Luxury Brand Marketing Essay

While the word high life is used in daily lives to refer to certain life vogue, the underlying constructs commentary is consumer and situation specific. If you earn less than 15000 a month, a pair of reebok garment would be a really big luxury item for you. On the other hand, if you be going to a party with some big-wigs a $100,000 car may non be a luxury. The word luxury originates from the Latin term luxus signifying, soft or extravagant living, indulgence, sumptuousness or opulence The meaning of luxury is extremely subjective and multidimensional in nature.It depends on dimension such as high expense, high quality, uniqueness, exclusivity etcetera What is a luxury product? In economic legal injury, luxury products atomic number 18 those who preempt consistently command and justify a higher expenditure than products with comparable functions and similar quality. In market term, luxury products argon those who can deliver emotional benefits which is hard to match by comparable products. The luxury sector targets its products and services at consumers on the top-end of the wealth spectrum.These self-selected elite argon much or less price insensitive and choose to overleap their time and money on objects that are plainly opulence kinda than necessities. For these reasons, luxury and prestige trademarks have for centuries commanded an unwavering and often illogical guest loyalty. Luxury and prestige smirchs such as Rolex, Louis Vuitton and Cartier represent the highest form of craftsmanship and command a staunch consumer loyalty that is not affected by trends. These betrays create and set the seasonal trends and are in like manner capable to move all of their consumers with them wherever they go.Premium brands are those brands like Polo Ralph Lauren, Calvin Klein and Tommy Hilfiger that aspire to be luxury and prestige brands but their marketing mix strategies are more attuned to a mass market, albeit a luxury mass market. They are al ike termed as mass-premium brands or mass-luxury brands. Fashion brands on the other hand are those that address the masses. Strategies for Luxury Marketing There are conventional foundations for ensuring conquest of a brand and they are listed below in brief 1. The brand must(prenominal) be expansive.Which means it should be full of installation opportunities for the marketer and in scathe of satisfying the divergent needs of the luxury consumer 2. The brand must tell a story It is this story, of either heritage or performance or other aspects that goes on to build the anchor ring 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 mindset of the luxury class, it is controlling for a brand to satisfy those needs, whether they be for recognition or operational use etc. 4.The brand must align with consumers values A brand that does not concur with the basic values of a consumers society has a small chance of succeeding because luxury items are forms of expression or identification for a luxury consumer. This makes it difficult for the consumer to clear the brand in such cases. 5. The brand must perform irrespective 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, considering 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 QT jealous. Chawlas association to be the face of the brand, be seen in Dior in the right circles, host events att cease by the right people and broadly speaking hobnob with the circle that she already moves in. The money details are not clear people in the circuit and in the luxury fabrication say its part financial, part goodies. But it might be working. Chawla says, Dior has make incredibly well wit h a consistent rise in sales.It is the nigh visible brand in India with the highest recall value in terms of marketing strategies implemented. Socialites being signed up for a vogue 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 association with British semi-royal and socialite noblewoman Helen Taylor that started when he designed 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 sunny to give up her uniform. Six years hence, Chawla is nowhere shoemakers last to hanging 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 substantial in a luxury brands marketing system as she pulls in the right kind of crowd, says Priya Sachdev, creative director for TS G internationalist 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 consumption and shouldnt be mass advertised.The social circuit gives them a fresh personal credit line to reach out to their target audience without any noise. The socialite model of marketing targets the guest lists minus the hard sell, he says. Personal 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 sense for Christopher Bailey from Burberry to update the Burberry Facebook page with slight videos 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-l etter 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 visit 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 optic and not aural.