Key drivers to sustainable growth. Luxury lessons from BrandZ.
Three key drivers to sustainable growth
Everything you do builds your brand, but it is how people interpret what you do and how they remember it, that really matters – and their interactions with your brand extend far wider than the “first moment of truth.”
At Kantar we identify three broad areas of marketing activity that are key to driving sales now and for the future:
Each one is important, and each contributes to brand growth in a different way and over a different time frame.
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Luxury lessons from BrandZ
Be accessible but exclusive
Attitude is still important in luxury. But the attitude is changing from haughty to welcoming. Price still restricts the ownership of luxury to the privileged. But the opportunity to appreciate luxury is available to more people. Making the brand, if not all its products, accessible is the right thing to do, and makes good business sense.
Be in the right channels
It is important to communicate using the right channels, especially to reach new, younger customers. In the West, luxury brands are typically on Instagram. In China, they are on WeChat or TikTok, known for its short video content. It also important to present the right message, which may not be a traditional brand ad, but rather content that is relevant to the audience and appropriate to the channel.
Extend the luxury experience
The luxury experience should not end at the door of the store. The brand experience needs to find expression online, during delivery, throughout the operation, at every touch point.
Expand online shopping
Personal shopping is still important to serve high-value customers, but it no longer means meeting them in a physical store, necessarily. Online social selling and personal shopping are becoming important growth drivers.
Get in touch with Sukanya Acharya for more information.