valentine’s day

Feelings for Tiffany

Isaac Mostovicz writes...

As we’ve mentioned before on Janus Thinking, Tiffany is a company that seems to be doing it right. There’s a fine line between courting young consumers with lower prices (to make buying Tiffany a lifelong habit) and devaluing the brand (putting off older customers or making younger customers think Tiffany is something they grow out of), but Tiffany has thus far been able to toe the line successfully. We mentioned Tiffany’s marketing strategy of raising prices to reduce demand earlier this month; last week the New York Times ran a story about Tiffany with a similar theme:

I credit the store for its gentle displays here: the most inexpensive rings — prices start at $1,090 for a ring with a round .18 carat diamond — seem to be presented in the clearest, brightest lights. This is not intended to make these rings seem bigger; rather, it makes them appear to be just as important as the icebergs down the counter — say, the round 10.5 carat diamond ring that sells for $1.12 million.

Indeed, the Tiffany ethos of making customers feel special is part of the reason why people think so highly of Tiffany and the blue box. That “fuzzy feeling” people get when they buy Tiffany is extraordinarily valuable:

While Tiffany has sold millions of diamond engagement rings, many of its customers would pay a surcharge for the blue box because it represents trust and quality. What most people want when they celebrate their marriage is the manufacture of perfect memories, and for them the blue box is as essential a part of the wedding tradition as a white veil. In the marriages I’ve observed that began with a blue box, there is a kind of assurance that buying your ring at Tiffany inures you from bad marital juju, as if the union were protected by the Good Housekeeping seal of approval.

This type of emotional connection certainly gives Tiffany a leg up against the competition.

This Valentine’s Day, did you think ‘Tiffany’ for your special someone?

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