With the revolution of the present digital world, there has been a steady change in the industry based on retail manufacturing and other luxury goods. Every brand out in the luxury industry had to amp up the efforts to tackle the extra level of competitiveness.
How do Luxury Brands work?
The basic strategy used by luxury brand isn’t instantaneous regarding reputation construction. For any luxury brand, it takes decades of building positive brand identity along with high customer service. Any luxury brand is nothing without its customers, and the core motive of these brands is to cater services that are at par with the standards of their customer base.
Luxury brands work as a tradition that runs from one to another proceeding all the way to the present as well as future. However, with the instantaneous changes in the modern world, it can be hard for luxury brands to keep up with the pace and produce to the brim of demands in the present along with future. In spite of the constant struggle between modernity and tradition, luxury brands continue their innovation and create an image that stays true to its core which is why luxury brands aren’t exclusive to data in the market. When it comes to countries such as India, the market has been expected to rise about 86 percent when it comes to a constant value between the years 2016-2019.
The rapid growth in India’s luxury sales comes from elements such as its traditional customs that mandate the need for personal adornment along with the strong requirement for opulent jewelry, luxury accessories, designer clothing, lavish transportations, timeless art, footwear, and several others.
Luxury Brand are more mindshare over the marketshare
Most luxury brands are driven by its image and brand desire for capturing the target market. The better the image established over the years, the better are the sales. A luxury brand doesn’t work upon the trending data for market. It is all about the mindshare that controls the luxury market rather than the marketshare.
The key element in luxury market is building a dream for the potential customer. For any luxury brand, the customers are willing to pay such a huge price given the fact that they actually love the brand rather than going for the rise or fall of the number. This is because it is all about the love for the brand along with the magic created through years of experience. When it comes to constructing dreams, there is no particular fast-tracked data driven methodology.
What do luxury brands need?
Working in the domain of luxury brands requires the eminent understanding of heritage brands while holding the capability to create a network along with the niche segments of the luxury brand market. It can best be stated as a subject that requires discipline along with management practices that stand the test of time while offering premium services to the customers.
Candidates with knowledge of the luxury programs along with good communication skills can easily capture the attention of the renowned brands to bag a position in the luxury market. With the help of luxury brand management training, one can easily acquire good posts in the large domain of the luxury market.
With the great Indian growth story that has been powering the rise of the successful Indians over the last few years, luxury brands are no longer restricted to the uber-rich. In fact, in a country like India which is slated to grow even further for the next three to five years, the industry’s growth will be fuelled by the middle class across Indian cities. This means a consistently large demand for luxury industry professionals across verticals with a plethora of options for career growth with some of the world’s most premium brands where the professionals get to work as brand ambassadors and also as micro-influencers showcasing the ethos of the brands in the community.Positions such as luxury brand manager are open for the right candidate with knowledge of the reputed luxury brands with skills that radiate some good marketing plans for better business and profit of the brand. A candidate willing to rank high in the luxury brands market needs to build a network with corporate clients along with the customer base to ensure the creation of a good rapport with the important decision makers of the brand and luxury industry.
It is important that any aspirant goes through the academic requirements to attain the position of luxury brand manager from institutions such as LCBS. One needs to complete at least a PG Diploma in Luxury Management to ensure proper understanding of the brand and the market domain.