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.
The first step is to understand that in the so-called luxury market, there are three possible strategies, which which we categorize as luxury, fashion and premium. The difference between these three strategies is big. It does not change much in the eyes of most basic consumers, at least in the short-term. But when one has to manage a brand, the difference is pivotal. In fact, if you decide to implement a fashion or a premium strategy, the classical marketing styles works pretty well. But if you decide to implement a luxury strategy, you need to reconsider all the aspects of your marketing management.
Brands need to explore new packaging strategies in the era of online delivery to keep consumers coming back for more.
Packaging offers a way to establish brand identity and create personalized consumer experiences. But in the era of online delivery, shouldn’t brands do a lot more to give online shoppers more compelling and on brand packaging experiences—right on the consumer’s doorstep? In today’s economic environment, after all, brands are competing as much on the experiences they offer as the products they sell.
Building and properly managing brand equity has become a priority for companies of all sizes, in all types of industries, in all types of markets. After all, from strong brand equity flow customer loyalty and profits. The rewards of having a strong brand are clear.
The problem is, few managers are able to step back and assess their brand’s particular strengths and weaknesses objectively. Most have a good sense of one or two areas in which their brand may excel or may need help. But if pressed, many would find it difficult even to identify all of the factors they should be considering. When you’re immersed in the day-to-day management of a brand, it’s not easy to keep in perspective all the parts that affect the whole.
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.