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.

Titan may use your information to provide you with product and service updates, newsletters and other communications about existing and/or new products and services by post, email, telephone, in-device messaging and/or text message (SMS), if you have provided your prior consent  (or ) otherwise permitted to do so under applicable law.

 

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.

Only 2.63% of the total engagement counts are comments, and 5.26% are shares, rest of them are in the form of likes, though comments are not as much as there are likes, partly because there is very little to comment about on the posts that Tanishq makes on its wall.

Tanishq In twitter Tanishq has a little above 2,200 fans, which is not very impressive, and one of the reasons behind this could be the lack of originality in the tweets. Tanishq does nothing more than duplicating the posts it makes on Facebook. there is a lot of overlapping in the user bases of Facebook and twitter, people who follow the brand on Facebook has stayed clear of it on Twitter. The brand needs to do things differently on twitter to build a real community on this platform.

 

Mobile channels of Tanishq:

 As with any new tech platform, organizations need to understand how to participate in and be found via mobile channels. Whether you have a mobile application or a mobile webpage, here are the top three channels that can help your target audience find your mobile presence

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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