First, deciding what is and what isn’t a luxury brand for your business is highly subjective. Everyone can infuse an element of luxury into his/her business consumer brand experience. The way luxury brands managed are not. (Jim Tiffany)
- Remember that luxury doesn’t rely on discounts or price cuts.
- Debases the image/value of the brand
- Cherry pick
- Price war – compete on price
- Build the image so that many more people know about the brand than can actually buy it.
- James Bond – Aston Martin.
- Social media…PR…the unexpected
- Differentiate the experience/product/service
- People will pay more for a unique experience
- Partnership with a “known” luxury brand
