Assignment 5- Brand Valuation

Love Knows No Boundaries  The Embrace Collection  Tiffany Day

 

Gift Giver

Previous Role: 50

New Role: 70

Previously, it was mentioned that the role of the brand plays a lower significance for Gift Givers because their purchase choice would be made based on that of the Gift Receiver. However, with Tiffany’s new role in “Redefining Love’s Special Moments”, memories will be made together with the brand. Thus, the brand would have a more significiant role in both the Gift Givers and Gift Receiver’s life. With this, the role of the brand will matter more to the Gift Giver, and we will also be influencing the role of Tiffany in the life of the Gift Receiver.

Affluent Self Buyer

Previous Role: 90

New Role: 95

There is now a slight increase in the role of the brand for the Affluent Self Buyer. This increase in minimal as an Affluent Self Buyer already has his or her own preferences and taste. While Tiffany can try to enter their lives and engage them through our campaigns and activities, we do acknowledge that it is difficult to change one’s individual liking for a brand. As such, this will take some time on our part, in trying to lure these customers to be Tiffany fans.

Responsiveness

Previous Score: 6
New Score: 8

As previously mentioned, we felt that Tiffany & Co was lagging in this in terms of the brand’s ability (in Singapore) to respond to market changes. In coming up with growth strategies for the brand, we identified certain trends and alined these trends with the growth strategies (Tiffany’s Mens Range).

Additionally, updates will be made to refine the stores, thus enhancing on the Tiffany experience for consumers. The newly revamped stores will be in line with how the stores in American look like, thus also keeping up consistency of the brand’s touchpoints.

With regards to Tiffany’s limited product range, new line recommendations (The Embrace Collection) will be developed. This also stands to support our cause of “Redefining Love’s Special Moments” in which Tiffany products will not only be for couples, but also for friends and families.

Consistency

Previous Score: 7
New Score: 9

Consistency will be improved when the stores are revamped, thus giving them a similar look and feel with that of the New York stores. In addition, our event “Tiffany Day” will give customers a chance to build special memories with the brand. This will help Tiffany in building a consistent image with customers.

While Tiffany has consistent marketing strategies globally, there is a need for these marketing efforts to be localised to suit the Singapore context.

Presence

Previous Score: 6
New Score: 8

As previously mentioned, Tiffany & Co while active on social media platforms, has a low brand presence in Singapore. Tiffany does minimal advertising, and there is a lack of interaction with local customers. From researchd done, we have also found out that there are some negatives perceptions of the brand, with some consumers labelling the brand as “expensive” and “over-commercialised” to name a few.

To improve on this, the strategies implemented, we hope to raise awareness about the brand, and also allow consumers to build a bond with the brand.We at Tiffany hope that “Tiffany Day” will serve to raise awareness about the brand, and what it stands for. We hope that the event will also create a buzz, and thus the brand can spread through word-of-mouth.

Understanding

Previous Score: 7
New Score: 8

Previously, Tiffany & Co. although recognized as a brand, was not well understood by consumers. Through our research, we found out that there was a low understanding of the history of the brand, and the values of the brand.

With our brand purpose of “Redefining Love’s Special Moments”, and campaigns such as “Love Knows No Boundaries”, will help the brand users understand more about the brand. Because Tiffany’s original campaigns catered more to people in America where the brand is based, users there are able to better understand the brand as it is deeply embedded in their culture. With our strategies for the brand in mind, we hope to incorporate this awareness and following for the brand here in Singapore. Hence, the above mentioned campaigns will allow users to be better enagged with the brand, and also understand what the brand values, and its heritage.

Synopsis   Tiffany Men’s Range In-store Experience  

Love Knows No Boundaries  The Embrace Collection  Tiffany Day

 

 
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