The pursuit of uniqueness and access to a privileged existence, highly crafted products and life of exception is the concept of luxury. Enticing for a quest for rarity in the market.
Well, here we'll be taking a look at the business of luxury. In the actual day to day business, every transaction starts with establishing a connection with every client that walks in through those doors. Even before making a second guess on who they might be, you must be prepared to hear their story, to get the most out of their expectations, opinions and beliefs and more. Managing a luxury brand does not mean running after a maximum number of customers but rather the right ones associated with their own status cause growth in luxury is a very fragile concept and a mixed blessing, it needs both cash flow and know-how.
Anti - Law of Marketing
Fashion is whimsical, it can be as simple as just knowing which celebrity wears what brand. However luxury doesn't usually need celebrity endorsements, indeed it is one of the major "anti laws" of marketing.
A key business question remains: How can Luxury companies grow while remaining true to the model of the scarcity of supply that prevents growth? No wonder fashion sells, but being fashionable is a very fragile state that needs to be constantly revisited. Luxury however is a long term, a product of its time, epoch, high quality and only for minorities.
Triangulation of Desire
Coined by an anthropologist - Rene Girard which says "Consumers do not desire the product or brand per se, but rather desire of another person". However once bought or possessed it losses its value. Threats still exist and like the growth. As soon as a brand becomes preferred by the new rich, the old rich move to another, less visible, less coded brand, with subtle indications of high status.
What will be rare tomorrow?
Luxury is to sell a dream and the dream value of a brand is nurtured by its perceived luxuriousness and its tradition, legend and historical heritage, confirming fashion is quite the opposite concept.
Painstaking problems:
The luxury products production process is often time-consuming, leading to long waiting lists.
In today's consumer landscape, when consumers and retailers demand to know exactly what time a product will be ready, this creates impatience.
The Etymology of sacrifice is making sacred, Doesn't mean to say in terms of functionality, cause progress is obsolescence: one version of progress will ultimately be replaced by another. The dream of luxury however lasts a long time. Continue reading more of my thoughts...
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