Just about every girl on earth knows where that little turquoise box with the silk white ribbon comes from. Tiffany & Co. has built such a strong brand over the years that the color scheme is almost immediately associated with the jewelry company. Next to a good product, marketing is what can get any business to this level of instant recognition. And there are few companies out there that have nailed a marketing strategy down quite like Tiffany. Forbes contributor Al Agrawal identified three key marketing methods that got Tiffany & Co. to where it is today.
Using your brand
For starters, Tiffany is a master at leveraging its brand, explained Agrawal. Originally, the jewelry powerhouse was named ‘Tiffany Young and Ellis’ and branded itself as a ‘stationery and fancy goods emporium. However, after realizing that jewelry was their niche, it quickly flipped the switch and re-branded the company to ‘Tiffany & Company.’
This is a prime example of learning to use your branding in order to increase your marketing prowess. Tiffany read the market and understood that consumer demand was more geared toward the jewelry department. For smaller businesses, this is a great marketing lesson. Leaders should know their market and brand their business accordingly. Don’t try to reach for markets that don’t appeal to your consumer base. Perfect the business services you know and the recognition will follow.
The second brilliant marketing move by Tiffany was their willingness to embrace their own unique marketing methodologies. The company recognized from the start that they would have to stand out in order to dominate the jewelry market, noted Agrawal. In a time when bargaining for prices was the norm, Tiffany stood by fixed rates. The business asserted the value of the products at hand by simply refusing to take less than stated. In a time when credit payments were largely accepted, Tiffany demanded cash. This again made a statement regarding the quality of Tiffany’s jewelry, and the combination these two moves quickly made Tiffany a sought out jewelry store by the wealthiest of clientele.
Of course, Tiffany is in a luxury industry and remains one of the biggest brands in the world today. As a small business, your innovative approaches to marketing might not be as lofty but the takeaway here it to take risks. Get creative with your marketing techniques and your customers will surely notice. This doesn’t mean you have to completely revolutionize your industry but simply shake up the accepted norms a bit. According to a study by Venture Beat, 80 percent of marketers consider innovation an important part of marketing strategies. In a world where nearly every business markets in the same fashion, a new approach is sure to get you noticed.
Don’t wait around to be recognized
When Tiffany began its journey it didn’t wait around to be seen, it made sure its products were seen. In 1862, the company supplied flags, surgical implements and swords to the Union Army. This move was a marketing dream, showing off Tiffany as a reliable and credible brand to the world, explained Agrawal.
Small businesses should follow Tiffany’s lead and take the initiative to get recognized. In order to generate more business, marketing is a must. Company leaders should seek out opportunities where they can demonstrate their brand value and generate some good marketing opportunities. In today’s increasingly digitized world, digital marketing can help make your business thrive. Make sure you don’t miss out on these growth opportunities by skimping on the marketing front. Showcase the business you are proud to have a built and the benefits will surely follow.
Obviously Tiffany & Co. is a huge brand with a considerable global reach. But that does not mean the advice is moot. There is so much to be learned when it comes to marketing as a small business and looking at success stories like Tiffany can help showcase the possibilities.
So, what are the key takeaways from this story? Business leaders should pin down their key services and brand based off those, innovation should be a key component of any marketing strategy and recognition comes to those who go out and work for it. The combination of these three tips can help any small business get closer to its marketing goals.