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Sell Without Selling
This document discusses luxury good marketing. It defines luxury goods as products that are not necessary but make life more pleasant and are often bought by individuals with high disposable income. Luxury brands' core competencies include creativity, exclusivity, and craftsmanship which provide psychological benefits like esteem and prestige to owners. The document then compares the luxury sector to other industries and outlines frameworks and the 8Ps of luxury branding, including factors like performance, pedigree, placement, pricing, and maintaining exclusivity.
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Sell Without Selling
- 1. SELL without SELLING Luxury Good Marketing Khunteta & Khurana
- 2. Luxury Goods Productswhich are not necessary
- 3. Luxury Goods Productswhich are not necessary Tend to make life more pleasant
- 4. Luxury Goods Productswhich are not necessary Tend to make life more pleasant Often bought by individuals with high disposable income
- 5. Luxury Brands Corecompetences of creativity, exclusivity, craftsmanship
- 6. Luxury Brands Corecompetences of creativity, exclusivity, craftsmanship Satisfaction of owning expensive items
- 7. Luxury Brands Corecompetences of creativity, exclusivity, craftsmanship Satisfaction of owning expensive items Added psychological benefits like esteem, prestige
- 9. How is theluxury sector different ? Small to medium (in respect to revenue) Large
- 10. Company Size 5000employees 116000 employees
- 11. How is theluxury sector different ? Large Eliminated, merged in case of losses Small to medium Generally negative operational profits, stretched for long periods
- 12. Loss Handling (Tobe) Eliminated, merged in case of losses (24/7 Wall Street) Incurring losses for the past 22 years. Still operational.
- 13. How is theluxury sector different ? Small to medium Generally negative operational profits, stretched for long periods Break even Delayed/ No short term impact of strategic decisions Large Eliminated, merged in case of losses Break even less delayed/ Short term impact of strategic decisions
- 14. Impact of ShortTerm Strategic Decisions Creative director changed -> Sales dropped after 1.5 yrs 30% global - 70% local -> immediate rise in sales
- 15. 7 Major luxurySectors
- 16. Framework Based OnCase Study
- 18. Framework Who areyou ? Price Brand Awareness Flagship Stores Superior Products Rational
- 19. Flagship Store ChristianDior flagship store (Paris)
- 20. Framework You andI !? Status relationship Status stories Satisfy role-playing aspects Relationship with symbolic meaning Relational
- 21. Stories Story toconnect with travellers. Angelina Jolie for Louis Vuitton (2011)
- 22. Framework What aboutyou ? Memorable brand experience High social approval High on hedonism (status, esteem) Satisfy emotional desire Emotional
- 23. The most iconicad. Marilyn Monroe for Chanel No. 5 (1952)
- 24. Framework What areyou? Attributes may be compensated for design Extravagant designs Known for unique craftsmanship Not known for extensive product use Functional
- 27. 8ps of LuxuryBranding
- 28. Performance high quality unique design extraordinary product capabilities technology & innovation ex : Patek Philippe’s 70th anniversary
- 29. Performance Patek Philippe70th Anniversary Limited Edition watch, 2009
- 30. Pedigree extraordinary history that turn into an inseparable part of the brand’s mystique ex : Gucci Museo in Florence Italy
- 32. Paucity Creating asense of scarcity Natural : Jewelry (rubies, emeralds) Technological : Continuous Innovation makes newest product scarce Tactical : Limited Editions
- 33. Mercedes-Benz SL600, LuxuryCrystal Benz, studded with 300,000 Swarovski crystal glass, are displayed at the pavilion of custom car accessory company Garson/D.A.D at Tokyo Auto Salon 2009
- 34. Persona Sensorial andemotional brand identity : logos, visual ads, movies, sounds
- 35. Rolls Royce Logoand Phantom Persona
- 36. Public Figures Celebritiesand public figures are employed grab attention, credibility and impact Example: Brad Pitt for NO5.
- 37. Brad Pitt forChanel No. 5 (2012)
- 38. Placement store location, consumer interaction, salesperson’s presentation. Create a unique indulging experience. ex : Dior Store, NYC
- 39. Christian Dior emphasisesa lot on placement (NYC)
- 40. Public Relations Assurepremium support and care for customers and channels like : fashion weeks, sports* events and themed previews *equestrian, golf and tennis
- 41. Rolex sponsors majorinternational equestrian events in distinct disciplines. Most recently, the brand partnered the Rolex Grand slam of show Jumping, a global initiative created in 2013
- 42. Pricing consumers relateluxury to price of goods brands price their goods higher than expected richness -> luxury
- 43. Luxury brands neverdisplay their prices and create a sense of luxury. (Harry Winston, 2014)
- 44. Conclusion Product Excellence+ Brand’s Performance
- 45. Conclusion Product Excellence+ Brand’s Performance Luxury Consumers Evolve
- 46. Conclusion Product Excellence+ Brand’s Performance Luxury Consumers Evolve Must maintain exclusivity
- 47. Conclusion Product Excellence+ Brand’s Performance Luxury Consumers Evolve Must maintain exclusivity 8Ps may not be the universal method, but provides an strong analytical toolbox
- 48. Thank You LuxuryGood Marketing Khunteta & Khurana