If you have been anywhere on the internet lately, you have probably heard that Tiffany & Co. is selling an 18k Gold Paper Clip for $1,500 along with other “everyday objects” like a $9,000 Sterling Silver Ball of Yarn and a $1,000 Sterling Silver Tin Can.
While these novelty items are handcrafted by Tiffany & Co. artisans using high-quality, ethically and responsibly sourced materials, we still ask the question, “What warrants these hefty price tags?”
The answer is simple: Powerful Branding.
Tiffany’s Significance & Brand
When introducing the line of “Everyday Objects” on Facebook, Tiffany & Co. gracefully explains, “We believe in living with beautiful things every day. Every accessory and object we design has an intelligence and wit that makes the ordinary feel extraordinary.”
The brand is known for its simplistic design and high standard of quality. By only accepting the top 0.04% of diamonds presented to them, Tiffany & Co. has established credibility and status.
When you see that little blue box, your mind instantly knows that there is something spectacular to be found inside.
Tiffany did not just wake up one morning and decide to sell a $1,500 paper clip because they could. The company has spent years crafting a luxury brand.
Tiffany has positioned itself as the elite jewelry brand in the United States by uniquely crafting everything from manufacturing to messaging.
Deliver a Luxury Product…
Tiffany’s process begins with carefully sourcing the highest quality materials. These materials are then incorporated into the classic Tiffany pieces, some even having been designed by descendants of Pablo Piccaso. Tiffany then uses revolutionary setting processes for their diamonds and gemstones specifically to highlight the natural beauty of each stone.
With a Transformational Experience
The luxury does not end with manufacturing though. Shopping with Tiffany is an experience in itself!
From the moment you step foot in a Tiffany & Co. store, the staff is at your service, presenting you with complimentary champagne as you shop.
After stepping out of the store (blue bag in hand) the experience does not end, Tiffany salespersons follow up with their customers by phone or email after purchase to ensure that they are pleased with their items and their experience.
Additionally, Tiffany offers its signature “Lifetime of Service” including complimentary cleanings, repairs, engraving, and more with the purchase of your Tiffany jewelry.
But…It’s a Paper Clip?
While not everyone is in the market for a premium paper clip, we know that someone out there is. Someone who is looking for such an item is not going to purchase just for the high-quality materials, but for the emotions that are felt when purchasing something so distinguished. This person appreciates the status that comes with donning luxury items.
By Tiffany establishing credibility in the luxury jewelry market, they have come to be known as a status symbol. Something that is longed for by many. Something that says, “I made it.”
While you probably wouldn’t use it to turn in your college essay, you would maybe consider the pride you would feel by presenting a million-dollar contract to a new client held together with an 18k gold paper clip with the words “Tiffany & Co.” emblazoned down the side.
Think about what this portray to your client. It would say, “We believe you’re worth it.”
And that’s our point… Tiffany has attached worth to the product it’s selling.
The question then becomes, how you can attach worth & feelings to the items you sell thereby differentiating them from other “similar” items offered by your competitors?