India’s Luxury Industry is expecting an anticipated growth of up to $180 billion by 2025 from the current mark of $30 billion. Considering this progressive drift, the market is regularly demonstrating, a number of new job opportunities in this sector, increasing with every passing day. In India, it has witnessed a consistent growth of 20% PA for the past several years in a row.
This blog highlights the top seven traits of the prolific career of a Luxury Brand Manager. Let’s discuss what is luxury brand management and the role of a luxury brand manager.
What is Luxury Brand Management?
The luxury industry in India is on a great development binge, holding a portion of 1 to 2 per cent of the luxury market worldwide. Luxury Brand Management is an amalgamation of the right marketing techniques and good promotional campaigns to create an impact on the consumers, that leads to brand identity development.
An effective luxury brand management, develops a commitment with a consumer; communicates the value proposition, and lives up to it. Luxury brand management needs a vast understanding of luxury as a notion, the luxury market, its clientele and their behavior. Why do people indulge in luxury?
Role of a Luxury Brand Manager
Luxury brand management is all about the perfect balance between business and creativity. It’s an amalgamation of analysis, organizing, budgeting and planning to create an effective strategy to build a strong brand identity. A Luxury Brand Manager puts all these strategies into action to increase the apparent value of the brand. A true brand manager needs to not deliver the brand value, but also protect its image, values, heritage and act as a true custodian of its principles.
A luxury brand manager is accountable for steering market research, supervise marketing campaigns, product and distribution planning, managing brand budgets and resources, collaborating with luxury designers, and supervising sales functions.
A luxury brand manager should be creative, possess leadership skills, be dedicated, passionate, innovative, and possess a natural flair for networking. Needless to say, understanding of luxury brands is a must.
Luxury brand management is a fast emerging and rewarding career opportunity. Should you be aspiring to choose this as a career, here are a few important tips on how you can succeed in this field.
Top 7 traits of a Luxury Brand Manager
The top 7 traits of a successful & professional Luxury Brand Manager are as under.
1. Professional degree in Luxury Management
A professional bachelor or a master degree in luxury brand management is preferable as it will help an individual to understand how the luxury market works and imply strategies accordingly.
2. Passion drives success One needs to have an in-depth understanding about his/her brand and its target audience. Along with passion for the brand, one must need to be passionate about their work as a luxury brand manager. Passion and enthusiasm, motivates not only you, but as well as your team members too to build a strong brand.
3. Strong Leadership skills Leaders have a vision and they know-how to execute it. A successful brand manager is one with strong leadership skills. A leader is someone who leads by example rather than someone who only gives orders and pushes others to follow. A luxury brand manager builds a relationship with the consumer, with an effective communication skill. Real leaders are excellent communicators with an ability to speak effectively and persuasively.
4. Blend of creativity He/she must not only have a creative bend of mind, but must also possess deep analytical skills. He/she must be able to take initiatives and come up with an effective creative strategy to convince the audience to choose their brand over all other brands in the market.
5. Focused yet simple marketing strategy A focused approach is crucial in luxury management as the luxury industry can sometimes get overwhelming. The approach should also be kept simple yet effective, so that stability is maintained in the complex and competitive world of luxury.
6. Updated with current trends & technology It’s a world of internet and technology, people are always online and digitally updated. They keep evolving with time and trends. It has become significant for a brand manager to equip themselves with the latest technology and stay updated. One has to be well informed about the latest trends and happenings in the world of luxury.
7. Innovate consistently “What else can be done next?” A Luxury brand manager needs to keep asking the same question over and over again. He/she should be inquisitive and come up with new ideas and plans to execute. Remember one thing, a brand manager cannot follow what others are doing but let others follow the strategy he/she has initiated.
These are the top 7 traits to be a successful and leading Luxury brand manager.
Next, let’s check, the benefits of luxury brand management as a career, in brief.
In the present scenario, Luxury brand managers are high in demand. There is an immense possibility of earning higher salaries. Competition is comparatively lesser. There are better monetary benefits as compared to many other industries.
Luxury brands are always trying to expand their market around the globe. A career in Luxury Brand Management can give great openings. One could travel across the world to learn and explore new ventures.
It’s a unique field and the eccentricity of Luxury Brand Management course allows to exercise some amount of creative freedom. As a luxury brand manager, it becomes an individual’s responsibility to provide the clients with a one of a kind experiences that encourages them to purchase the product/ service and or to keep coming back to the brand.
Luxury Brand Management – Popularity
Since the luxury industry itself has undergone tremendous changes in the recent years, luxury management has gained quite a bit of popularity. New and emerging brands are looking for people who can apply innovative marketing & promotional campaigns. Most brands are also exploring and treading new markets beyond their traditional domains. Meanwhile, more people are taking a keen interest in branded luxury products.
Luxury isn’t only about consumption of a brand; it’s about the excellence, the story, the experience and the heritage of the brand. Brands provide deeper meanings to their audience. The industry has often been linked with the desire of expressing a person’s status. Previously, it had been associated with physical goods; however, today it’s more about unique experiences too.
As a result of such interest, there’s an increasing demand for luxury products, ultimately creating the need of luxury brand managers.
To pursue a career in luxury brand management students must have a professional degree and have an affinity and knowledge about the luxury space. At present, there are only a few educational institutes and colleges offering courses in luxury brand management in India.
These luxury brand management schools offer the students with an environment, conducive to learning and growth. These luxury brand management schools and universities have an outstanding faculty and a dynamic learning environment
One of the most preferred courses in the respective field is Post-Graduate Diploma in Luxury Brand Management which is equivalent to MBA. Almost every reputed brand in the luxury industry prefers professionals with an MBA degree or Post Graduate Diploma in Luxury Brand Management due to their in-depth understanding of the respective field.
A degree in luxury management focuses on strengthening the strategic management skills required to manage international luxury brands. Apart from that, summer internships with the luxury brands provides a kick start to your career and increase your employability.
If the luxury industry excites someone, then luxury management is the right choice of a career for them. A pioneer institution can assist them to achieve their goals of landing into their dream job.
Luxury Connect Business School has been carefully designed keeping in mind the standards and gaps prevalent in the industry. Taking a step further, the school has collaborated with international universities to provide a global perspective to the students. LCBS provides customized programs to focus education and training in areas like Luxury Brand Management, Retail Services and Skills, Customer Relationship Management and more. LCBS is one of the best Internationally attuned Luxury B-school in India.
Visit https://lcbs.edu.in/ to know more about the course.