Tanishq brand overview
Introduction to the brand :
Tanishq
has emerged as India’s fastest growing jewellery brand and is a name which
signifies superior craftsmanship, exclusive designs and superlative product
quality. The term Tanishq was coined by Mr. Xerxes Desai by marrying the
words ‘Tan’ meaning body and ‘Nishk’ meaning
a gold ornament.The journey of Tanishq started with the launch of 18k gold
watches studded with precious stones in 1994. But, it soon grew into a 22K
jeweller who presented an exquisite range of gold and diamond jewellery while
striking a perfect balance between traditional appeal and contemporary charm.
The brand perfectly understands the ethos of the current Indian jewellery
market and keeps evolving along with its changing demands and preferences.
Tanishq
has brought to the market a whole new standard of business ethics and product
reliability, in the process bringing about a transformation in which jewellery
is bought or sold in India. Not only does it abide by the stringent standards
but also adheres to strict and uniform guidelines across all 328 stores across
200 cities. With innovations like the Karatmeter to check the purity of gold,
the brand has won over the customer’s hearts.Following the line of ethical
practice further, adequate policies are in place for their karigars and they
are well taken care of with benefits like health care and financial aid. It is
also the only jeweller in India with a state-of-art factory in Hosur, Tamil
Nadu and takes utmost care to ensure that it complies with labour laws and
environmental standards. There are 3 other units in Dehradun, Pantnagar and
Sikkim as well.
Selection of target market:
The main aim of the company was to select the target
market in this way, Tanishq targets teens, working women with offerings.The Tata Group company, Tanishq is all set to working women and teens with a range of affordable yet
designer diamond jewellery. The collection named FQ diamonds for teenagers and
Iva for working women in the age 34-40 group were unveiled recently.
The retailer is also test-marketing its young brands in a few
cities through the kiosk format to attract school and college students. So far,
the company has set up 12 such kiosks in different malls and high streets.
While FQ diamonds are priced between Rs 499 and Rs 2,999, the Iva collection
starts at Rs 20,000.
The company expects to attract the attention of the target
audience with these new offerings. The pieces are not fitting into typical
traditional or contemporary jewelleries are meant for daily wear and social
occasions. The company expects the new lines to get good growth and demand. It
will expand this model to more cities with a larger design collection.
The
gold and diamond jewellery market in India is pegged at 30 billion dollars (Rs
1,61,400crores) and is growing as retailers look for products that can woo
younger generations who otherwise would buy junk or artificial jewellery.
International brands such as Accessorize, Aldo and Chemistry, along with
unorganised local players, have a huge presence in the artificial jewellery
segment. To heat up competition, well-known diamond jewellery brands such as
Gitanjali, Damas, Tarash and TBZ have now introduced exclusive yet affordable
product ranges priced below the Rs 1,000-mark.
The market segmentation can give a firm a
temporary commercial advantage. There may betheoretically 'ideal' market segments, in reality every organization engaged in a market will develop different ways of imagining market
segments.
Targeting
the young people through social media and through other platforms is the main
base of selecting the target audience
Tanishq is aware of the impact of star power and has roped in Indian actor Deepika Padukone and
Nayanthara as its brand ambassador. She will feature in various commercials
to create positive brand awareness. Tanishq showroom appeared in Hindi
movie Race as part of its promotional plan. The company has designed jewellery
for Hindi movies like Paheli and Jodha Akbar. Tanishq in the year 1999
delivered 20 crore rupees worth of gold coins to Maruti Udyog Limited
as gifts to buyers of Maruti cars. It had a positive impact on sales of both
companies.
Tanishq
deals in high-end products and hence has adopted
premium pricing policy. Its brand name is synonymous
with prestige and power and hence people who can afford it
are willing to pay for it. Owning a Tanishq product is not just a status symbol
but also a good investment. It is one of the fastest growing brand names
with retail sales of nearly 10000 crore rupees in last fiscal year.
Mobile marketing Strategy:
Mobile
Marketing includes the involvement and implementation of the different elements
like social media, SMS, MMS, Push Notifications and websites to promulgate your
brand to target audiences via mobile devices.
Titan
Company Limited (“Titan”, “We”, “Us”) is committed to the compliance of
applicable Privacy Laws in the country where Titan’s product is distributed.
Protecting the privacy and security of your personal data is of prime
importance to Titan, therefore, we conduct our business by abiding by the laws
applicable on data privacy and data security in the country where Titan’s
product is distributed to you.
This
Privacy Policy is intended to inform you about the personal data that is
collected from you, how your personal data may be used and disclosed, how you
can control the use of your personal data, and how your personal data is
protected when you use the Titan Application or the application developed by a
third party for Titan (“Application”). We do not sell trade your personally
identifiable information; however, we may share the same with third parties who
assist us in conducting our business, operating our (Titan/Tanishq) website/Application, or
servicing you, so long as those parties agree to keep this information
confidential.
As
Tanishq has “aspiration to own” built in its product range, so to be popular on
social media, the brand didn’t have to try harder. Just being there was enough
for the brand. Such is the aura of the brand and the products it design. This
is evident from the social media strategy the brand has adopted. It uses
various social media platforms for product announcements and showcase.
The
jewellery brand didn’t need to try harder. The beauty and glamour of its
product has pulled people like ants to a block of sugar. And this explains the
number of fans it has on the page, which, at the time of writing, was more
than 484,000. But because it lacks an appropriate strategy for customer
engagement, the level is ever wavering, and very few people go beyond liking
the post. The rate at which people share or comment on the posts on Tanishq
wall is not very encouraging.
Mobile channels of Tanishq:
1. Mobile Organic Search and Mobile Content Marketing
2. Mobile App Stores
Tanishq
Mobile Organic Search & Mobile Content Marketing:
A recent
study by Google found that a smartphone was the most common starting point
for online activities. It's crucial to show up at the top of organic search on
mobile devices, because 65 percent of the study participants started with a
mobile device when searching for information, as well as shopping, online
Use
Google ads to attract your target audience
Companies
like Tanishq use Google ads to attract people to their website. So, whenever
people search for keywords like “Jewellery online”, they show up on the top
like this
Did you know that Tanishq is getting 3 million website
visitors per month?
That is twice the population of Goa.
It is also twice the number of visitors their best
competitor, Kalyan Jewellers, get.
Moreover, their revenue grew by 36% during 2018-19 and
their profits increased by 76% which is more than most mature companies.
Use Google display ads for retargeting
Most sales do not happen on the first interaction and
require five follow-ups on an average. Similarly, online sales require
retargeting to get more conversions.
Buying expensive jewellery is also a big decision, so
people don’t usually buy them on their first visit.
Therefore, Tanishq’s digital marketing strategy needs
something like a sales follow-up to remind them about you. Google display ads
do exactly that.
Use Facebook ads
Just like you can target people based on keywords
while using Google ads, you can also target people based on their interest and
demographics through Facebook ads.
So, Tanishq is using Facebook ads and targeting people
based on their interest.
For instance, here is one of their ads targeting
people who are likely to get married. It’s promoting their Soubhgya Mangalsutra
collection created especially for wedding season:
Mobile App
Store:
Mobile users are spending 10% more
time on mobile applications than the mobile Web. There are tremendous
opportunities in mobile application development for organizations that want to
extend marketing reach through this highly interactive channel. However, deep
reach in this channel requires great app content and a solid strategy to make
sure your app is found on platforms such as the Apple App Store.
A new start-up promises to add
some to your mobile app marketing strategy by using a platform that mixes
mobile app developers with users to enhance and promote their mobile
applications.
Tanishq takes yet another step closer
through this exclusive online jewellery buying app. Our stunning range of
jewellery - from striking rings to gorgeous earrings, petite pendants to
magnificent neckwear, classy bangles to dainty bracelets and more – all at your
fingertips! Our exquisite range of jewel pieces strike the perfect balance
between traditional charm and contemporary appeal and now you can shop for our
wide collection of gold, diamond, platinum, solitaire and gemstone jewellery
from the convenience of your home. You can also book an appointment and visit
the nearest Tanishq store through the app.
Tanishq is also
providing a 3D try wear of the jewellery through their website and application
where the customer can try it on using 3D designs of the jewellery as shown in
the below figure. By introducing this Application the customer is no more
needed to visit the showroom if he is far away from it (or) During this crises
it’s really innovative for the customer safety.
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