Tiffany & Co are giants of the jewellery world.
The business is worth billions, they have stores all over the world, and they have got themselves to a point where people only need to see their patented blue to know instantly who they are. But how did they get there?
The Kingdom has identified six innovations from the diamond powerhouse that can help shape your business for success.
The diamonds at Tiffany's seem to be far more impressive, sparkly or attractive than any others. Why is this?
It comes down to their presentation.
Their attention to detail in the lighting of their product is phenomenal. The lighting accentuates the diamonds’ cut and clarity, giving them that “wow” factor that makes them so popular.
Are you lighting up your business like a Tiffany’s diamond?
Invest a decent amount of time and effort into the appearance of your business, and you’ll start to see the fruits of your labour ripen quickly.
Everybody knows the Tiffany’s blue.
Day one it was just light medium robin egg blue. This colour was used on the cover of the now very famous Blue Book, first published in 1945.
The Tiffany’s blue, Pantone 1837, is even named after their birth year, 1837.
It has taken a long time to get this brand position but now, globally, when people see that little blue box, their hearts start to flutter.
This reaction all comes down to their amazing consistency. Tiffanys stuck to their guns from day one with this colour, playing the long game - and they were rewarded accordingly.
Is your brand devoted to consistency?
So often we see brands self-destructing with awful printing jobs, bad websites, boring email outs, cheap flyers - cheap this, cheap that. But, though they saved money by doing it on the cheap, it comes at a big cost - the destruction of the brand.
Brands need investment and denying this will get you nowhere fast.
At Tiffany, they use $10 white gloves when handling anything. They show love and respect for your future cherished jewel. The gloves may be cheap, but the beautiful atmosphere it provides is priceless.
Small details matter, and while they may seem small at the time, they make a big difference in the end.
So, why not spend 10 minutes to write down ten small things that can be your white gloves, and then go and do 5 of them. You’ll be glad you did!
There is no doubt the devotion to excellence is an expensive process, but a massive investment that is worth every single cent.
Highly trained, efficient, staff make a huge difference. It allows Tiffany to charge way over the market rate for a product that is certainly easily available and not hard to reproduce by any manufacturing jeweller.
Are you giving your staff the knowledge they need to be outstanding, adding value to your product or service?
To discover how to pump up your employees and get them excited about your product, read our blog “5 ways gamification of your business can boost team morale, sales and profits”.
The Atlas clock that adorns their Fifth Avenue store has become a range. The 1837 range, named after their birth year. The Tiffany setting has become a trademark double product.
Tiffany invests heavily in building their brand’s assets - and due to this investment, can turn those assets into capital.
Naturally, this doesn’t happen quickly. It takes a whole lot of time and effort to get to this stage, but it is well worth it in the end.
Playing the long game is essential to business success. Remember, Rome wasn’t built in a day, and it is exceedingly rare to become shockingly successful overnight. But, keep working at it and you will see good results.
You can make your decisions faster by eliminating what you don't want.
At the Tiffany’s counter, they have a limited selection of diamonds that you can choose from. While this is no doubt an added security measure, it also aids the customer in making a decision.
Reducing the options for consumers makes the decision process far quicker, so it can be a beneficial business practice.
From these six business innovations takeaways, you can form your business for future success.
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