Tiffany & Co. (Tiffany) has always advocated the concept of true love, timelessness, luxury, sophistication, and elegance in its products. Tiffany aims to provide the notion that people of different ages and race aspire to own a Tiffany product. The brand strongly focuses on the emotional component of gift-giving and self-rewarding by portraying couples, children, men, their wives and girlfriends and women in general in their advertising and promotions. In short, Tiffany celebrates true love in the form of romantic relationships, kinship, friendship and loving oneself.
Through our quantitative and qualitative techniques, our results have shown that the general perception of Tiffany’s brand identity is congruent to what they have been advertising for years. Generally, female respondents are emotionally attached to the brand and share similar values with it. They perceive Tiffany as a brand that is elegant and sophisticated. Majority of the female respondents have not purchased Tiffany & Co products, yet are able to own them as they were given to them as gifts.
In addition, we have also noted that while most male respondents have purchased Tiffany & Co. products before, they do not own any Tiffany products. Male respondents from our qualitative analysis also do not share with the brand values especially evident in our qualitative analysis.
However, in the laddering and word association techniques, we have a minority of respondents who expressed that Tiffany was overpriced, overrated and over-commercialised. The brand image was also tarnished in the minds of some respondents as they felt the products were easily imitable.
The Brand’s Future Development:
Our analysis has also enlightened us of the various challenges that the brand faces, which will be addressed in the following assignments.
1) Challenging the Cynics
A relatively substantial number of respondents from our survey are cynical of true love. They either do not believe it exist or find it uneasily attainable. Will Tiffany’s message of true love be able get across them?
2) Potential Affluent-Self Buyers
While more than half the survey respondents have not purchased fine jewelry for themselves yet, a considerable number of them intend to purchase fine jewelry in the future.
3) Greater Identification with Male/Gift-Givers
As the males we surveyed are mostly gift-givers, many of them are not emotionally attached to the brand and do not share its brand values. Tiffany will need to foster a stronger relationship with these individuals to guarantee commitment to the brand and possibly capture the male market share as well.