tiffany & co. brand audit

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

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Branding Strategy

• Silver collections• Sincere, fashionable, youthful• Slogan – A Start of Your Dream

Celebrity Endorsement Similar Package

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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