Luxury brands are conceptually different and require a specific approach to brand management. This article offers a framework to guide you through the design of building a luxury experience. We are living the experience economy.
Marketing Why Strong Relationships Are Key to Building a Luxury Brand Sure, high quality and exclusivity matter, but the luxury brands that stand out prioritize relationship building above all else. Getty Images What makes a luxury brand, well luxury?
Millennials, especially, crave luxury experiences that extend far beyond the amount on a price tag.
|Sign Up to Newsletter||We sometimes use affiliate links which means that, at zero cost to you, we may earn a commission if you buy something through our links. Yet, with print and display advertising returns decreasing, and luxury shoppers spending more time online and on mobile devices, luxury brands need to not only adapt to survive in the digital universe, but to thrive also.|
|Home - Institute for Luxury Home Marketing||Marketing a Luxury Brand: Part 1 Today I am starting a series of articles on marketing a luxury brand.|
Promoting high price points or sleek products is not enough; when it comes to luxury, subtly and influence are the ways to win consumer loyalty. If you're interested in building a luxury brand, you need to pay attention to how you're building relationships with three key audiences: I sat down with Mark Birnbaum, one half of the duo behind famed hospitality group EMM to learn more about how he successfully creates luxury hospitality Luxury brand marketing.
Throughout our conversation, Birnbaum harped on serving three primary audiences: Pay attention to high-profile influencers. Throughout EMM's tenure, Birnbaum and his partner Eugene Remm have never lost sight of the power of catering to high profile clientele.
Their rolodex literally put Catch on the Los Angeles map. According to Birnbaum, "Catering to celebrities has the power to draw immediate customer interest. Because people aspire to live like their favorite celebrities, they trust their tastes in experiences. Catch felt like a secret that only influencers had access to, which meant that the public immediately wanted in.
Don't overlook your own employees. You cannot build a sound luxury company without serving your own employees. You are selling a lifestyle and it's imperative to practice what you preach.
Furthermore, when your employees are enthusiastic about their jobs, they become natural brand evangelists. Birnbaum says, "We pay special attention to every single hire we make at our locations. We want people who will not only assimilate to the culture of our restaurants, but individuals who can elevate it.
However, we know that instilling these attitudes starts with the EMM management team, and we know that the more effort we put into building relationships with our employees, the better our business will be," says Birnbaum.
Build unique experiences with every individual customer.
Even if they are influenced by their favorite celebrities and further convinced by testimonials, they still have to be convinced that your product or service is worth their repeat business. Birnbaum is insistent in driving personalize experiences that make every customer feel unique.
Building a foundation steeped in 1: As EMM looks to the future they continue to find ways to make each customer special. Birnbaum is well aware that digital technology has dramatically altered customer behavior, and EMM is embracing digital change, including allowing customers to text in their reservations.
Oct 25, More from Inc.45% of all luxury sales are influenced by digital marketing. See how luxury brands like Chanel, Dom Perignon, Aston Martin, Harrods are adapting highly effective strategies to .
Luxury brands get boost from influencer bride State of apparel and accessories - Luxury Memo special report Day's wrap: Bloomingdale's, Mulberry, Aston Martin, Vogue, WSJ. A lifestyle brand is a brand that attempts to embody the values, aspirations, interests, attitudes, or opinions of a group or a culture for marketing purposes.
Lifestyle brands seek to inspire, guide, and motivate people, with the goal of their products contributing to the definition of the consumer's way of life.
Instead, luxury brands’ investments are focused on the specific beliefs of the brand, creating a very focused experience to the right customers. Be more than a logo. When consumers think of a true luxury brand, they’re likely to think of a whole set of visual icons, rather than one single logo.
Luxury Brands is a bespoke brand-building, marketing and communications agency with over 20 years of successful local and international marketing experience.
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