Luxury Marketing Strategy
Designing beautiful objects is no longer exclusive to luxury brands anymore, if we compare Ikea to luxury interior design brand Conran then the concept of beauty is purely subjective. Technological innovation in manufacturing has made it easier for more brands to develop beautiful products. Today, more than any other time in history luxury products require additional validation in-order to demand higher price points. A quote from Michel Chevalier sums this up best
“Luxury strategy aims at creating the highest brand value and pricing power by leveraging all intangible elements to communicate a distinctive presence within a cluttered world- i.e. time, heritage, country of origin, craftsmanship, man-made, limited production, prestigious clients”. In plain terms, the distinction between luxury and non luxury brands is not defined by the product design but rather the desirability and perception of the brand which creates the product, which is fuelled by the creative, marketing and communications department.
Sales Growth Strategy
A luxury brand must aim become a sign of a certain world, one which stimulates excitement and imagination, by utilising creative methods luxury brands can create worlds which consumers aspire to be a part of. Think McQueen and his shows, Steve Jobs and the Apple think different campaign which hosted iconic legends such as Einstein, Think Chanel and their beautiful immersive ads, just to name a few.
These creative méthodes stimulate senses imagination and contributes to the overall story telling of a brand. How do you do this? Join forces with a visionary creative director to develop the mood/idea board, it’s important to research your consumer target, understand the cultural significances and implement historic references, shock value and if possible a VIP or Influencer to maximise reach marketing push.
All the elements mentioned in Michel Chevalier’s quote provides the leverage, brand equity and authority required to grow a profitable brand within the luxury sector.
With the millennial market vastly becoming main consumers, powerful opportunities are emerging in the 25-to-34 year olds market (the Millennial audience). The key challenge for todays luxury brands is not about how to connect to millennials through internet marketing tactics – but how to create compelling reasons why the their brand is meaningful, important and unique. Creating visual stories through all communication touch-points will increase the capacity to be recognised as unique. By incorporating distinct vision, inspirations and views of the world through the brand communication channels we will be able to build a brand whose world is one that consumers desire to experience.