What’s the difference between a high street jewellers 1ct diamond ring and a Tiffanys ring?
The answer? £6,000
Same quality & size. Huge price difference. WHY?
Tiffany & Co. built a marketing empire and have firmly established themselves as a leader in luxury goods.
1. SPECIALITY: Initially, they were Tiffany Young & Ellis – Stationery and fancy goods emporium. After listening to the market – rebranded as Tiffany & Co. stripped out stationary goods, and focused on lucrative products.
2. PRICING: Radically, when others didn’t give a set price and haggled, Tiffany priced goods openly and never haggled.
3. REPUTATION: Tiffany didn’t wait for others to say their goods were of the highest quality. Tiffany knew they were, so told everyone so.
4. STRATEGY: Tiffany aligned themselves with key businesses (Military and Police) and thus got respect and trust by doing so.
What can an accounting firm learn from Tiffany & Co.? Tiffanys pioneered their way forward. When other companies were sticking to the status quo they found ways to be different. Nearly 200 years later they are the Iconic jewellers that we all know and trust.
Brand, marketing and perception is everything. If you think it won’t work for professional service firms, you are wrong.