Tag Archives: company

The Million Pound Necklace: Inside Boodles – review by Zoe Davidson.

 

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Just watched ‘The Million Pound Necklace: Inside Boodles’, a documentary showcasing the company’s process in craftsmanship and eye for detail for their most expensive, yet, high-fashion emerald necklace… And WOW the diamonds, emeralds and sapphires are unbelievable.

c940713bc0c31e455ef328501ddd6f54Seems that customer service is of top priority for their company, such as serving champagne and one on one attention whilst in their Boodles boutiques. From customer’s experience, they feel like they’re not being pressured to buy and like they are part of a “club”, a friendly charming service. The jewellery is indeed pricey, thus it is important to focus their marketing towards extra-special customers, such as celebrities like Classical Singer, Katherine Jenkins (seen left) and millionaires, to keep them in business. Marketing strategies include advertising only in a few luxury jewellery magazines, “word of mouth”, and hosting special events such as the latest, Boodle Boxing Ball, in Monaco seen in the documentary.

Katherine Jenkins looking stunning                                                                                                                           wearing Boodles Vintage Lace pieces.

Whilst all looking real good in this industry, there is a lot of risk and investment involved. The amount of effort in finding the right customers and attention to every last detail is paramount. After 2 months of making, the final emerald necklace was revealed, called “Green Fire”. The whole suite costs £2,500,000, whilst the statement necklace costs 1 million pounds, which they are still, yet, to seek a buyer.

Boodles-Green-Fire-Necklace-Adorn-Jewellery-Blog

“Green Fire” emerald necklace worth 1 million pounds — Will you be the next buyer?

Have a watch of this video ‘The Making of a Masterpiece’ which allows the viewers inside Boodles creative process of making the intricate Vintage Lace necklace.

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Design & The Market: Me Choosing My Path

Oh dear. So yes – putting life in my hands. Today in our Design Market group we looked at choosing the path we would take into achieving our potential business. What you need to think about to make it a sustainable and successful one. Scary stuff.

To begin with, we had a look at our ‘would-be’ customers and wrote down a list of the customer groups they would be. For example: Students; Fashion Runway Buyers; Hospital Buyers; etc. For each one we had to outline what their needs would be, what we would be offering them, how many there are, and so forth. Through this method of analysing our future customers it helps to see if your business has potential and whether it is actually needed. For my business, I found a number of different customer groups which I think is good because it brings range and excitement of varying customers. However, I think I would need a rather large team to back me up on the amount of work I would need to do!

Next, we headed into the Blueprinting Modelling sector. This, I found, was the most difficult. Just couldn’t get my head round where to put things! Blueprinting is a detailed flow diagram of your business’s stages in carrying out, for example, a commission piece. It just shows how your business will function when it’s actually doing business. For me, I looked at where I would go to create contacts then try get some of my work out to the public somehow, find people to work with me and so on. Sounds do-able. This allowed me to view the process of my hopeful business at hand. How it might work. How I can change it tomake it work.

Lastly, we looked at the importance of building relationships in business. Not lovey-dovey ones, professional team-work ones. It is important because it makes all stages in the process work. Imagine doing it all yourself? We focused on the four areas of activity in business. The Generator, the Realiser, the Distributor and the Customer. We had to find people we would need for each of the areas. I placed myself in the Realiser zone, as well as other collaborators, because I feel that is where my strengths lie. However, I would over-see other areas frequently. This exercise allows me to see who I would need to build relationships with and it’s importance. Building relationships improves and makes your business stronger. More sustainable. You just need to make sure there is plenty of trust and that they love the business as much as you do.

These exercises were helpful in outlining how my business would operate, create contacts/clients and who I would need to make it happen. Building relationships crops up again and again. It seems now that who you know can help greatly in business – like the old saying: “It’s not what you know, it’s who you know”.

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Design & The Market: Evidence Modelling

Evidence Modelling

Today in our Design & Market Module, we were asked to look at evidence modelling. Evidence modelling is about creating a picture of what your potential business would be like in the future and aiding in giving a clear direction of where to go with it. It focuses on 4 extreme questions to ask when considering your business – this helps to understand the beneficial impact of your business but also can point out the possible mistakes that can stop you from achieving your dream.

This exercise helped me to think about the advantages and disadvantages my business may have in greater depth. It made me focus on what ways I could improve the business and to see it more realistically in my mind. However, my potential business needs huge development and research as it looks into the future of jewellery trends more than actual current designs. It will be an interesting challenge.

Fake Evidence

For the next exercise we had to think of fake evidence. This is where we had to construct evidence through imagining the future success of our business. This could be in the form of a website, an advert on the side of a bus, etc. I went for a few as I believe my market is quite wide.

Just a very very rough sketch!

Through investigating the future success and methods of advertising it helps see the consequences of the business as well as looking into successful ways to get the brand out there.

SWOT Analysis

SWOT analysis was the last task we had to complete for our business. There were 4 boxes outlining different aspects to think about the business: Strengths and Weaknesses (Internal); Opportunities and Threats (External) or SWOT. It allows us to examine the business’s position nature. This task helped me because I tried to think about turning all the weaknesses into possible opportunities. For instance, if I was bad at making film I could maybe collaborate with a filmy person, thus, creating a huge benefit! We could expand making more exciting films and let ideas bounce off one another.

All these exercises linked back to our Mission Statements and was great because it makes us think that we could actually do this. We could actually make our potential businesses real.

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Design & The Market: Scottish Institute For Enterprise (SIE)

In our lecture today, Dawn Shand talked about the Scottish Institute for Enterprise (SIE). It is an organisation which encourages, helps and inspires young budding designers with their potential businesses in Scotland.

It gave me relief to know that there were actually people out there who are willing to help an are experienced within the field. As you can actually go to them and get advice on your ideas if you are thinking about building a company – they could probably even tell you whether it would be a ready to get out in the market. So we are not all lost!

She gave us pointers to where student businesses could begin or even be run through:

> Promotions

> Freelancing

>Ebay/Etsy – could easily be used as a part-time basis by selling your pieces online.

>Tutoring – there are lots of people looking for tutors so you can build a reputation by teaching people your skills.

> Online Business – creating your own website dedicated to selling your work.

So how do you go about building a business? You have to really investigate what the market NEEDS. Here’s a true story: there were families stuck at the airport when their flights were delayed. Their children were bored out of their brains so the families started using their own suitcases as transport trollies and started wheeling them about on them! What a fab idea! This is when the Trunki was born.

The designer spotted impatient toddlers and found a great niche in the market! So people out there niches can come from anywhere – keep your eyes open!

 

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My Mission

For Assignment 2 we are required to write a mission statement. A mission statement is a short, concise summary describing what your business is, what you do, what your business intentions are and why you are in business. They can tell customers and potential clients.

Values

We were asked to write down what we would value from most to least in our potential business. Our values should reflect the way in how I wish to work, how I want my work to be received and how I would interact with customers, suppliers and funders.

Here are my values for my potential company:

So why are values important?

They’ll help you:

– keep your business on track when clients offer you opportunities and choices.

– remain inspired when having to go through the more tedious side of business or when things are not going all to plan.

– examine how your work/life balance needs to be altered.

– to evaluate your business concept in terms of how it honours your values.

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