tiffany & co. brand audit
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TRANSCRIPT
Huang Chaohua | Zhang ShunFeng Yunru | Yu Qiantao | Zhao MengChan Siumei |
Brand Audit of
Brand Overview
CBBE Model
Issues and problems
Recommendations & Q&A
Agenda
Limitations
• By Charles Lewis Tiffany & Teddy Young,
• New York, 1837
• 76 best global company
• Prominent Tiffany Blue box
• Introduced 925 silver
standard and metric carat
• Initiator of 6-prong diamond
Brand OverviewTiffany &Co.
“What Makes True love” Engagement Rings Finder Christmas Collection
Current Campaigns
“What Makes True love” Engagement Rings Finder Christmas Collection
Current Campaigns
POD Unique packaging Engagement ring Design
POP Luxury Brand High Quality
Major Competitors
Point Of Difference
Brand Position
Self Position
High-end Classic
Perceived Position
High-end
Low-end
Classic Fashionable
Salience
Performance Imagery
Feelings Judgments
Resonance
Brand Audit – CBBE Model
Brand Awareness
Tiffany & Co Cartier Pandora Swarorski0%
10%
20%
30%
40%
50%
60%
Top of mind awareness
Keep top of mind awareness
Keep top of mind awareness
Salience Breadth
Wedding20%
Engagement; Male; 76; 19%
Self reward5%
Occasional present7%
Relationship present19%
Friendship present9%
Wedding Anniversary21%
Male
Wedding17%
Engagement18%
Self reward14%
Occasional present
11%
Relationship present14%
Friendship present9%
Wedding Anniversary17%
Female
Strongly linked with wedding and engagement.
Try to broader itsmarket
Try to increase brand breadth!
Strength of Associations
Blue box(35%)Wedding(25%)Sliver(20%)Luxury brand(10%)Romance (5%)Breakfast at Tiffany (5%)
Prestige/Royal (30%) Luxury brand (25%) Panther (20%) Red(15%) Watches (10%)
Improve positive associations whichTiffany is lack of now.
0
1
2
3
4
5
6
7Price; 系列 1; 6
Packaging; 系列 1; 3Product line;
系列 1; 2
Brand culture; 系列 1; 4
Reputation ; 系列 1; 6
Quality; 系列 1; 7
Design; 系列 1; 7
Performance
Most important attributes when choosing jewelries
Design& quality, Price& reputation Low ratings on packaging & product category
0
1
2
3
4
5
6
7
8
9
Price; Tiffany; 5
Packaging; Tiffany; 9
Product line; Tiffany;
5
Reputation ; Tiffany; 8
Quality; Tiffany; 8Design;
Tiffany; 7
Price; Cartier; 2
Packaging; Cartier; 6
Product line; Cartier;
6
Reputation ; Cartier; 9
Quality; Cartier; 9Design;
Cartier; 8
TiffanyCartier
PerformanceComparison of attributes Simplicity of design Large proportion of counterfeit in market Affect perceived quality
Try to improve market supervision!
Brand Elements-Name
Simple & Easy to Remember
Classic & Friendly
Delicate & Elegant
Outstanding
Fashionable
Meaningful
Feminine & Enthusiastic
3
2
1
Good name!Keep it!
Quality & Reputation
Classic
Outstanding
Simple
Luxury Image
Meaningful
321
Brand Elements-Logo
Luxury and classic Not meaningful and outstanding
Should they add some elements in logo to differentiate?
Brand Elements- Slogan
Have you ever heard any Slogans of Tiffany & Co.’s ?
“There is only one True Love.”
Yes No0
10
20
30
40
50
60
Have a consistent slogan for the whole brand
• Sophisticated and upper class• Competent and reliable• Lack of Excitement and sincerity• Not rugged at all
Brand Personality
Be more fun!
Users Profile
25-45 female
In a relationship or married
Middle-upper class
Elegant and charming
Brand JudgmentBrand qualityQuality ranking between the two brands are similar
Price are more acceptable than Cartier
Brand credibility In customer’s mind, the perceived reputation and design of Tiffany are lower than Cartier
Trus
twor
thy Qua
lity
Accep
tabl
e Pr
ice
Remar
kabl
e Rep
utat
ion
Favr
able
Des
ign
0.0
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
Tiffany & co
Cartier
ReinforceReputation & qualityImprove designing
Leveraging 2nd AssociationProduct Placement
Movies Breakfast at Tiffany’s Bride War
Series Gossip Girl Desperate Housewives
Tiffany Blue® flags were raised along the road to the Tiffany-sponsored match to herald the royal couple’s arrival
Keira Knightley
wears her Elsa
Peretti Pendant
with everything!
Tiffany on Red carpet
Leveraging 2nd AssociationCelebrity
Tiffany & Co. sponsors skate at Somerset House in London during 2010 Christmas
Tiffany light their Christmas Tree in Hong Kong
Leveraging 2nd AssociationSponsorships
Leveraging 2nd Association
least likely
20% 40% 60% most likely
0
5
10
15
20
25
30
35
40 percent of possibility they would buy Tiffany & Co.
Feelings Social approval, romantic Middle warmth & sense of security Low fun and excitement towards Tiffany &
Co.
-0.5
0
0.5
1
1.5
2
2.5
Fun
Excitement and passion
WarmthSense of security
Social approvalEsteem; Series1;
1.6925 Pride
Romantic; Se-ries1; 2.0192
Need to enhance fun/excitement and warmth/sense of security
79%
6%7% 8% Never 1 2 3+
only 11 respondents have purchasing experienceToo expensive
Resonance
Variation of Purchase And Non-purchaser
Popularity among Reference Group
Store's Welcomeing0
0.5
1
1.5
2
2.5
Purchaser
Non-Purchaser
Make the store more welcoming
Resonance
Majority would like to ‘like’ Tiffany’s Facebook
Yes; 销售额 ; 30; 58%
No; 销售额 ; 16; 31%
Not sure; 销售额 ; 6; 12%
Resonance-Facebook
Tiffany & Co. & Facebook Over 2 million LIKEs, 3 times over Cartier Over 50 thousand TALKING about the brand, 5 times over Cartier
Maintain social media interaction
Overall Attitude
Very Unfavorable
Very favorableNeutral
Overall attitude towards to Tiffany & Co.
Average in Neutral Need to be improved
Limitations
• Sample Size 52 in class survey/ 27 Online survey
• Constraints of sample’s age group
Beware of the importance of cultural elements in products
Strengthen awareness of men’s collection
Increase brand breath Market supervision Store more welcoming Consistently use a same
slogan particularly for the brand
Maintain social media interaction
Recommendations
Cartier launches localised accessories into different markets
Consider this, tiffany could Hire local designers Incorporate cultural elements into products
Panda - China Eiffel tower - France
Localisation of Products
DragonChina
Tutti FruttiIndian
• Find someone to endorse for
• Slogan “The Best Tiffany a man can get”
Men’s Collection Campaign
“ While a ring on the left hand
symbolized love and commitment, a
ring on right-hand is a statement of
individuality. ”
Marilyn Knight
Extend Brand Breath
Wear it on your right handIndependent
Ring
Mosaic 2008 analysis: 51.4% of women are opting singles Lifestyle as their preferred lifestyles.
Australia is experiencing the rise of the singlePerson urban dowelling (SPDU).
Beware of the importance of cultural elements in products
Strengthen awareness of men’s collection
Increase brand breath Market supervision Store more welcoming Consistently use a same
slogan particularly for the brand
Public relationship management
Recommendations
Alter customers’ perceived association towards Tiffany & Co.
Improve the perceived reputation and design in customers’ mind
Products associated with different feelings
Be more fun and warm
Challenge Faced by Tiffany & Co
The introduction of ‘Return to Tiffany’ collection
From1997 to 2002, Sales rose by 2/3
Fundamental threat raised, Tiffany & Co is loosing its identity as a high-end luxury brand
57% are most familiar with silver collection
Beware of the importance of cultural elements in products
Strengthen awareness of men’s collection
Increase brand breath Market supervision Store more welcoming Consistently use a same
slogan particularly for the brand
Public relationship management
Alter customers’ perceived association towards Tiffany & Co.
Improve the perceived reputation and design in customers’ mind
Products associated with different feelings
Be more fun and warm
TIFFANY YOUNG
Recommendations
Target customers - Less affluent customers- Younger generation
Competitors
TIFFANY YOUNG
Brand Profile
<Pics>
Branding Strategy
• Silver collections• Sincere, fashionable, youthful• Slogan – A Start of Your Dream
Celebrity Endorsement Similar Package
<Pics>
Pros & Cons
For:• Opportunity to reposition numbers of products and remain the
corporate brand image• Develop new target market with a lower risk
Against:• Uncertainty for being the first• Cost of developing and launching a different set of
marketing/branding strategies