As far as using the word “bling”, that was a conscious selection of words that I chose; whether we believe the word is cheesy, negative or dated, it’s still a word the young generation prefers to address a certain category. If I were to ask “Who pushes the hottest whip (car) in the streets?”, people would still answer Maybach, Bentley, BMW, or Mercedes. The word doesn’t denigrate the product or demystify its value. The young consumers may choose to spend their money on bling and whips while the older generation is investing in jewelry or elegant automobiles. Regardless what they call it, they end up paying the same price and getting the same value.
At this point, you can call it bling, fine jewelry or precious stone. It doesn’t matter. Tiffany has been legendary for decades now. Between the 1930’s-‘80’s the brand was able to capture a wide audience. However by not acknowledging a certain market, regardless if it was a minority, a certain age group or a certain life style, it’s obvious they started to lose some credibility. No brand can afford to ignore a valued consumer or fail to acknowledge a certain market. As a business owner, I know the importance of having a loyal relationship with my customers and I value their opinion and feedback.
That was a certain time when Tiffany was so relevant and powerful, that they became the name for the entire category. This is when a brand truly becomes a lifestyle. For example when you want to purchase an mp3 player you say iPod; when you are thirsty for a soda you reach out for a Coke; when you copy papers you say Xerox. The valued customer is not only the one you acquired a long time ago, is the one that you win over every step of the way. If there are changes to be made in the process of building a solid customer base, a company should acknowledge it and challenge itself to meet the requirements. The brand should never stop the process of evolution with time. There comes a time when a brand loses its “status quo” and becomes associated with a certain lifestyle or a certain consumer’s group.
I hope I was able to give you a good glimpse of how I perceive a brand. Thank you very much for your feedback! I definitely value your contribution. Remember you are your own brand, so build a solid one!