The luxury brand industry is one of the most lucrative and highly competitive industries in the world today. India, with its immense population and increasingly rising spending power, is rapidly becoming one of the most sought-after markets for luxury goods and services. Hence a career in luxury brand management in India is one of the smartest career choices.
According to a report by the Euro Monitor International, the Indian luxury goods and services market is set to grow at an impressive 86% in terms of constant value, in the next couple of years from now.
Who is a brand manager?
Ideally, a luxury brand manager is responsible for analyzing and then planning a constant strategy to enhance the perceived value of a luxury goods or service in the eyes of its customers. A luxury brand manager is typically expected to conduct market research for his brand ,manage and organize effective marketing campaigns, plan product distribution, manage resources and budget of the brand, collaborate with luxury designers and oversee marketing functions. In a nut shell, he has to act as the brand custodian while also being the business head / strategic advisor operating like brand CEO who is responsible for all actions / repercussions / reactions on or for his brand in his specified territory.
A profession in luxury brand management requires you to not only understand every detail and specifications/features of your luxury product, but it also requires certain skills, such as being creative and taking the initiative, having effective leadership skills, being dedicated and passionate towards your brand’s growth and have a natural networking capability.
Tips to become a Successful Luxury Brand Manager
Here are the top 5 tips to having a budding career in Luxury brand management:
- Build leadership skills – Being an effective manager requires people skills like no other. Your leadership acumen will be able to handle your subordinates efficiently and ensure successful luxury brand management. Strong communication skills, a natural motivator, and being a smooth persuader are important aspects of a leader in management.
- Combine strategy with creativity – A successful luxury brand manager needs to be creative and analytical as well. Ideal luxury brand managers are able to develop creative brand strategies which helps the brand differentiate from the others and stay ahead in their game, which helps to attract potential customers to the brand effectively.
- Constant adaptation and evolution – With the dynamic nature of the luxury brand market today, effective brand managers need to be up-to-date with the latest in innovation & technology. This should be applied efficiently to the growth of your brand.
- Constant innovation — With the ever-changing pace of the marketing industry today, it is highly advised to be innovative in your strategies, to be a step ahead of the competition in this niche market. To be a successful brand manager, you need to constantly update yourself with what the competitors are doing and how you can do it better. Innovation is the key to success.
- Get professional training – An effective course in luxury brand management is highly advisable for becoming a successful luxury brand manager. These courses are designed to hone the necessary skills required to being an efficient manager for luxury brands.
Luxury Connect Business School is the best choice for budding future-managers to acquire and hone these essential skills which will make them efficient and ideal luxury brand managers. LCBS is well-connected With numerous globally popular luxury brands. It also provides a chance to experience the luxury industry firsthand, with global and domestic such as the Roseate Hotel and Resorts, BMW, Grand Hyatt Residences, Christian Dior, LVMH, etc among many others.
The post graduate luxury brand management course at Luxury connect business school has been structured in a way that, you learn about the basic luxury definitions & gain in-depth knowledge The post graduate luxury Brand management course at Luxury connect Business school has been structured In a way that, You learn about the basic luxury definitions & gain in-depth knowledge about the various sub sectors within the luxury domain. One learns to manage, strategize, and implement business models specific to the luxury industry & sector in India. LCBS teaches and prepares one for positions such as brand head, brand manager, marketing manager, buyer, merchandiser etc, the choice being yours with respect to your aptitude and skill specialisation.
Luxury Connect Business School has been efficiently providing advanced management courses to hundreds of students in luxury brand management. It has an impressive record of placement for its students with popular luxury brands across different luxury sectors, including Sotheby’s Mercedes-Benz, Rolex and other globally renowned brands.