New Label. (2012). Marketing Week, 35(7), 4. Source: Business Source Complete 3) Carter, B. (February, 2015). IBISWorld Industry Report 44831: Jewelry Stores in the US. IBISWorld. Retrieved from http://0-clients1.ibisworld.com.library.ggu.edu/reports/us/industry/default.aspx?entid=1075 4) Zelesny, E. (January 21, 2011). Swarovski has right formula for building long-term loyal customer. Luxury Dailly. Retrieved from http://www.luxurydaily.com/swarovski-has-right-formula-for-building-long-term-loyal-customer/ 5) Schiffman, L., & Wisenblit, J. (2014). Consumerbehavior (11th ed., Vol. 2014). Prentice hall. 6) Online Survey Software Tools and Solutions | Qualtrics. (n.d.). Retrieved April 13, 2015, from http://www.qualtrics.com/research-suite/ 7) Tagxedo - Word Cloud with Styles. (n.d.). Retrieved April 13, 2015, from http://www.tagxedo.com/ 8) About Swarovski crystals. (n.d.). Retrieved April 12, 2015, from http://crystals.swarovski.com/brand/about- swarovski/swarovski-crystals.en.html 9) Brand Survey Findings. (2012, October 4). Retrieved April 13, 2015, from https://brandtiffanyandco.wordpress.com/brand-survey-findings/ References
- 20. Thank You
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