Tanishq as you will all know is considered to be a jewelry behemoth in India. It is known to consolidate the Indian jewelry market and introduce trends and styles in the jewelry landscape.
Tanishq single-handedly is responsible for major changes in the jewelry market. Let's read about Tanishq today
Jewelry Market Before Tanishq
Before Tanishq got a real problem, the Indian jewelry market was very unorganized. People used to trust their jewelers, the jeweler would either be someone from the family or hereditary.
There were millions of different jewelry stores in India and different people had jewelers whom they trusted, hence the entire jewelry market itself was very unorganized and there was no set standard or testing done to jewelry because of the lack of resources to do so
During the time, jewelry was more of an investment and a ritual element tit was less treated as a fashion icon, hence there was less to no marketing or branding on the design it was all about the purity and the number of materials at the time. Tanishq saw this opportunity and decided to monetize this opportunity
The Birth of Tanishq
Titan was doing pretty well at the time, it was the number one in the tier of watches, and almost the entire India had a Titan watch, the stock was rising and was the top gainer during that time.
Titan saw a massive opportunity to organize the scattered jewelry market and decided to sell jewelry under the name Tanishq. Tanishq is a Hindu name for boys that means "jewel" or "precious".
There were many differences between Tanisq from all other jewelry shops. The first was its size, the first Tanishq showroom was opened in Chennai and it was much larger and grander than the flock. The other major differentiator for Tanisq from all the other jewelry shops was that Tanisq sold 18-carat gold while the flock sold it at 22-carat
Obstacles and Solution
The biggest problem for Tanisq was gathering trust, at the time all the Indians had a specific jeweler that they used to go to buy jewelry, and had trust in them. Tanisq did many marketing campaigns but was not able to get traction. However that was the only problem they were dealing with, they used to sell gold at 18 carats where at the same price the local jeweler used to sell at 22 carats, hence obviously the commons used to prefer the local jeweler.
Titan tried several measures to tackle the issue it was facing. Firstly they increased the carat from 18 carat to 22 carat, this put them on the same level as their local competitors, Although that did not completely solve the problem. The second thing Titan did was that they introduced a new kind of machine called a carat meter and started advertising such that anyone could come to them and for free check the purity of the gold. It worked, Turns out 60% of the gold checked was said to be less pure than 22 carats, tanishq then introduced a sequence that allowed customers to bring their less pure gold and trade it for money according to the value of the gold. This helped Tanishq to gain trust and that was all it needed to succeed in the Jewellery market
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