Tiffany & Co (PR Plan)

Tiffany & Co. in Portugal Chen-Chen Ho, Mandi Lu, Marie Nicolini, & Zeenat Rasheed

Agenda

Tiffany’s company profile

Portugal market

SWOT Analysis

PR Objectives

Publics

Messages & Strategies

Tactical Programs

Measurement

Budget

Event Execution

Tiffany & Co.

One of the world’s most iconic jewelry brands

Quality, luxury, trust

Blue Box

Breakfast at Tiffany’s

Wide product selection

Diamonds and jewelry, especially engagement rings

Sterling silver

Watches

Fine china and housewares

Exclusive collections by famous designers

Paloma Picasso, Frank Gehry, Elsa Peretti, Jean Schlumberger

New ranges and products launched frequently, based on holiday or season

Grand, opulent stores located in most fashionable areas

Over 150 stores in the U.S. and internationally; 21 in Europe

Lisbon, Portugal

Portugal is located in southwestern Europe

Population: 10.62 million

Lisbon is the biggest city and capital

Metro population: 2.6 million

Popular tourist destination, known for its health tourism

Locals are fashionable and very proud of their rich history, heritage and culture

Famous for producing filigree gold jewelry, typically made by family owned businesses carrying on traditions of craftsmanship

Baixa/Chiado area known for high-end jewelry stores

SWOT Analysis

Strengths

Iconic jewelry brand with global recognition

Prestige, blue box equity

Wide product variety, including affordable ranges

Excellent, personable customer service

Local designer influence in store design; locally-inspired collections created for launches

Weaknesses

Portuguese are traditional buyers of yellow gold

Portugal regulations stipulate that “gold” must have 19.2 karats or more, 18 kt jewelry cannot be marketed as gold

Could be perceived as too expensive, exclusive

SWOT Analysis

Opportunities

Portuguese are fashionable, existing demand for gold jewelry

Large tourist base to tap into

Receptive to new fashions and design in high-end market

Increasing number of working women has led to rising demand for right hand/thumb/cocktail rings

Local Portuguese jewelry industry is seeing declining revenues due to outsourcing and lack of modernization

Existing Baixa/Chiado area specializes in high-end fashion and offers good location for store

Threats

Lowest per capita income in Europe

Less demand for wedding rings/gifts due to more “live-in relationships” and fewer weddings

Tend to prefer Portuguese designs and locally produced jewelry

Due to increase in gold prices, have have begun to buy costume jewelry

Limited media outlets available: only 7.5% of Portuguese read a newspaper daily; heavy TV watchers, but less than 20 channels

Objectives

Position Tiffany jewelry as a must-have

More fashionable and exclusive than locally produced jewelry

Promote brand attributes: quality, luxury, trust

Convince consumers that authentic, non-traditional jewelry is affordable and more desirable than costume jewelry

Possible to balance price with fashion, quality and prestige

Distribute information about 18 kt, white gold and sterling silver Tiffany products

Be seen as a recognized player in the Portuguese and European jewelry industry

Bringing modernization and design to the market

Participate in industry events

Publics Consumers Men (Proposals, Gifts) Women (Gift to self) Industry Other Retailers, Vendors Media TV and Newspaper Journalists

Messages & Strategies

You can trust the timeless beauty and exceptional quality of Tiffany’s jewelry to express the depth of your love and commitment

Establish brand essence about the store, jewelry and the blue box in local press

Tiffany’s jewelry is an expression of the modern woman’s independence, strength and impeccable taste

Partner with local women’s/fashion magazines to promote the brand

Tiffany's can be trusted to provide high-quality, fashionable products, and is committed to building valuable relationships with its customers

Be viewed as high-quality, credible and trustworthy by influential TV and press journalists

Tiffany’s is a modern, global enterprise with connections with top-notch designers, and can transform the Portuguese jewelry industry

Participate in industry events and distribute information about the company

Tactical Programs

Media

Hold an extravagant launch party with blue carpet, local celebrities, exclusive collections, locally inspired collections (Silver Coast/Blue Coast?), and local cuisine/wines

Distribute press kits

Provide regular press releases on new collection launches

Release quarterly editorial newsletter to share company information

Hold 1-on-1 press outreach events

Industry

Participate in Portjoia (annual international jewelry expo held in Porto) with a booth, information materials, seminars

Develop reports on industry trends, to gain credibility with trade media, e.g. how changing lifestyles are affecting jewelry consumption trends

Consumers: Men & Women

Partner with local women’s/fashion magazine and health spa to hold “pamper yourself sweepstakes”, sponsored by Tiffany’s

Gain a presence on local reality TV programming

Provide jewelry for TV news anchors to wear

Q3-Q4 2009 Flowchart 2009 Q3 Q4 July August September October November December Consumer Health Spa Sweepstakes (Marketing) Health Spa Sweepstakes (Event) Reality TV Sponsorship TV News Sponsorship Media Launch Party Press Outreach Event Quarterly Newsletter Press Release (about sponsorship) Press Release (about sponsorship) Press Release (Dec 1-7) Press Kits Press Release (about Sweepstakes) Press Release (about winner) Press Outreach Event Press Release (Dec 7-15) Press Release (about Launch) Quarterly Newsletter Industry Portojoia Industry Trend Report (EOY) Press Kits

Success Metrics

O1 & O2: must-have ; affordable and more desirable than costume jewelry

Product sales

Positive reviews (clippings) and buzz in the press, magazines, TV shows

Good WOM, in-store comments

Survey to gauge initial progress

O3: recognized player in industry

Leads or new business opportunities generated by trade-show

Positive reviews (clippings) in trade media

Budget (Q3-Q4 2009)

Tier 3 market

Total Budget: $410K

PR Agency Costs Tactical Program Costs

Event Execution

Portojoia Trade Show

September 23-27, 2009 in Porto

Colored Gems theme

~2,000 exhibitors

~100,000 visitors

Event Budget: $20,000

Portojoia Booth

Open Prestige Stand Package

27 sq. meters

Incl. display cases with cold spotlights and glass shelves, other furniture, and booth lettering

Listing in general exhibitors list and electronic catalog

White & Gold Goldsmithery

Candelabra/Candlesticks

Jewelry set with Emeralds/Rubies/Sapphires

Portojoia On Display Colored Gems White Gold Housewares

Measurement Metrics

Generate 3 to 5 new business opportunities with Portuguese/European manufacturers

To help Tiffany’s “localize” their store offerings

Receive positive reviews about Tiffany’s being a leader in Portugal in 5 to 6 mainstream and industry media outlets

Media Coverage

Local Press

Jornal de Noticias (Largest newspaper in Portugal)

Diario do Noticias (Most prestigious newspaper in Portugal)

International Press

Invite reporters from international trade media to cover smaller, less-known event

Show Tiffany’s as supporter of Portuguese industry

Publication Name Frequency Content Circulation JCK Jewelers Circular, Keystone 4x per year Written by an international team for retail jewelers 24,940 JQ Magazine 6x per year Targeting upscale retail jewelers and designers 17,500 Couture International Jeweler 4x per year Writen by international team in US and Europe for prestige jewelry market 15,500 Rapaport News & Diamonds.net Daily Internet portal dedicated to reporting news on the world diamond industry Not Available

Event Budget Program Element Cost (Euro) Cost (USD) Booth € 6,299 $8,225 Trade Show Materials € 1,915 $2,500 Press kit development & Translation € 1,685 $2,200 Media training € 804 $1,050 Bringing in foreign journalists € 3,848 $5,025 Courting local journalists € 765 $1,000 TOTAL € 15,316 $20,000

T HANK Y OU!

Sources