The transformation of an iconic brand ? A Business Innovation | Blog ...

Last Thursday we attended an event at the stunning Boodles store in the The Savoy Hotel, hosted by Brook-Dobson Brear. We were inspired by Michael Wainwright, Director of the British jewellery store previously known as ?Boodle and Dunthorne?.

Michael spoke about the transformation of their business and how they have reinvented their brand. We thought it was a great story of the journey of a business, very similar to the transformation our adviser clients have gone through in the lead up to RDR, so we?ve decided to share it with you on our blog.

Founded in 1798 in Liverpool, Boodle and Dunthorne became the city?s leading jewellers. After the sudden death of the Wainwright father and grandfather in 1945, sons Nicholas and Michael took over in 1992. Nicholas assumed the role of responsibility for creative direction of the company and Michael focused on developing the commercial side of the business.

With the growth of international jewellery brands, Michael and Nicholas knew they needed to become more competitive in such a tough market. Their vision was to become the British jewellery brand to compete head to head with the very best in the world. Driven by their desire to gain a more dominant position in the market, they started to look at developing their business and their brand. To drive such growth and achieve success they focused on a number of different elements within their business, and of course, their marketing.

Product

The original product strategy?was to buy in jewellery from a number of suppliers, including six very well-known watch brands. They realised that in order to differentiate themselves, they would need to achieve a more unique product offering. They took action and changed their strategy, hiring jewellery designers in-house in order to create more unique pieces and assign each a different name.

Boodles began focusing on the acquisition of rare and exquisite gemstones, as well as a highly talented in house design team, and the workmanship of leading British master craftsmen. Today Boodles offer over 400 different styles of jewellery, all from its eight main ranges including Raindance and Velocity.

Brand

The transformation of the brand began when the company was re-christened from ?Boodles and Dunthorne? to simply ?Boodles?. Dropping the second name they created a more simplistic, modern and luxurious brand image.

Image

Next, Boodles began to focus on their image in order to differentiate the business from their competitors. They achieved this through looking at all elements of their image, and in particular, the photography used throughout their printed material and in store. Boodles began using their own models for photo shoots, shown wearing the jewellery outdoors, amongst beautiful scenery. This provided them with differentiation from other modern brands that elect to shoot in studio settings.

Client Experience

Aware of the critical importance of the client experience, Boodles decided to look at every element then reengineer the entire process. Focus was given to new shop fronts and internal displays. In collaboration with architect Eva Jiricna, the Boodles stores were transformed into gleaming confections of steel and glass ? the perfect backdrop for sparkling jewels and far removed from the ?country house? exposed beam interiors of the past.

Boodles also began to offer a service to all customers to upgrade their pieces of jewellery, every ten years to a newer product, thereby increasing the longevity of their customer relationships.

Community

To establish their brand image within the community and strengthen their customer relationships, Boodles decided to host and sponsor several large events, bringing together loyal clients and raising their corporate profile. These events include ?The Boodles Challenge Tennis Tournament?, ?Chester Races? and ?The Boodles Boxing Ball?.

Each year these events prove to be a great success, creating a sense of community around their brand. The fact that the events themselves are referred to by the name ?Boodles? is further testament to the strength of their brand.

Brand Expansion

To increase their market, Boodles decided to move their business international. Boodles had been considering a number of locations for international expansion, including the US and the Middle East, but have settled in Hong Kong after identifying Asia as a boom market. Boodles managing director Michael Wainwright said that he will look to mainland China for the company?s next Asian store, Beijing and Shanghai in particular. He also said that he hopes to open a Boodles store in New York within the next five years.

As a further expansion of their brand, Boodles have also decided to move their products online, creating a ?brick and clicks? retail business. Research carried out by Boodles in regards to their target customer, highlighted that they live quite busy lifestyles, with an online store creating added convenience for them.

By focusing on the key marketing elements of their business from product, to brand, to client experience, Boodles achieved and currently hold a dominant position in the jewellery market, competing head to head with the very best in the world.

We feel this is a very interesting and inspiring story that looks at a very effective marketing and business growth strategy. It is very similar to the work we do in our business, with financial advisers increasingly trying to transform their business and increase client engagement, in a changing regulatory environment.

If you would like to read more information on the Boodles brand, please visit their website, where you will find more information on their business, history and products.

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Source: http://www.abusinessinnovation.com/blog/2012/03/28/the-transformation-of-an-iconic-brand/

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