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For the exclusive use of V. De la Peña, 2024.
064SMU
STATE PROPERTY JEWELLERY: GOING FOR GOLD WITH A

SEARCH ENGINE OPTIMISATION (SEO) STRATEGY
The best place to hide a dead body is page two of Google search results.
- Anonymous1
It was a hot day in April 2023 as Afzal Imram, co-founder of State Property, a fine jewellery retailer,
walked from his new retail outlet to a nearby café in the Takashimaya Shopping Centre located along
Orchard Road, Singapore’s premier shopping district. The mall was one of the most popular shopping
centres in the country and featured international luxury labels and myriad dining options. State
Property also had another retail outlet situated in the local art district on Armenian Street, where the
foot traffic was lower. Afzal felt that the timing was right for the company to grow domestically, and
the central location of the new outlet would help make the brand more visible to local shoppers. The
construction of many high-end malls had led Singapore to be known as a shopping paradise. Besides,
its residents enjoyed a high quality of life with sufficient disposable incomes to buy luxury items.
Afzal was also hopeful that he could increase sales beyond Singapore.
State Property was founded by Afzal and his wife, Lin Ruiyin, in 2015. The idea for the business was
hatched while they were both in design school and would combine his industrial design training with
her education in jewellery design. State Property was positioned as a mid-level fine jewellery
company. The company began gaining customers through word-of-mouth before Afzal worked to
raise its profile through media features and digital marketing activities. Thereafter it used an e-
commerce platform and sales agents to sell overseas, and its products had been worn by celebrities
including Michelle Obama, Nicole Kidman, and Lady Gaga.
Afzal returned to the store and noticed a group of people gathered outside. As he approached, he saw
that they were searching for more information on State Property on their smartphones after checking
out the storefront. State Property had been a fixture in the Takashimaya Shopping Centre for over a
year and its sales were rising. Still, he felt that the company had the potential for more growth if
consumers encountered State Property earlier in their search. Ideally, the initial interaction with
consumers would be digital, enabling the company to engage with consumers as they gathered
information. From there, consumers could transition to the online sales platform or visit a physical
store. How could he increase traffic to State Property’s website? While search engine advertising
(paid search) would increase online traffic, it would be costly. Afzal felt that an effective Search
Engine Optimisation (SEO) strategy could amplify the company’s growth.
1
Bob Kehoe, “The Best Place to Hide a Dead Body”, Leverage Marketing, July 21, 2016, https://www.theleverageway.com/blog/real-
deal-with-bob-kehoe-best-place-to-hide-a-dead-body/, accessed April 2023.
This case was written by Associate Professor Ernst C. Osinga and CW Chan at the Singapore Management University. The
case was prepared solely to provide material for class discussion. The authors do not intend to illustrate either effective or
ineffective handling of a managerial situation. The authors may have disguised certain names and other identifying information
to protect confidentiality.
Copyright © 2023, Singapore Management University Version: 2023-11-30
This document is authorized for use only by Valeria De la Peña in CP0012 taught by Sandra Nuñez, EGADE Business School - Tecnologico de Monterrey from Jan 2024 to Jul 2024.
SMU-23-0023 State Property Jewellery
Singapore
Singapore, an island-state in South East Asia, was located along major global trading routes. When
the British colonised Singapore in 1819, it flourished as an entrepôt trade hub and attracted traders
from all over the world.2 Many merchants from China and India ended up settling in the country. At
independence in 1965, Singapore’s had an ethnic demography that was 76.5 percent Chinese, 7.4
percent Indian, 14.5 percent Malay and 1.6 percent other minorities.3
By 2021, Singapore was densely populated with 5.9 million residents living within an area of 720-
square kilometres.4 It had become an affluent cosmopolitan country with a high quality of life and
one of the highest GDP per capita in the world at US$72,800.5 The government planned to boost
economic growth and improve future living standards through digital innovation. With a smartphone
penetration rate of 91 percent, digitalisation would unlock new economic opportunities, especially in
the retail sector.6
State Property
Entrepreneurial Journey
Afzal and Lin had met through friends while they were in design school; he was studying industrial
design at the National University of Singapore while she was studying contemporary jewellery
design at Central Saint Martins in London, the UK. Their bond deepened during Afzal’s year-long
exchange programme in Paris, France, where they consulted each other on academic projects and
discovered they had good work synergy; Afzal’s analytical thought process complemented Lin’s
artistry and craftmanship. He refined her design concepts while she helped turn his ideas into reality.
After graduation, both ventured into design consulting roles for companies in Singapore. Over time,
the idea of collaborating grew more appealing. With a year of professional experience under their
belts, Afzal and Lin founded State Property. Their vision was to build a company that could combine
design and art to create fashionable wearable jewellery (refer to Exhibit 1 for sample designs). They
wanted to design beautiful yet classic jewellery that would never go out of fashion. Their designs
were geometric and logical, with few to no organic forms. Every aspect of the design had a purpose
and reason. Afzal explained that fate played a role in the choice of the company name,
We could not decide on a name as we did not want to name the company after ourselves. One day
we took the wrong turn while driving for lunch. We reached a sign that blocked the road; it read
‘state property’. We felt that it suited our purpose. ‘State’ represents the abstract state of mind
of the jewellery wearer while ‘Property’ represents a physical quality, the tangible result of our
designs.
2
Singapore Tourism Board, “About Singapore”, https://www.visitsingapore.com/travel-guide-tips/about-singapore/, accessed April
2023.
3
Government Technology Agency of Singapore, “Singapore Residents by Ethnic Group and Sex, End June, Annual”,
https://data.gov.sg/dataset/resident-population-by-ethnicity-gender-and-age-group?view_id=ce206ba3-ea36-46fe-9e9a-
6351a9c6805f&resource_id=f9dbfc75-a2dc-42af-9f50-425e4107ae84, accessed April 2023.
4
The World Factbook, Singapore, https://www.cia.gov/the-world-factbook/countries/singapore/, accessed April 2023.
5
The World Bank, “GDP Per Capita (current US$) – Singapore”,
https://data.worldbank.org/indicator/NY.GDP.PCAP.CD?locations=SG, accessed April 2023.
6
Statista, “Smartphone Penetration Rate as Share of the Population in Singapore from 2010 to 2021 and a Forecast up to 2028”,
https://www.statista.com/statistics/625441/smartphone-user-penetration-in-singapore/, accessed April 2023.
2/12
State Property started small and initially operated in quiet areas, with clients served mostly by
appointment. Afzal shared that he was overly idealistic,
We did a launch and invited people we knew; they were not necessarily our target clients. It was
more friends and other designers that were invited. In the end it was more like a design project
than a jewellery launch. We made experimental pieces with unusual specifications that were too
adventurous for our clientele. Eventually, we ended up mainly doing bespoke work for clients
who came across our shop. Most of them were referred through word-of-mouth.
Afzal knew he needed to raise the company’s profile in order to attract more buyers, and it was
decided that State Property would enter the 2017 Singapore Fashion Awards to raise its brand
awareness. The decision turned out to be a wise one; State Property’s innovative designs were
appreciated, and the team was bestowed the award for emerging designers of the year in the
accessories category. The award ceremony was also a good networking opportunity and Afzal met
Tina Tan-Leo, a successful fashion retailer and a willing mentor. She was a fashion pioneer who had
brought the Gianni Versace brand to Singapore in 1979 and subsequently introduced brands such as
Vera Wang, Roberto Cavalli, and Manolo Blahnik. He spoke about her impact,
Our mentor reshaped the business side of things; internally we redesigned all the collections that
we had put out, repriced everything based on market demand and structured everything to
actually be run like a business. We realised the sweet spot in terms of our price point is between
S$2,000 and S$8,000 (US$1,000 and US$5,000)7. We sell fine jewellery for the working man and
woman. I think that is what we want to keep doing, design minimalist pieces that people can wear
to work. We are priced like a mid-level fine jewellery company.
Afzal also started to increase the company’s sales channels. In 2019, State Property registered to sell
on Net-A-Porter, a luxury brand ecommerce platform that helped fashion labels sell their products
online. In 2021, the company moved to Armenian Street, an area located within the local art district.
A year later, the company opened a second outlet in the upmarket Takashimaya Shopping Centre.
Positioning
There were many competitors in the jewellery sector, including other local designers and large
multinational companies. State Property aimed to distinguish itself by having unique designs,
attracting male clients and competing in the mid-level fine jewellery segment. The company
maintained a loyal following by launching new pieces that worked well with other pieces that had
been previously launched. Customers could choose to wear those complementary pieces together or
as an alternative. Afzal explained what customers liked about the company,
Our design process is the biggest differentiator. Eastern jewellery-making techniques involve
using good materials and high-quality workmanship. At the same time, our aesthetic has a heavy
Western influence. We marry all that together and bring to the table a distinctive East meets West
influence.
While many companies catered to female consumers, Afzal shared that State Property had a growing
male clientele,
They are generally bankers, lawyers, or doctors in their 40s. But we also have a growing group
of self-made crypto-currency traders. This is an interesting group because it does not fit with the
rest of our demographic. They are buying the pieces that we are most excited about but never sell.
7
US$1 = S$1.6 as at April 1, 2023.
3/12
Most of them are informed about jewellery. They have all the signatures of all the big brands
already. They are looking for new brands to add to their collections to be topics for conversation.
Afzal knew that State Property’s innovative designs, excellent craftmanship and quality materials
merited bigger profit margins. However, he was hesitant to peg his merchandise at a higher price
point,
I am debating if State Property should compete in the high fine jewellery segment. We are still
trying to figure out if it is worth trying to push towards the high fine jewellery segment because
we will be stepping into the big leagues. Our competitors will be equipped with capital that we
do not have, and they are more experienced in sourcing large gemstones.
We follow an unconventional approach to jewellery design. Our design training and inclinations
are much more towards the form, which we express in precious metal. We then embellish the
pieces with gemstones that fit the designs. This is in contrast to the more conventional approach
to jewellery design, where the design starts with the gemstones first. We prefer using precious
metals such as gold and platinum because they retain their value well, are generally resilient
against tarnishing, and can be easily updated when the piece no longer reflects the style of its
wearer.
Product Segments
State Property segmented its products into several categories: ready-to-wear, bespoke, and bridal.
The ready-to-wear segment was its largest segment, comprising 70 percent to 80 percent of local
sales and 100 percent of international sales. This segment maintained an inventory of pre-
manufactured accessories that were available in several sizes and colours. The challenge for the team
was deciding how many variations to produce because storage costs were high. It was a trade-off
between stocking inventory and losing clients; the worst-case scenario would be a product that was
out of stock when a customer was ready to make a purchase. Afzal elaborated on the decisions he
faced,
What colour of gold do I use, and which design should I produce more of? What we try and do
here is make sure that we have pieces that are proven to sell. We normally hold a running
inventory of around five pieces for each item. We try and make them in sizes that are common.
For items like rings, most of them are made to order because of sizing issues. Overall, our stock
levels are maybe 20 percent of our actual stock keeping units (SKUs).
Afzal shared that there were more instant purchases in the ready-to-wear segment,
Ready-to-wear buyers are more spontaneous. Nevertheless, they are experienced shoppers who
know the market. In the back of their head, they know how much a love bangle or a signet ring
cost. At the same price, they might go to Cartier or Van Cleef and Arpels.8
The bespoke segment involved designing jewellery according to the specifications of the client. Some
clients would approach State Property with detailed customisations for the company to manufacture.
Others would meet the company with an abstract idea or concept of their requirements for the team
to help them flesh out. Afzal believed that jewellery could mark milestones in a family’s life journey,
and was motivated to create family heirlooms that clients could bestow to the next generation,
8
Cartier is a high-end French luxury goods company that specialises in jewellery and watches. Van Cleef & Arpels is another high-end
French jewellery company.
4/12
An heirloom is not just something precious, but also something that triggers memories. We want
to imbue some sort of emotional element within our pieces and for our jewellery to be vessels of
memories for people, so that they can feel an emotional connection when they wear those
heirloom pieces that belonged to their family.
The third customer segment was the bridal segment. In traditional Chinese culture, the bride would
receive ‘si dian jin’, a four-piece gold set comprising a ring, bracelet, necklace and earrings, from
the groom’s mother as a betrothal gift (refer to Exhibit 2 for an illustration of ‘si dian jin’). This was
a very popular item, and the company received many requests for it along with engagement rings and
wedding bands. But while there was plenty of demand for bridal jewellery, it was accompanied by
pressure. Afzal spoke about the typical bridal clients,
Their demands are more exacting. Bridal clients are always well researched; they do not come
in and buy spontaneously. They tend not to be flexible and would not take another shade of gold
or a substitute piece of jewellery.
Marketing Efforts
Having built a solid foundation for the company, the team made a concerted effort to increase State
Property’s brand awareness. Engaging with local media helped to raise its profile. Afzal spoke about
the press interviews he gave,
We were featured twice within a few months in Singapore Women’s Weekly. They were small
features; it was really like how you would style a certain type of hair and how to accessorise
when wearing polka-dot dresses. We were also featured in Channel NewsAsia for a segment for
local brands. We saw a direct connection between these events and people coming down to check
out what we do.
However, the Singapore market was small. About 60 percent of State Property’s revenue was earned
in Singapore, and it was looking to expand internationally. The company had a small presence in the
United Arab Emirates and Kuwait but was focused on gaining a foothold in the US, Bahrain, and
Qatar. Attending exhibitions and shows was an important approach for the company to gain
international exposure, as Afzal explained,
We have been attending the Bahrain jewellery show for the past two years, trying to get people
acquainted with our brand. We already have a retailer there. But I think being at the show helps
with establishing a presence. Every June, there’s a big Expo in Las Vegas, which all the
independent fine jewellery brands attend. And that's where we meet the retailers face to face.
State Property hired a public relations (PR) agency to represent them in the US. International
audiences might also have seen State Property’s earrings adorning Tavi Gevinson, a cast member of
the ‘Gossip Girl’ reboot, in a feature article in Cosmopolitan magazine in 2021.9 The company’s
jewellery was also showcased in O, the Oprah magazine, in 2019.10 In addition, the PR agency would
distribute their merchandise to celebrity stylists, magazines and retailers on consignment. This
resulted in celebrities such as Michelle Obama, Lady Gaga, Nicole Kidman, and Emilia Clarke
wearing their jewellery pieces for various events. While the jewellery would usually be used for a
9
Brian Moylan, “Our Exclusive First Look at ‘Gossip Girl’ Is Here to Set Your Screen on Fire”, Cosmopolitan, April 28, 2021,
https://www.cosmopolitan.com/entertainment/celebs/a36124884/gossip-girl-new-hbomax-cast-cosmo-cover-interview-may-june-2021/,
accessed November 2023.
10
State Property, Press & Features, https://thisisstateproperty.com/pages/press-and-features, accessed November 2023.
5/12
single event, some celebrities end up buying them. Afzal elaborated on how celebrities were outfitted
for many events,
Our PR agency shares our brands with magazines and celebrity stylists; they are constantly
sending out what we are doing, and what is new. That effort got us noticed by the celebrities.
However, we cannot control what the celebrities pick as they have a wide selection to choose
from. The stylists of these celebrities basically make decisions on what they should wear. They
give celebrities maybe 30 sets of rings, bracelets, and earrings from different brands. And then
the celebrities will choose a few pieces that they like best for a particular event. If they choose
our pieces, the day after we will get an email with the photographs of them wearing them.
Afzal shared that the benefit to State Property was more indirect than direct,
The sales impact was not as big as I was expecting, but it does make an impression. It validates
our brand and helps make people remember us. When we first started the business, people were
asking whether our gold and diamonds were real. Now they do not ask us those questions
anymore.
Online Promotion
State Property regularly posted online articles on social media platforms such as Facebook and
Instagram, and were getting a lot more views and clicks for their social media content than their email
newsletters. The team had also started to generate more video content, which was, however, more
expensive.
State Property’s website 11 was another important touchpoint for consumers and within the
company’s control. It could serve as an information channel, branding instrument, sales channel, and
provide after sales services. Afzal explained how the website aided consumers,
We see our website as an online catalogue, with our stock level synced with our website. We try
to portray beautiful imagery and invest quite a bit in the photography. When people discover us
on Instagram, and see a product that they like, they click on a link that brings them to our website.
Then they will see that our website looks professional, and we are not a fly-by-night kind of setup.
We want our pieces to make a good first impression with the client. So, by the time clients come
in, they will be comfortable buying from us.
But despite its marketing and publicity activities, State Property’s website traffic remained relatively
low. Afzal got his brother Huzer Imram, who became State Property’s Business Controller, to help
with managing the website. Huzer shared how important it was to maintain the website,
I would say the website is almost as important a face for us as the physical store itself. For many
people, it is the first impression they get of us. And I think what we have been doing is starting to
integrate our website experience with our store experience. Our online store uses Shopify12. So,
whether you decide to complete your purchase at the store, starting from the website or the other
way around, you get a consistent experience throughout the entire process. We invest quite a bit
in the content that goes to the website. We show product listings with information such as sizing
and specifications that help bridge the gap of not having the piece of jewellery in your hand.
As for overseas, the primary route used continued to be Net-A-Porter, a popular ecommerce platform.
11
Refer to “https://thisisstateproperty.com/” for the website.
12
Shopify is a Canadian ecommerce company.
6/12
Afzal elaborated,
We have been growing our relationship with them. Our listed product range has grown
substantially. We've also moved from consignment only arrangement to some sort of modified
wholesale arrangement.
Search Engine Optimisation
As Afzal returned to his office inside the store, he reflected on State Property’s achievements thus
far. He was happy with the new customers attracted by the second physical outlet. However, he felt
that State Property could serve many more customers if brand awareness was increased. Consumers
interested in buying jewellery for a wedding, special occasion, or as a self-gift might run a general
search on an online search engine like Google to find more information, without having decided on
a particular brand or product yet. Others might just be looking for general gift ideas.
Afzal felt that he could better reach consumers at the beginning of their customer journey if he
improved the company website. He wanted his products to be widely seen by local and overseas
shoppers. However, State Property would not show up within the top few online search results if
people looked for products such as wedding bands (refer to Exhibit 3 for a screenshot of the top-
ranked paid and organic search results). Paid search advertising would provide a quick remedy, but
this solution would be expensive and the effects would be short-lived. Afzal would like to adopt a
more sustainable solution and realised that an SEO strategy was what he needed (refer to Appendices
A and B for instructions on how to develop an SEO strategy).
7/12
EXHIBIT 1: SAMPLE UNIQUE DESIGNS
Source: Provided by company
EXHIBIT 2: SI DIAN JIN SET
Source: Provided by company
8/12
EXHIBIT 3: SCREENSHOT OF WEB QUERY
9/12
Source: Authors (Google query August 31, 2023)
10/12
APPENDIX A: INTRODUCTION TO SEARCH ENGINE OPTIMISATION
SEO involves various strategies designed to enhance a website’s ranking in organic search engine
results, thereby increasing its visibility and traffic in response to user queries. Typically, the process
starts with defining goals: which visitors to target, what the website wants these visitors to do, and
what pages it wants them to visit. The next step is to apply SEO techniques to achieve these goals.
SEO techniques can be classified into three categories: on-page SEO, off-page SEO, and technical
SEO. On-page SEO is about optimising a website such that it ranks higher in search engines’ search
results. Specialists typically begin with in-depth keyword research to pinpoint the most appropriate
and high-impact keywords and phrases used by the target audience. Once these keywords have been
identified, they should be integrated strategically into the website’s content, ensuring they are
seamlessly woven into the text, headings, meta tags, and alt text for images. Furthermore, it is
important to create valuable and informative content that includes the keywords and addresses the
needs and questions of the target audience. Regularly monitoring SEO performance and making
adjustments based on the results helps refine the SEO approach over time, ultimately leading to
improved online visibility and achieving desired outcomes, such as increased website traffic,
conversions, and business growth.
Off-page SEO includes activities taken outside of users’ own websites to improve their ranking in
search engines. A key component of off-page SEO is to generate links from other websites to theirs
(referred to as backlinks). Generally, the more websites that link to a firm’s site, the higher the
ranking in search engines. Specialists can grow the number of links to their website by actively
promoting high-quality content (as developed under on-page SEO), studying existing backlinks,
inviting guest posts, and making smart use of social media.
Finally, technical SEO refers to backend website optimisation that makes the firm’s website easier
to crawl and index by search engines. Examples of technical SEO activities include building a
sitemap, improving internal links, and reducing page load times (improving page speed).
SEO techniques have been successfully used by many organisations. For example, online lodging
and travel platform, Airbnb, has used SEO quite successfully over the years. The platform’s user-
friendly website with detailed property listings and high-quality photos, makes it easy for search
engines to index their content effectively. Airbnb also invests heavily in content marketing, offering
a blog with travel guides, local insights, and tips for both travellers and hosts. These articles are well-
optimised for relevant keywords and receive numerous backlinks from travel-related websites and
blogs, helping them rank prominently in search engine results pages. In terms of social media, Airbnb
has a significant presence on social media platforms like Instagram, Twitter, and Facebook. The
company shares visually appealing content, user-generated photos, and travel stories, engaging with
its community of users.13
13
Srdjan Stojadinovic, “Airbnb Case Study — Road to $84.56B with Programmatic SEO Strategy”, Omnius, October 30, 2023,
https://www.omnius.so/blog/airbnb-case-study, accessed October 2023.
11/12
APPENDIX B: DETAILED INSTRUCTIONS SEO STRATEGY
1. Choose the target group for State Property’s SEO strategy. Which product segment should the
strategy focus on? What is the geographical location of the target segment? At what stage of the
purchase journey are consumers in the target segment? Should the strategy focus on consumers
who use informational, transactional, or navigational queries? Explain your choices.
2. Which keywords do consumers in the target segment use in their queries? To answer this question,
• Talk to consumers.
• Study State Property’s website.
• Study the websites of competitors of State Property.
• Use online tools such as keyword discovery tools.
Explain how you combined information from different sources to create a list of suggested
keywords. Provide a minimum of 15 keywords.
3. How relevant is the current content on State Property’s website to the suggested keywords?
4. To (further) increase the relevance of State Property’s website, the website’s content should be
(more) relevant to the suggested keywords. Which content would you recommend adding to State
Property’s website?
• Be specific in your suggestions. Provide clear instructions to content writers.
• Clearly indicate how the suggested content aligns with the suggested keywords.
• Indicate how the suggested content differs from the content on competitors’ sites.
• Give suggestions for making the content more attractive (e.g., visuals, humour).
5. The importance of State Property’s website depends on the number (and quality) of other sites
that link to State Property’s website content. Do State Property’s current promotional activities
help to obtain such links?
6. Which websites would be suitable for linking to the content that you recommended to add to
State Property’s website? Use intuition and link analysis and suggest at least 10 websites. Explain
your suggestions.
Source: Authors
12/12

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For the exclusive use of V. De la Peña, 2024.

STATE PROPERTY JEWELLERY: GOING FOR GOLD WITH A

Copyright © 2023, Singapore Management University Version: 2023-11-30

SMU-23-0023 State Property Jewellery

SMU-23-0023 State Property Jewellery

SMU-23-0023 State Property Jewellery

SMU-23-0023 State Property Jewellery

SMU-23-0023 State Property Jewellery

SMU-23-0023 State Property Jewellery

Search Engine Optimisation

SMU-23-0023 State Property Jewellery

EXHIBIT 1: SAMPLE UNIQUE DESIGNS

Source: Provided by company

EXHIBIT 2: SI DIAN JIN SET

Source: Provided by company

SMU-23-0023 State Property Jewellery

EXHIBIT 3: SCREENSHOT OF WEB QUERY

SMU-23-0023 State Property Jewellery

Source: Authors (Google query August 31, 2023)

SMU-23-0023 State Property Jewellery

APPENDIX A: INTRODUCTION TO SEARCH ENGINE OPTIMISATION

SMU-23-0023 State Property Jewellery

APPENDIX B: DETAILED INSTRUCTIONS SEO STRATEGY

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