Luxury brands have always been a fascinating sector and luxury brand marketing one of the most complicated disciplines.
Here are the 8 P’s of luxury brand marketing, this article attempts to bring together the elements and interplay between the principles that are employed in the luxury brand marketing mix.
However, one needs to acknowledge that the degree of significance of these elements may vary from brand-to-brand and market-to-market.
A good deal of ink has been spilled quoting and interpreting this well known remark of F. Scott Fitzgerald. During the era of vast inherited wealth that Fitzgerald chronicled, those words may well have defined a divided nation and its attitudes. Today, while the wealth of the nation is still sharply divided, the bulk of it is earned rather than handed on. That’s significant. Today Fitzgerald’s world of coddled layabouts has been replaced by a world of hardworking entrepreneurs, and the way in which they approach wealth and its uses is different as well.
Smart marketers evolve their brands over time to keep them relevant. Some do it well, while others tend to cry over spilled milk.. To gear your next rebrand for success, sidestep these all-too-common mistakes:
1. Hanging on to history.
Rebranding well means staying relevant. Assumptions made when the brand was established may no longer hold true. Analyze changes in target markets when exploring opportunities for brand expansion, repositioning and revitalization.
2. Thinking the brand is the logo, stationery or corporate colors.
Brands encompass everything from customer perception and experience to quality, look and feel, customer care, retail and web environments, the tone and voice of communications, and more.