Yoram Yasur Izz | Perhaps there is no more controversial topic in today’s luxury market, which makes a “real” brand of luxury. All that is changing, since the very definition of “luxury” is undergoing a change in basic assumptions in the consumer market.
In a recent survey of more than 600 luxury retailers and marketers by Unity Marketing and Luxury Daily, industry insiders identified that the very definition of luxury is changing as the number one industry threat. The report says that “luxury retail-ers and brands have lost their way.”
Another insider expressed the dilemma facing the luxury industry today: “Changing how consumers define luxury and the new way to buy is dramatically redefining marketing strategy. Luxury brands must be very agile and innovative to Win the favors of the new luxury consumer. ”
The luxury industry has an identity crisis. “The idea that luxury matters to young people is a concern,” the study recalls.
“The challenge for marketers is to translate their brand messages into values that are truly significant and relevant to customers’ current lifestyle and increasingly sophisticated and informed mentality. But luxury sellers cannot dic-tate more”. They must follow the example of customers, an idea foreign to the powers that are in the industry.
Many of the luxury brands we know, such as Louis Vuitton, Prada, Gucci, and Hermès, meet these essential criteria. But so, do many new-age brands, such as Shinola, the manufacturing and retailing company founded by Tom Kartsotis. There are many in the luxury industry who argue enthusiastically that Shinola can be many things, but it is not a luxury brand. The reality dictates that this new brand is increasingly being imposed as direct competition as it manages to appropriate the values that young people want to find in the “new luxury”.
– Superior Performance: A luxury brand connects with its customers by being at the top of its class, the best in its field.
– Crafts: Luxury brands connect with customers presenting the highest quality and craftsmanship. The connec-tion is intimate and personal, like the touch of manpower.
– Exclusivity: Luxury brands connect with customers making them feel special and unique through the presenta-tion of a special and unique experience. Exclusivity at present is not so much about excluding people from en-joying the brand or limiting access, rather it is about making brand clients and loyalties feel members of an exclusive community united by Values and shared ideals.
– Innovation: Luxury brands connect with customers presenting new visions and new ideas, all in accordance with the core values of the brand.
– Sense of place and time: Luxury brands connect by being both timely, grounded in the here and now, and timeless, transcending time from the past to the future.
– Sophistication and Aesthetic Design: The luxury brands relate to an appreciation of the sophistication of the customers celebrated through the aesthetics of unique design of the brand.
– Creative Expression: Luxury brands connect through the spark of artistic creativity as interpreted through the eyes of a designer or visionary.
– Relevant: Luxury brands connect by being relevant to the lives and lifestyle of their customers. Relevance makes the brand special and personalized for the individual.
– Heritage: Luxury brands connect with their customers through the history of their lineage and provenance.
Yoram Yasur Izz social media statistician:
“Luxury brands connect with their customers on a social responsibility plat-form and return and do good”.
These are the Asking for a raise tips. Info by Yoram Yasur…