Jewellers target aspirational market with new brand
Sometimes re-working brand strategy goes beyond a single brand.
In 2012, the LoveGold campaign, initiated by the World Gold Council, sought to make gold relevant for the younger generation. The council provided low-interest, long-term loans to independent jewellers, encouraging them to create modern and contemporary collections that would appeal to young, fashion-conscious consumers.
Gold’s fuddy-duddy image was partly down to the increasing cost of gold preventing the creation of new, affordable pieces. Research shows that much of today’s youth value experiences over objects, and thus are a hard-to-reach market. By turning their brands into experiences, luxury retailers can tap into this market.
Jewellery and watch manufacturer, Goldsmiths, has recently undergone a rebrand in the hope that it will be seen as a unique and recognisable luxury brand. While the Goldsmiths brand rated highly for brand awareness in the YouGov Brand Index, people couldn’t pick out what separated it from the rest of the market. The company has now laid out a clearly defined brand strategy that it hopes will set it apart from its competitors. The new brand will be measured on perception and loyalty, as well as sales.
Goldsmiths is looking to achieve a more ‘luxury and aspirational’ feel and has chosen to rely on storytelling to deliver this message. The advertising campaign includes images of couples, it suggests a backstory behind a customer buying a wedding or engagement ring.
“The products we sell are luxury, we want to replicate that in our marketing and brand image. Historically the marketplace has been about being a retailer, we want to behave more like a brand and interact with people like a brand would do,” says executive marketing director Ruth Benford.
In 2011 Goldsmith rebranded its shops in an attempt to attract a younger and more fashion-conscious customer. The new luxury brand may be a continuation of this effort, with its emphasis on stories and experiences, the new brand appears to target the younger generation.