The challenge
Marias Jewellery Ltd. asked Ultima to help reestablish their existing corporate image by creating a unique, distinctive brand identity for their goldsmith venture. The challenge for Ultima was to understand all the forces shaping the local jewellery market, in order to generate a unique and effective brand identity as well as an efficient and competitive corporate image.
Analysis
Ultima studied the various aspects that shaped the operative environment of Marias Jewellery to support the development of an optimised branding solution. According to the results of this research, one of the elements that could be defined as a major strength for the potential remodeled brand image of Marias Jewellery was the company's innovative image and its competitive presentation, which could be considered a revolutionary step in the Cypriot goldsmiths and jewellery sector.
The branding structure process
In order to ensure the optimisation of the proposed branding investment, Ultima suggested that Marias Jewellery Ltd emphasise the significance of their corporate image in the overall brand building process. Ultima helped the company to answer the following questions about its branding:
What is the brand composition?
Is it transparent to the customer, or complex and confusing?
Is it logically promoted with control and synergy?
Does it propose decision making
that will lead to coherent branding?
Ultima identified a number of criteria which Marias Jewellery could address in order to maximise the market attractiveness of the potential brand:
Size
Growth
Profitability
Pricing trends
Competitive intensity
Failure risk
Opportunity to differentiate
Retail structure
The market
According to the above findings, the best possible way to enhance Marias Jewellery's performance within the jewellery and goldsmith sector was to clarify the market’s major characteristics, including its size, its segments and its major players.
The competition
Before considering the selection of a brand identity, it was necessary to conduct a full competitive analysis to identify major rivals and to understand their capacity, their marketing and branding appeal and their USPs, in order to avoid proposing something which already existed.
Target groups
The optimum size of the market for Marias Jewellery should ideally be equal to the entire population of prospective local (permanent and visitors) jewellery buyers. However, in order to obtain this market size, the proposed venture would have to gain a respectable market share locally. Ultima advised gradual expansion to tackle established competitors.
The ideal market share
During recent years, the jewellery sector had experienced a satisfactory level of market growth and could be considered a mature market domain. Accordingly, Ultima believed that Marias Jewellery could win a respectable market share through the creation of the proposed remodeled brand image.
Solution
Ultima examined several alternative branding solutions and chose a solid and basic corporate image which reflects the notions of experience and affordable luxury and can be easily understood by the target groups of the consumers. The branding of Marias Jewellery reflects superiority in its presentation and its communicational capacity.
