Luxury marketing plays by a different set of rules
An article featured in the Financial Times, written by Jean-Noel Kapferer and Vincent Bastien warns against the use of common marketing practices in the luxury industry, which should stay away from these strategies in spite of all warnings from the market.
The authors have proposed several „anti-laws” of marketing, classical axioms that should usually be respected in all industries BUT the luxury industry.
Should the luxury industry successfully step out of the recession, it should focus on several strategies that relate back to its origins, and the core values that gave birth to the luxury industry almost two hundred years ago. Among these rules we have encountered strategies already in place and used by the top luxury brands during crisis, and could mention: raising prices to increase demand, advertising not directly aimed at selling, following the brand heritage and sticking to core values and personal vision.
The top luxury brands should continue to create needs and educate role-models, inspire trends ahead of their time and take by surprise all audiences. Listening too much to the customer base is a route to a lack of differentiation and failure to inspire, and a great price to pay during crisis.