India is home to an immense population which is the perfect set-up for small and large businesses to operate. Today, thanks to increasing spending power and brand awareness, the luxury goods and services industry in India is experiencing one of the best booms in recent times. This calls for management professionals to seek the right training and experience which will make them invaluable in today's highly competitive Indian luxury market.
Growing Indian Luxury Market and its Opportunities
According to a report by ASSOCHAM*, the luxury market in India is set to get boosted to around USD 30 billion by end of 2018, from the current USD 23.8 billion. The increasing exposure to international luxury brands thanks to the internet, along with increased spending power of tier Il and tier Ill population are the major factors that are contributing to this boom.
Apart from these, the rules and regulations developed by the government to manage the luxury goods industry is attracting innumerable small and large luxury brands to India from all over the world. Not only this, the increasing competition has also ensured that the product quality of luxury goods has also improved remarkably today.
Aspects of Excellent Management in Luxury Industry
The luxury retail industry is significantly different than conventional retail industry. The marketing and production aspects also differ from conventional ones for luxury goods and services.
After intense research studies, management experts found the 3 basic aspects that ensure effective, efficient and successful luxury brand management
Brands need to Express Beliefs Constantly talking about your brand will not be enough to increase brand value. Today, owing to increasing consumer awareness, your brand needs to express specific beliefs which appeal to the majority of your niche market.
Look Beyond your Logo
Normally, luxury brands tend to be visible through their easy-to-recognize logos. However, your brand image is more than that. It includes the entire set of visual icons (monograms, logos, colors, brand symbols, etc). The uniqueness of the product is also an excellent way to increase your brand awareness. With this, you may even forego using your logo as consumers will be able to identify your products simply based on their unique constant design or concept.
Creating Comprehensive Brand Experience
Today, thanks to the increasing popularity of online shopping, luxury brands are facing tough competition in their brick-and-mortar stores. To fight this intense competition, luxury brands need to provide consumers with a wonderful user-experience. This is achieved easier when you design multi-functioning, controlled spaces to communicate, and create, brand belief effectively.
Choosing Luxury Management Courses
Management students, especially those seeking to enter the lucrative Indian luxury market in executive positions benefit greatly with the right and relevant luxury management courses. Leading business schools in India, namely Luxury Connect Business School (LC8S) are renowned for providing not only the required theoretical material, but also provide hands-on training with renowned luxury brands through collaboration.
When you choose to enter into luxury management courses in Luxury Connect Business School you are on the verge of gaining immense knowledge about the dynamic and lucrative luxury goods and services industry. The opportunity to seek practical experience through training with popular luxury brands is an intrinsic part of LCBS management courses. It is an excellent chance to gain the most updated know-how from industrial leaders combined with an ability to gain practical day-to-day operational knowledge of the luxury industry.
With the atmosphere filled with enthusiasm you will get to learn more about brand design and brand management for numerous sectors, including automobiles, consumer electronics, accessories, etc. The luxury management courses are designed to provide students with the appropriate knowledge of the evolution of the luxury market, along with solutions for current and potential challenges that the luxury industry may face in the future.