Launch and Marketing Strategy of Tanishq
Tanishq
Tanishq opened it’s pilot store in Chennai in 1996.
Launch strategy:
Create a brand in an environment where there were no/very little national brand presense.
Challenge the age old jewelers word with TATA’s guaranteed purity. It exploded the market with information and facts regarding impurity of gold. It introduced technology-backed challenge in a category completely governed by individual trust
Strategy had two parts: 1. To provide a point of differentiation in a highly commoditized category (the whole point of branding) 2. Project Tanishq as an impeachab;e mark of trust.
Marketing Strategy
The marketing strategy has changed a lot over the past few years. When Tanishq was pegging itself only as a premium player, footfall to the stores were miniscule, and the company was making losses. It then decided to turn around and market itself as more of a mass segment player. It decided to changed its strategy on two fronts: 1. Value proposition 2. Retailing
Lower priced ranges were launched. Women were targeted at places like clubs, office cafeterias, etc. Tanishq moved from gold, to diamonds and platinum.
On the retailing front,
Products: Diamonds, Gold, Platinum
Reason to Believe:
Innovation: Regional jewelers generally purchase designs from local goldsmiths, so most stores tend to stock variations of the same broad designs. Tanishq decided to create a generic designs with regional variations that would be unique to Tanishq. For this, it set up a 7 member design team and also outsources designs from free lance designers. This is what sets Tanishq apart from regional players. They also transposed designs by stocking Bengali designs in Delhi, Keralite designs in Tamil Nadu, typical Tamil Nadu designs in Mumbai, etc
A steady stream of new jewellery collections have been launched in the past 3 years, each with it’s own distinct target audience. E.g. lightweights, Hoopla, Aria, Collection G
Creation of untapped avenues: Tanishq
Tanishq opened it’s pilot store in Chennai in 1996.
Launch strategy:
Create a brand in an environment where there were no/very little national brand presense.
Challenge the age old jewelers word with TATA’s guaranteed purity. It exploded the market with information and facts regarding impurity of gold. It introduced technology-backed challenge in a category completely governed by individual trust
Strategy had two parts: 1. To provide a point of differentiation in a highly commoditized category (the whole point of branding) 2. Project Tanishq as an impeachab;e mark of trust.
Marketing Strategy
The marketing strategy has changed a lot over the past few years. When Tanishq was pegging itself only as a premium player, footfall to the stores were miniscule, and the company was making losses. It then decided to turn around and market itself as more of a mass segment player. It decided to changed its strategy on two fronts: 1. Value proposition 2. Retailing
Lower priced ranges were launched. Women were targeted at places like clubs, office cafeterias, etc. Tanishq moved from gold, to diamonds and platinum.
On the retailing front,
Products: Diamonds, Gold, Platinum
Reason to Believe:
Innovation: Regional jewelers generally purchase designs from local goldsmiths, so most stores tend to stock variations of the same broad designs. Tanishq decided to create a generic designs with regional variations that would be unique to Tanishq. For this, it set up a 7 member design team and also outsources designs from free lance designers. This is what sets Tanishq apart from regional players. They also transposed designs by stocking Bengali designs in Delhi, Keralite designs in Tamil Nadu, typical Tamil Nadu designs in Mumbai, etc
A steady stream of new jewellery collections have been launched in the past 3 years, each with it’s own distinct target audience. E.g. lightweights, Hoopla, Aria, Collection G
Creation of untapped avenues: Tanishq