The industry has often been linked with the desire of expressing a person's status. Previously, it had been associated with physical goods; however, today it's more about unique experiences. As a result of such interest, there's an increasing demand for luxury products, ultimately creating the need of luxury brand managers.
Just until a few years ago, luxury brand management was such a sector that didn't exist at all, at least not so apparently. However, today, there are exciting career opportunities for those holding a degree in this field. The best way to describe such management is by defining it as such an interdisciplinary subject which makes use of time-tested management practices to organizations and businesses offering premium services.
The most common job that people with a degree in luxury brand management take is that of a luxury manager. He or she is responsible for conducting market research for all the target products, while also overseeing and organizing advertising campaigns. You may ask yourself " why study luxury brand management? To put it simply, it teaches the business and marketing skills needed in managing such brands along with the much-needed professionalism and soft managerial skills.
Ensuring your luxury brand marketing includes strategies to tap into the senses creates deep connections and associations for luxury brands read our post on emotional branding.
Soundwich in Portugal offers gourmet sandwiches delivered in boxes that play music chosen by the chef. Apple did it; they took a techy product that you needed an IT degree to use and made it fit the customer — and a lifestyle statement. Starbucks introduced take-out coffee and changed our relationship with the drink. You assess your product or service, and how it is assembled or supplied and how people access it — and perhaps take inspiration from a different category to breathe new life into it.
But what flavour do you give your brand? And when Burberry opened their Taipei flagship , Creative Director Christopher Bailey created a digital weather experience that rained clear confetti with leaves blown around by wind machines, taking customers on a spiritual journey to England. Puia Shamsossadati: We have a close collaboration with several celebrities and work strategically with product placement. When people like Neymar, Cristiano Ronaldo, and the Kardashians use our products, they become very visible.
Especially since your phone is an item that you carry with you at all times. This strategy has given our brand a lot of exposure in the circles of our target audience. We also do design collaborations with interesting people. Joseph DeAcetis: Integrating payment and product delivery for customers in third-world countries is something many luxury brands struggle with.
Puia Shamsossadati: In some emerging markets, like India, our products are very popular, and these markets are growing quickly. But in India and some other countries, there is a cap on online payments, making it difficult to pay for high-ticket items.
We mitigate this by offering payment plans in countries where this is the case. One problem we face is that some countries, for example, India and Brazil, have very high import taxes.
That makes our products more expensive for customers in these areas, which is unfortunate. The future looks promising for luxury brands and they seem to be doing well in finding a balance between being online and maintaining exclusivity globally, including Africa.
Being online has allowed luxury brands to reach their customers even in the most unlikely places while their exclusivity status remains largely unstained. This is a BETA experience. You may opt-out by clicking here. More From Forbes. Nov 12, , pm EST. This article argues that they can best square this circle by focusing on authenticity through their commitment to the craftsmanship and art of their employees in their customer engagement. To begin with, marketers need to be careful to send the right signals on being eco-friendly to avoid customers interpreting sustainability messages as greenwashing.
Also, past research suggests that consumers may negatively evaluate luxury brands that engage in corporate social responsibility CSR.
Other studies argue that consumers may even perceive that eco-friendly luxury products carry less status-increasing social capital than non-sustainable luxury products do. We suggest a more intriguing strategy: focus on authenticity. We build our recommendation from our recent research , conducted among more than 1, customers for different high-end product categories watches, perfumes and design furniture , that gives insights on how and why luxury brands can use authenticity to communicate their ethics.
The fact that a piece of luxury furniture was designed by an Italian artist, produced by local artisans in an Italian village, and made of Italian wood and silk indicate that a it is truly an authentic Italian product. Here, the perception of authenticity is based on objective information such as certificates of origin or the nationality of the designer.
In other words, if your Italian furniture maker opens a branch in France, with designers and producers inspired by the creative vision of the Italian team, the products of this branch could be perceived as authentic if key elements of the marketing mix evoked the original product — for example, if the shape, color, or materials of the products in France resembled those of the original Italian products. In our first two studies, with almost consumers in the US, we showed how the two types of cues affected perceptions of whether the product was considered as ethical.
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