Luxury Brand Marketing Essay

While the watchword lastlife is use in daily lives to refer to sure lifestyle, the underlying constructs comment is consumer and situation specific. If you earn less than 15000 a month, a pair of reebok shoes would be a really big lavishness item for you. On the opposite hand, if you argon going to a party with whatsoever big-wigs a $100,000 car may non be a prodigality. The word extravagance originates from the Latin term luxus signifying, soft or extravagant living, indulgence, sumptuousness or sumptuosity The meaning of extravagance is extremely unverifiable and multi propertyal in nature.It depends on dimension much(prenominal) as high impairment, high quality, uniqueness, exclusivity etc. What is a high life harvest-tide? In economic terms, luxury products atomic number 18 those who can consistently command and liberate a higher price than products with corresponding functions and similar quality. In merchandise term, luxury products atomic number 18 those who can deliver excited benefits which is hard to match by like products. The luxury sector targets its products and services at consumers on the top-end of the wealth spectrum.These self-selected elite ar to a greater extent than or less price insensitive and choose to spend their cartridge clip and money on objects that atomic number 18 apparently opulence rather than necessities. For these reasons, luxury and prestigiousness de stagements have for centuries commanded an unwavering and often visceral customer committal. opulence and prestige nones much(prenominal) as Rolex, Louis Vuitton and Cartier represent the highest form of trade and command a staunch consumer loyalty that is non affected by trends. These filths develop and regulate the seasonal trends and are withal capable to induceing all of their consumers with them wheresoever they go.Premium steels are those tarnishs like Polo Ralph Lauren, Calvin Klein and Tommy Hilfiger that get to be luxury and prestige fall guys simply their marketing mix strategies are more attuned to a mass market, albeit a luxury mass market. They are as well termed as mass-premium brands or mass-luxury brands. Fashion brands on the other hand are those that address the masses. Strategies for luxuriousness merchandise There are naturalized foundations for ensuring success of a brand and they are listed below in brief 1. The brand moldiness be expansive.Which mode it should be full of innovation opportunities for the trafficker and in terms of satisfying the divergent needs of the luxury consumer 2. The brand essential tell a invoice It is this story, of all heritage or process or other aspects that goes on to build the corona of a brand over time. The story always accentuates the identity of the brand. 3. The brand must be relevant to the consumers needs Depending upon the brain of the luxury class, it is imperative for a brand to satisfy those needs, whether they be for recognitio n or functional use etc. 4.The brand must align with consumers values A brand that does not concur with the canonic values of a consumers order of magnitude has a small chance of come through because luxury items are forms of expression or identification for a luxury consumer. This makes it unvoiced for the consumer to adopt the brand in such cases. 5. The brand must perform no matter of which category the brand belongs to, a performance assurance is a must for the brand if it wishes to be in the evoked set of luxury consumers, get winding the price being paid for luxury. LUXURY brand marketing CONCEPTSSocialite as a Conductor In 2006, when Christian Dior chose Chawla as its spokesperson, everyone was shocked some on the Q.T. jealous. Chawlas familiarity to be the formula of the brand, be seen in Dior in the decent roachs, host events attended by the refine people and generally hobnob with the circle that she already moves in. The money details are not clear people in the circuit and in the luxury intentness say its part financial, part goodies. solely if it might be working. Chawla says, Dior has done unbelievably well with a consistent uprise in sales.It is the most visible brand in India with the highest recall value in terms of marketing strategies implemented. Socialites being subscribe up for a fashion brand is not new, at least not in the West, says former fashion editor and luxury specialist Sujata Assomull-Sippy. She mentions Armanis 19-year-old connective with British semi-royal and well-disposedite Lady Helen Taylor that started when he intentional her wedding gown in 1992. The association ended in 2009. Taylor, who was also the face for Bulgari, gave a sigh of relief and was happy to give up her uniform. hexad years hence, Chawla is nowhere close to respite up her Dior couture.The Mohan for Gucci buzz has engendered new aspirations in the circuit that goes beyond the hostess or the grander-sounding luxury consultant tags . The socialite is becoming more important in a luxury brands marketing scheme as she pulls in the right miscellanea of crowd, says Priya Sachdev, creative director for TSG International Marketing that has brought brands like YSL, Diane von Furstenberg to India. Nichevertising Brand consultant and strategist Harish Bijoor of Harish Bijoor Consults loftily terms it nichevertise vs massvertise. According to him the luxury brands are not for mass use and shouldnt be mass advertised.The social circuit gives them a fresh comport to reach out to their target earreach without any noise. The socialite model of marketing targets the client lists minus the hard sell, he says. own(prenominal) voice- distinct style Every luxury brand needs to develop a marketing strategy that not only helps them achieve their marketing goals, but is also in line with their brand. For example, while it makes maven for Christopher Bailey from Burberry to update the Burberry Facebook page with short video s he makes or music he supports, the same type of strategy might not work for someone like Bentley or Rolex.Bijoor says that for luxury brands, sell is a four-letter word and not just literally and thats why they aim at buy. Luxury brands like to be bought, not sold, he says. Sell is a top-down strategy which involves an element of shout you asking consumers to consider you. Buy, instead, is a pull-oriented strategy. Luxury brands love pull not push, he explains. This is ideal for the socialite marketing where the conversation with the brand is more opthalmic and not aural.