Marketing Strategy for Prince Dimitri

Prince Dimitri

MARKETING STRATEGY

SCAD LXFM 730 PROFESSORS LO SICCO & FULBRIGHT

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Table of Contents Professors’ Letter

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he Savannah College of Art and Design created a concise marketing and business plan for Prince Dimitri Jewelry LLC (“the Company�). The graduate students in the Spring 2017 Marketing of Luxury Goods course prepared this plan with their expertise in consumer profiling, branding, marketing, digital media and product positioning. The substantive content of the plan provides a feasible guide for execution; however, many of the images are included for inspirational purposes. We hope this proposal will propel your business forward in the luxury jewelry market.

Luca Lo Sicco di Leonvago Ph.D., MBA Patrick Fulbright Ph.D. ABD, MBA

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Mission Statement Logo Enhancements Emerging Target Market Social Media Website Reimagination Short-Term Strategies Long-Term Strategies Action Plan Contributors

Disclaimer: This plan was designed for academic purposes and not intended for commercial benefit without proper licensing for use of any and all images, graphics, and visuals contained herein. A consultation with legal counsel for city, state, and federal compliance is recommended prior to implementing recommendations in this plan.

Heritage IN JEWELS

MISSION STATEMENT

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rince Dimitri Jewelry LLC embodies exclusive and timeless designs that foster individualized and luxurious experiences. The Company is dedicated to providing exemplary craftsmanship while leading sustainable sourcing practices.

VALUES ARTISTRY CRAFTSMANSHIP LEGACY SINCERITY

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We are dedicated to artistry, craftsmanship, legacy, and sincerity.

We believe design is the core.

We believe in devotion through execution.

We believe our history is our foundation.

We believe in timeless customization and the story behind the gem.

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LOGO Enhancements The simplified yet enhanced logo is adaptable for packaging, digital and print promotions, as well as product development. The proposed design has functionality in various sizes and materials; and can be varied in color or black and white.

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The brand identification is communicated through an effective tagline. Acknowledging the significance of Prince Dimitri’s lineage, the proposed tagline is: Jewels of Heritage.

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igh net worth millennials have an appreciation of beautiful and elegant acquisition experiences.

They are stylish trendsetters who effortlessly live the luxe life.

CUSTOMER ENGAGEMENT HIGH NET WORTH MILLENNIALS

These millennials may have inherited wealth, but many of them earn income in a variety of industries such as, technology, legal, financial and even mass market innovative retail. They typically reside in U.S. cities near Silicon Valley, Washington D.C., the Pacific Northwest and New York City.

Emerging target market

High net worth millennials heavily engage on social media, specifically Instagram. Their posts are eyecatching images that highlight their experiences that many people aspire to have but cannot attain. The exclusiveness of this group is achieved, in part, through an element of mystery. When they travel, they do not tag locations yet the lavish destinations are still recognizable or desirable to those who have not had the pleasure to visit them. Luxury brands appear frequently on the Instagram pages of the high net worth millennials as a part of their lifestyle. Notably, their posts do not feel like product advertisement.

Prince Dimitri appeals to the high net worth millennial through his select design and artistry experience. These millennials will welcome meeting Prince Dimitri in an elite and rare setting to procure jewelry, timepieces and accessories.

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INSTAGRAM

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t is important for the Company to have its own social media platform. The proposed Company Instagram strategy utilizes new high-resolution images that compliment design aesthetics and textures. Given the polished, opulent appearance of the brand, individual posts should highlight the beauty of the jewelry, timepieces and accessories against a minimalist yet sophisticated background. When appropriate, incorporating brief style suggestions in the caption connect viewers to the featured product(s).

For the most effective hashtag strategy, less is more. #princedimitri should be used with every post along with one or two product specific hashtags such as, #pebble and #opal.

Social Media

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Other Digital Media Facebook An effective posting strategy involves sets of 2 to 3 images. In addition to images, the Company can post videos, which are valuable standing alone. Facebook is most engaging if posts occur 2 to 3 times a week, including weekends. The peak posting hours are from noon to 2 pm and after 5 pm.

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Personal Instagram

LinkedIn

The lifestyle and personality of Prince Dimitri is intriguing for the targeted clientele. The platform portrays him as the man behind the brand. Examples of posts for a personal platform include short videos of excursions, social gatherings, and inspirations. A blog is another channel for these types of features.

A professional LinkedIn profile embodies a true network with industries that connects with media professionals, which also acts as a recruiting platform. With this channel, the Company grows by demonstrating thought leadership through sharing and responding to trade articles resulting in increased viewership.

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he goal of reimaging the website is to keep the consumers’ attention on the digital product displays. Using contrasting textures such as sand, leaves, and feathers enhances the visual attractiveness of the products.

Similar to the Instagram redesign, the Company website prominently focuses on the commercial aspects of the business but includes delicately curated and alluring information about Prince Dimitri in the “About” page.

Website Reimagination

The “Collection” page will modulate visually as the collections change to compliment the alternating aura of the features.

For navigation, a pink overlay will cover an image when a cursor hovers it and a “Shop Now” tab will simultaneously appear.

When products are displayed in the consumer cart, the clientele will be able to view featured details and pricing information up to a certain Company determined cap. If a product is set above the cap, the clientele will be advised to inquire about the pricing information by calling the Company.

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Paisley by Prince Dimitri #passionforpaisley

P Short-Term Strategies

aisley by Prince Dimitri is designed to become part of a client’s signature aesthetic, making Prince Dimitri part of their lifestyle. It is a collection conceptualized as a more relaxed, yet still refined iteration of Prince Dimitri’s hallmark look. It also offers both new and existing clientele an opportunity to establish a more intimate connection to Prince Dimitri, the person and not just the brand, as paisley is one of the jeweler’s favorite patterns.

The contemporary construction of smaller signature and staple items allows for faster turnaround times on production and lower costs.

A well-controlled inventory not only creates demand with a certain level of exclusivity, but it increases a businesses inventory turnover ratio.

A targeted approach concentrates resources for a more measurable return on investment.

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Moving forward, collaborations and capsule collections such as the partnership with ETRO expands the Company’s market presence.

In addition, the paisley easily lends itself to multiple color options, engraving techniques, and pattern assortments, creating a plentiful palette of possibilities for the collection.

Variations of the paisley pattern consisting of gemstones, precious metals, and exotic woods will be applied to items including, but not limited to, bracelets, embossed and embellished cuffs, layering necklaces like the Paisley sautoir, ear studs and cufflinks.

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Interns

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social media marketing intern and a design apprentice supports the Company’s existing human capital. Sample descriptions for these positions are included.

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Long-term Strategies

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he goal of the suggested long term strategy is to foster commercial growth and to delicately continue to innovate the brand with anticipated financial and human resource availability. With sufficient production and promotional capacity, several growth opportunities will be available for the Company.

Trunk Shows offer the Company exposure to curated boutiques and large scale departments stores. Many companies without storefronts expand their market presence through wholesale agreements and trunk shows.

The benefits of these collaborations is to strengthen personal relationships at the shows, as he interacts with his established clientele and meets the clientele of the respective boutiques and stores.

Print Advertising Strategy

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he Company can develop an advertising plan with an interactive style to engage with its target market. Being featured in a magazine, such as Departures, grants the Company control over the appearance and content of the message.

Advertising can be more expensive, albeit exclusive, when placed intermittently. Before implementing an advertising strategy, the Company should adopt a theme, such as artistry or craftsmanship, reflecting its unique personality and the benefits of its product and services.

The proposed magazine design reflects the fragrance tear away advertisements commonly found in fashion magazines.

COUTURE Las Vegas is an exclusive annual trade only event held at the Forbes award winning, 5-Star Wynn Resort, which is known as a Luxe Wonderland. An event slated for fine jewelry and timepiece professionals to connect and develop selling opportunities. Emerging and established design talent, top-tier buyers, and elite press attend each year. This is an opportunity for Prince Dimitri to share his warm personality in an intimate environment; as well as showcase his design aesthetic in front of industry power players.

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Owner/Chief Designer

Future Organization Chart

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ew placements for marketing, supply chain, gemologist, sales and human resources departments will assist Prince Dimitri and Janice Stevenson. Legal, accounting and IT can be outsourced throughout the first major phase of personnel growth.

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Director of Operations/ Designer

Finance Manager

Supply Chain Manager

Marketing Strategist

Gemologist

Social Media Marketing Intern

Design Apprentice

HR Generalist

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Photography Studio quality, high resolution photography of the products enhances the overall look of the website and social media pages. For the website, photographing the product without models allows clientele to focus on the beauty of, and envision their own aesthetic with, the particular piece. The social media channels reflect an exquisite lifestyle of interest to the typical clientele of the Company. People are the lead characters on social media, and product is the lead character on the website.

Action Plan

Tagline and Logo In addition to the enhanced logo, implementing the tagline “Jewels of Heritage� into marketing and social media strategy will quickly and efficiently identify the Company for consumers.

Partnerships and Collaborations Identifying strategic collaborations, like the one with ETRO, will continue to drive the business in a forward direction.

With so many omnichannel consumers, companies need to ensure products are available at the right time, through the right channel and at the right price. Retailers who have effectively collaborated have seen increases in topline performance and new product launches, and also a decline in total inventory. The Company needs a system to measure the benefits of collaborations to determine future collaborative strategy. The system must track all data necessary for return on investment analysis.

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Pantone P80-16C

Color Palette The Company projects its image through a consistent guideline of color themes. Consumers feel a connection when consistency is attributed to a brand. A graphic designer can help the Company evaluate and select Pantone colors for all media channels and packaging.

Pantone P109-9C

Paisley by Prince Dimitri With Paisley by Prince Dimitri, the Company further expands into the (designer) jewelry market with modern, simplistic designs that are trend-centric, inspired by ready to wear fashions. This approach to design encourages ease of incorporation into a consumer’s lifestyle by offering attainable luxury through tasteful, signature pieces that enhance an existing wardrobe.

Qualified Interns Appointing two qualified interns provides access to new ideas and innovative thought. At an entry-level position, a qualified college student can manage social media pages or assist with the design process.

Pantone P106-16C

Pantone P142-15C 30

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Aja Diamond Ashleigh Scheidler Briana Moreaux Christopher Ching Clarissa Kouri Daniela Michel Eva Kassel Fernanda Collarte Jasmine Scott-Prince Kencovia Jean-Baptiste LaTosha Hicks Molly Moran Mary Rodes Mohammad Jamelallayl Sammantha Johnson Vidushi Pandey

ajadiamond@gmail.com scheidlera@gmail.com brianamoreaux@gmail.com christopherching808@gmail.com ckouri102@gmail.com danielamichel441@gmail.com evakasselhoffman@gmail.com fcollartem@gmail.com jascottprince@gmail.com kencoviai@gmail.com ldhick17@gmail.com mollyelizabethmoran@gmail.com mcrodes20@gmail.com m.jamelallayl@gmail.com johnson.sammantha@gmail.com vidushipandey93@gmail.com

Contributors

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