Of course you know Tiffany’s, right?

Sure, what self-respecting red-blooded American capitalist doesn’t!?
Yep, since 1837, that little robin’s egg blue box has sent countless hearts a flutter (and very likely perked up regions further south, too;–)

A Rock Solid Brand Reputation

Tiffany’s has spent nearly two centuries, and a solid four (going on five) generations building a that recognition.
Moreover, Tiffany’s brand is synonymous with unparalleled quality, impeccable taste, and the height of affluent status and position… The first choice among sophisticated, wealthy women of refined tastes.
And that kind of psychic consumer capital is MARKETING GOLD.

But a Solid Brand Reputation Also Has Certain Limitations…

And that’s exactly what occurred to a smart Tiffany’s marketing exec when he asked the question:

“What if we could expand our market share?”

That savvy exec had poured over oodles of market research. Big stack after big stack of data-dense, detail-heavy reports. And they all demonstrated the same thing… Tiffany’s brand recognition was just as strong among young women, as with their elder counter-parts.
Those younger women just didn’t have the ready funds for fulfill their Tiffany desires.
So how could Tiffany’s nab a chunk of this burgeoning market, ripe for the reaping?
And with that question…

Tiffany Forever Was Born

A genius marketing creation, Tiffany Forever was a lower-cost line (think Ann Taylor Loft or DKNY) specifically geared toward teens and early twentysomethings.
Tiffany Forever Was Initially a BREAKOUT Success!
Tiffany Forever was, at least initially, a RESOUNDING success…
== > The new line as a HUGE hit, yielding major sales.
== > Overall sales increased in the wake of the Tiffany Forever’s introduction, indicating the launch was generating new + renewed interest in the brand.
== > Tiffany’s stock price surged, an unprecedented occurrence for a solid, but steady NYSE performer.
Suffice it to say, Tiffany’s was riding high indeed.

But What About The Pillars of That Rock Solid Brand Reputation?

Amidst the hoopla over Tiffany Forever’s growing success, another smart marketing exec asked an important brand savvy question that had been overlooked:

“How will ‘Tiffany Forever’ impact the brand’s long built, hard earned reputation among future generations?”

In other words, when those teens and twentysomethings become sophisticated, wealthy women of refined tastes, will they still see Tiffany’s in the same light?
Was Tiffany Forever in danger of shifting consumers’ view of the brand from…
== > The little robin’s egg blue box synonymous with the height of affluent status and position…
To…
== > Expensive trinkets of privileged young women…
Some baseline market research and consumer modeling revealed the ladder to most likely be the case.

Farewell Tiffany Forever…

In the end, Tiffany Forever didn’t last as long as the name might have imply. The company discontinued the line, and renewed concentration on their core business – sophisticated, wealthy women of refined tastes.

Might Seem Like Crazy Move, But…

Now you’re probably thinking:
== > Tiffany Forever was a bona fide success…
== > Overall sales are up…
== > Tiffany’s stock price is surging (an unprecedented event)…
So how could Tiffany trash the line and leave an abundance of potential profits on the table!?

Reputation is Fragile Thing

Tiffany’s toiled for two centuries, through nearly five generations to build an unrivaled brand reputation. A reputation positioned atop their marketplace. A reputation envied by competitors far and wide.
And sure, that’s the wide-angle, macro-level perspective – because sales are sales right?
Let’s ratchet it down to the micro-level view… How many successive generations raised on Tiffany Forever will pass before Tiffany’s transitions from jewelry synonymous with “height of affluent status and position” to “expensive trinkets for privileged young women?”
And when that transition is complete, and Tiffany’s bread-and-butter high-end sales are vastly diminished, where’s the company then?

Long-Term Brand Position Trumps Short-Terms Sales Gains

Trashing a two century’s old reputation for short-terms profits doesn’t make sense. In fact, it’s downright STUPID. (Sorry, not to bark at anyone.)

The Small Business Marketing Lesson Here

Casting A Wider Net…
In the professional services game, there’s ALWAYS a temptation to cast a wider net. And it seems logical. The more options you offer, the more prospects you’re likely to snare in your proverbial net.
… Dilutes Your Message
Except, the reality is the more options you offer, the more you dilute your message. And that dilution confuses and, ultimately, frustrates your prospects (two things that DEFINITELY hurt sales).
Instead of: “We the best at X!”
It’s: “We the best at X … and, well Y … Oh, and Z, too!”
Aaaaaaaand the impact of your messaging just careened off a high cliff, and plummeted to a fiery death.

It’s Just Like Tiffany’s Quandary

Are you the Tiffany’s that offers the height of affluent status and position?
Or are you the Tiffany’s that offers the height of affluent status and position + Tiffany Forever that offers expensive trinkets of privileged young women?
See how that messaging gets all mixed up? Now imagine how your prospects feel trying to decode those messages, and figure out where they fit in the equation…
Clearly not an effective strategy for generating leads or promoting sales.

How Refined is Your CORE Marketing Message?

Have you gotten caught up trying to make your biz all things to all prospects? Or have you taken the smart route, and zeroed in on your core value proposition?
In either case, how has your approach impacted your business? Swing by my Google+ page and share your experiences!