Brands can struggle in a web world which brings choice, which brings access to all consumers.
I was interested to read an article in Monocle looking at how luxury brands are coping with the 'bling culture' and how they continue to develop their brands.
- We always need to evolve the definition of luxury and add a little more elegance - I like this idea, too many companies believe just the name will suffice, but brands who succeed hold the values of the past whilst redefining what that means for todays generation.
- It involves a sophisticated approach to design and branding - again I think this is valid for all social marketing. Social media in itself, marketing in itself will not be enough...it is about using it to emotionally attract consumers
- It means a renewed focus on technical expertise - see technical expertise takes time to copy, the growth of skeleton dials is a way of redefining luxury.....by bringing the mechanism to the forefront, you are putting your key difference front and central to the idea of luxury.
Commoditization can seem like a downward spiral, but that doesn't have to be the way - it should be seen as the inspiration for maintaining the luxury element. One reason I put a lot of store on employee engagement - because it is about each employee being guardians of the brand and continually working to enhance the product away from the commodity items...because that is where the premium comes from....