Sampurna Rakshit, the brand’s marketing head, sheds light on Mia’s marketing strategy, and the intricacies of selling modern jewellery.
In 2011, Tanishq birthed Mia, a fine jewellery brand, in an effort to covet the ‘working women’ market. Since then, the brand has been operating on an omnichannel system, with digital platforms spearheading its driving marketing force.
The core of Mia's product portfolio is grounded in 14 and 18-carat offerings, a departure from the traditional preferences of Indian buyers. While consumers have grown more accepting of the offerings, acquiring new customers remains a perpetual task.
For Mia, most of its marketing pivots towards the digital landscape. This approach has evolved with the advancement of digital technologies. Recently, the brand upped its social media game with AI integration. Leveraging AI-generated visuals, Mia promoted its Nature's Finest and Wavemakers collections across various social media platforms.
Sampurna Rakshit, the marketing head of Mia, highlights that their aim was to visually tell the story of each of the collections without having to resort to a physical shoot.
She says, “One of the things that consumers associate with us is that Mia is trend-forward. We realised that is where AI has a role to play to bring alive, rich product inspirations, of course at a fraction of the cost that normal production would also take.”
Mia, as a fashionable jewellery brand, heavily relies on digital channels, yet intriguingly, the bulk of its revenue stems from offline sources. The intricacies of the jewellery business, and how consumers engage with jewellery brands warrant a very peculiar market outlook.
While a significant portion of its revenue, approximately 95%, is generated from offline stores, its marketing strategy leans heavily towards the digital realm. Recognising the digital-savvy nature of its audience, the brand has shifted its focus from traditional advertising channels like print and outdoor to prioritise digital platforms.
“In terms of marketing efforts, we are very digital-first. Almost all of our marketing is on digital because that's where the consumer is consuming content or spending her time. We've moved away from print or outdoor. We do that in pockets, but we lead with digital communication.”
However, in the world of fine jewellery, where trust and the tactile experience still hold sway, offline stores play a pivotal role. Customers often embark on their jewellery journey online, researching and exploring options, but find a sense of assurance and joy in visiting the physical stores to try on jewellery and make their final purchase decisions.
Two years ago, Mia had 30 stores across India. As of now, the brand's offline presence has burgeoned to over 120 stores, with its products being retailed at every Tanishq store in the country. To bridge the gap between online discovery and the tactile experience that fine jewellery often demands, Mia employs a robust omnichannel strategy.
With a high volume of leads generated through its website, Mia has a dedicated team facilitating consumers' journeys to its physical stores. This approach not only bolsters online-to-offline conversions but also ensures that customers receive the personalised attention and assurance they seek when making jewellery purchases. “There is still an element of trust or an element of trial involved where they enjoy coming to a store and trying on the product,” Rakshit explains.
Mia also maintains its presence on prominent e-commerce platforms such as Amazon, Flipkart, and Myntra. Furthermore, Mia aims to double its offline footprint by the year's end, propelled by growth in tier two and tier three towns.
Identifying the target group
Mia’s target group predominantly consists of millennials and older Gen Z individuals. However, this demographic focus isn't solely age-based but rather founded on a particular mindset and attitude.
Rakshit reveals, "Our ideal customer is someone with a modern outlook, well-versed in international fashion trends, and possessing a broad appreciation for jewellery ranging from 14 to 18 carats as well as diamonds. It's more of an attitudinal thing."
While the brand primarily targets older Gen Z and millennial customers, it also attracts older individuals who resonate with Mia's ethos.
“While we say we focus on older Gen Z's and millennials, we do end up getting a lot of older customers also at the store who want to buy something for daily wear or for gifting,” she adds.
Amidst the ever-changing landscape of the jewellery market, the brand seeks to adeptly position itself to capture the changing tides of consumer preference. Within this dynamic context, one notable change stands out, linked closely to the escalating price of gold in India, which Mia keenly observes.
Rakshit says, “One of the changes that we see right now is a higher acceptance of 14 and 18 carat. I think 14-carat had certain limitations amongst a huge percentage of the population who only felt that 22 and 24-carat were gold, and the rest of it is too Western.”
Furthermore, the brand’s approach has transcended the boundaries of corporate wear, finding favour not only among working professionals but also housewives and individuals from diverse backgrounds.
For the right price
Behind the affordable designs of Mia by Tanishq lies the complex art of balancing price points and perceived value. The affordable offerings from the brand are approximately priced between 10,000 to 15,000 rupees, which as per Rakshit, plays an important role in wooing consumers.
“If you see a mere product of 10,000 rupees you won't realise it's 10,000 rupees the perceived value is far higher. It really makes the difference,” she explains.
The fluctuations in the gold market have also significantly influenced consumer choices. However, for Mia, the escalating gold prices in India have proven to be a favourable development, actively contributing to its growth.
The brand has also seen more acceptance for higher price points, which could range between 40,000 and 50,000 rupees.