TIFFANY & COMPANY
“Engaging U.S. Millennials to Increase Traffic and Conversion”
Tiffany & Co. has been the world’s premier jeweler and America’s house of design since 1837. Through the founder’s vision of beauty that was brought to life through unassailable standards of excellence, Tiffany & Co. has been synonymous with luxury and style for more than 175 years. Accruing countless awards and accolades to show for the brand’s prestige and rich heritage, Mr. Tiffany led his company’s growth from a New York City legend to a jeweler of international renown and admiration.
Following Tiffany & Co.’s historical success and leadership in the jewelry sector, how can the brand continue to innovate with the rapid developments in technology and capture the rising consumer market of millennials without alienating its other customer profiles? The project’s objective was to evaluate the millennial market and strategize a concept that Tiffany & Co. could implement to build awareness, improve brand perception, and increase customer acquisition and retention among this target segment.
Tiffany’s Strategy: How to Reach, Engage and Resonate with Millennials
In order to address the challenge, a group of eight Parsons and Columbia Business School students used focus group, interview, and survey methodologies to gain insights from 135 millennials spanning various age groups, genders professions and US locations. After parsing the data, the team identified key insights on which brands millennials resonated most with, how these respective brands were engaging with them and how Tiffany & Co. fit into the picture. The team’s research revealed millennial’s high admiration for the Tiffany & Co. brand, and opportunities on how to appeal to millennials in their everyday lives, both online and offline, in an engaging way.
The team envisioned and recommended four proposals, which used storytelling as a main feature. Storytelling helps millennials understand the brand’s values and rich heritage by evoking emotion and inviting them to develop an intimate relationship, improving their brand perception of Tiffany. Each proposal addressed a number of the five key elements of the overarching strategy. The five elements were appealing to emotions, unique tailored experiences, playful interactivity, education on Tiffany’s heritage/values and participation by millennials.
One proposal leverages the brand’s synonymity with New York City, and the city’s grandiosity and exclusivity that keeps everyone dreaming. With Tiffany & Co.’s authentic heritage in the city, the team designed an app that would allow millennials to relate with the brand on an everyday level: The Tiffany’s New York mobile app. Essentially a discovery app for native New Yorkers and tourists alike, Tiffany’s New York allows one to discover unique NYC places that are in line with Tiffany’s style and spirit while subtly absorbing Tiffany & Co.’s rich heritage and presence in the city through the app’s relevant storytelling.
Rebecca Brown, Columbia Business School
Fahd Hajji, Columbia Business School
Carol Pak, Columbia Business School
Gourav Soni, Columbia Business School
Maurice Dusault, Parsons School of Design
Duo Lin, Parsons School of Design
Adrianne Paquin Silva, Parsons School of Design
Yunxi Peng, Parsons School of Design