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Marketing Booster - April 03, Luxury Edition
 

Marketing Booster - April 03, Luxury Edition

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For the marketers, by the marketers. The current issue explores the theme of Luxury marketing through various lenses - profiles of CMOs, case studies, interviews, academic research. It's a thoughtful ...

For the marketers, by the marketers. The current issue explores the theme of Luxury marketing through various lenses - profiles of CMOs, case studies, interviews, academic research. It's a thoughtful blend of international and Indian content, curated personally by Jessie Paul, author, consultant and CMO specialist.

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    Marketing Booster - April 03, Luxury Edition Marketing Booster - April 03, Luxury Edition Document Transcript

    • VOL-1 ISSUE 2 APRIL 2013 `250I I IMARKETING BOOSTERLuxe Reduxby The Boston ConsultingGroupLuxury across thePyramidby Jessie PaulSpotlightPhilipp von Sahr, BMWGroup IndiaMasterCard : “Evolutionof Priceless”What is Luxury?by Dr. Isaac MostoviczIn ConversationKaran Ahluwalia, YES BANKView From theTopRuchita Sharma, SwarovskiIndia.SAP Case Study : LuxotticaThe Great Indian MarketingSummit - Realty Edition(21 June, 2013)THE MIDASTOUCHluxury special
    • 2 Marketing Booster April 2013ISujatha V KumarCategory Director-MarketingCoca-Cola IndiaMeghana SabooSr. Manager - Marketing andCorporate CommunicationsL&T Integrated Engineering ServicesPurnima MenonSVP& CMOCSS CorpLulu RaghavanManaging DirectorLandor AssociatesJust received the copy of the firstissue of the MarketingBooster…thanks for the same! It wasa very interesting read.Received your Marketing Booster –great magazine, good read.Good edition of MarketingBooster. Cheers to more!Great initiative andinteresting content.
    • Yo!Say the word luxury, and immediately itconjures up images of champagne,expensive hotels, couture fashion, andhandmade bags. But its a word whichmeans different things to different people.For some, running water is a luxury. Forothers it could be a roof over their head.And for others it is a road fit to drive theirsnazzy sports cars. Or the perfect cup oftea.But whatever it means to you, you are willingto pay a premium for it. This is what makesthe topic of luxury so exciting to a marketer -the ability to identify something that is ofgreat value to the customer, deliver it, andcollect a premium. It cuts across incomegroups and product categories providing anopportunity for every marketer to define andmonetize a niche. This, the second issue ofour monthly magazine, is dedicated toexploring luxury from different perspectives.We invited a wide spectrum of marketersand academics to share their views on whatthey think is luxury and how it can bemarketed and are happy to share this withyou.This issue, on luxury, leads us to the next onewhich will be on real estate marketing. Thatsaligned with our forthcoming nationalconference on real estate marketing to beheld in Bangalore on June 21st at The Leela,Bangalore. Why real estate? Because it issomething that almost every Indian isinvolved with in some fashion - homeownership is still a major aspiration and oneof the largest investments a person makes intheir lifetime. It is also a relatively newcategory in the organized sector and thechallenges of marketing a high value productwhich will be delivered years after the initialpayment are many. Apart from self-consumption, the product is often used as aninvestment and is often purchased by non-residents - further adding to the complexity ofthe marketing program.Weve had great feedback for the previousissue - thank you, dear readers. Do stay intouch with us - we see this magazine as ameans to share best practices among thesenior marketing community in India, and itwould only be successful when it is trulyinteractive.editor’s note3Happy reading!Jessie PaulCEO, Paul Writerjessie@paulwriterconnect.comMarketing Booster April 2013I
    • 12perspectives on luxury:How does marketing a luxuryproduct vary from that ofregular products?Everything about marketing aluxury product would have to bein line with the definition of aluxury product, the channels,events and ambassadors all haveto exceed the purpose ofassociation with the brand, haveto be seen as high quality - be ittop of the charts, success oraffluence. It would be significantlyexpensive and participation is byinvitation and aspirational. Itwould also be relevant to statethe obvious that genuine luxuryproducts marketing would be absent where regularproducts thrive.What do you think defines a “luxury” medicalexperience?Relating luxury to healthcare as per the above definitionwould be completely inappropriate. In healthcare, weshould focus on “BEST Experience” and not a luxuryexperience. I would thus define the best treatment asone that is truly “7 Star” across the care continuum.At Apollo this starts with:Ÿclinical outcomes - read success rates - that areglobally on top (disproportionately better than globalsector averages)Ÿpatient experience that ensures utmost quality of care(TLC all the way)Ÿthe Infrastructure (clearly exceeds purpose)Ÿthe use of the latest technologies (enablesenhancement of quality and outcomes)Ÿclinical expertise (the best minds and experience)Ÿholistic care from wellness, prevention, intervention andrehabilitationAll this apart from an overarching focus on processesand standards of care. All contributing to value delivery.Clearly not an example of the cost: price ratioAny recent luxury marketing campaigns that haveimpressed you?None in the recent past, but would rate the Rolls-Roycecampaign of Ogilvy….“ At 60 Miles an hour the loudestnoise in this new Rolls-Royce comes from the ElectricClock". Truly this was aligned to my personal definitionof Luxury i.e. exceeds purpose, promises quality, Cost:Price equation aligned and clearly emotionallyaspirational.S Prem Kumar-Group CEOApollo HospitalsMarketing Booster April 2013I
    • 13Marketing Booster March 2013Iperspectives on luxury:How does loyalty for aluxury product vary fromthat of regular products?Any brand essentially deliversfunctional benefits which aretangible, and emotionalbenefits which are intangible.In the case of luxury products,the non-tangible benefits forma higher part of the value thanthe tangible benefits.There are a few key pointsthat are extremely crucial forloyalty marketing for luxurybrands1. Perception Management is critical among thetarget audience. The brand needs to be seen asbeing "in" by the image-makers and early adopters2. The brand needs more constant imageupgradation and word of mouth is a big lever inbuilding loyalty3. Since the consumer-set buying these brands areglobal in their outlook, global incidents concerning thebrand have a bigger impact than in the case ofnormal brandsWhat do you think defines a “luxury” loyaltyexperience?A few rules:1. Something that is not available on the shelf foreveryone. It is exclusive, the qualification for theexperience itself is a benefit that one can talk about2. The experience needs to be customized for theindividual. For example, if someone likes Darjeelingtea every time one checks into a 5 star hotel then thehotel better make sure they do not have only lemontea packets in his room3. Price is typically a minor factor in the whole mix -the user experience is key4. It is about surpassing expectations not meetingthem so that one can generate a very positive word-of-mouthWhich is your favorite luxury product?I am not into luxury products all that much, but a TagHeuer watch that my wife had bought me for mybirthday a few years back will always be very special.Any recent luxury marketing campaigns that haveimpressed you?One campaign I have always liked is the Tag Heuer. Ithas used celebrities very smartly to drive awarenessfor the brand whether its Shahrukh Khan or morerecently Cameron Diaz. At the same time, the productis the hero in the ad and it manages to create"desirability" for the brand which is critical. Pricedoesnt feature in the communication. They haveused PR and events very smartly too with ShahrukhKhan actually wearing a Tag. And unlike some of theads he does for a mens vest brand you know heactually uses the product and is not just endorsing it!Rathin LahiriCMOLoyalty One13Marketing Booster April 2013I
    • How do you define social business?We define it as the art of business collaboration, usingdigital tools and techniques that enable individuals acrosssilos, organizations and industries to work together toshare insights and tackle thorny business challenges. Noteveryone gets this, so our view is that we are building thisplatform for younger and up-and-coming business leaderswho can hopefully model more collaborative andtransparent social business behaviors for the rest of thecommunity.What are some of the ways, if any, that you as theCommunity Leader have integrated offline and onlineactivities in support of your customers?Cognizant Connections is a perfect extension of ourphysical world meetings, enabling pre-, mid-, and post-event exchanges of knowledge and informational needs.We have used special interest groups to gauge interest inevents, call for speakers and get feedback on materialspresented at our events. In fact, these are the groupswhere we tend to have the most engaged and activeusers. I guess Cognizant Connections, when combinedwith real-world meet and greets, is the most effective wayto build esprit de corps!Are there any other ways you use the data or insightssurfaced through community to impact / inform coreops?We do use an assortment of web analytics to highlightcontent areas that are most fertile. This helps us to seewhere we should focus our thought leadershipdevelopment efforts. The community also acts as asounding board for trends and PoVs that we want to sharewith a broader audience. The results may not totallyinfluence business decisions, but they provide animportant input for figuring out client/prospect sentiment.What do you think are the biggest benefits ofcommunity for Cognizant? Why do you do it?As I tell all of our senior execs — we are building thiscommunity for the next generation of business leaders.More important, Cognizant Connections enables us tocreate more transparent and real-time ways to work withand share insights with clients. It is an importantinvestment, particularly if we want to reinforce that weare a company they can count on to build more digitallycollaborative ways of working across silos andindustries.Do you have any advice or lessons learned for otherB2B companies seeking to build an onlinecommunity to service their customers?Suggest you let your targeted audience lead youinitially, but do not despair if they do not know what theywant. Theres a lot of trial and error involved; noorganization has gotten it totally right. Its a two-partsexperimentation, one part perspiration formula. Keeptrying new things; if user blogs arent your memberscup of tea, get rid of them. Seek ways for members toconnect and participate at the level that makes themmost comfortable. Also, remember most networkingusually takes place at a level that is invisible to thecommunity operator/sponsor, so dont fret if you dontsee members exploiting the connections they makewithin your community by commenting on blogs anddiscussion areas. It is happening in the physical world,on the phone, via private email, etc. Therefore, makesure to connect members through physical world meetand greets, if possible. It enables members to furtherdevelop virtual relationships established in your e-community.Leader Networks, a research and strategy consulting company thathelps large organizations succeed in social business and B2B onlinecommunity building32 Marketing Booster April 2013I