By now we are all likely exhausted from trying to understand marketing to the new luxury consumer. We attend seminars and webinars and talks in search of the perfect formula. The common buzz words, artisanal, excellence, precious, rare, unique, have now given way to creating memories, telling a story and having a dialogue.
It's time to really understand what is at stake.
First, let’s confirm that luxury is indeed alive and well. And while there is definitely still a luxury consumer, in my opinion, it is gaining access to them that seems to be the key challenge. So first we must understand the mindset of this consumer and determine what is in their hearts and minds
Where are they you might ask? What are they thinking? How do we best engage? The answer is that they are everywhere and most likely in places you least expect to find them. For certain, they are less likely to be in the malls or marching around. The world has changed and will continue to change on a daily basis, as have the rules of engagement and the importance of digital and social media. We have entered the world of experiential marketing where saavy consumers have determined how to cut through the clutter.
Misahara has embraced this approach from the day it launched. This jewelry brand has differentiated itself by authentically integrating the brand story and sharing the designer’s inspiration through actual experience. By creating bespoke and intimate gatherings, the house of Misahara has focused on building their client relationships first and foremost, and helping clients create memorable experiences that increase the likelihood of purchase. By engaging them in the brand culture, Misahara has ultimately created not only customers, but loyal brand ambassadors and devotees. The added benefit is that their flawless execution of client engagement seamlessly creates usable and shareable content which is fun and at the same time, unique, real and personal. The Misahara client has fully embraced the personal attention to detail that is the Misahara way, and it truly resonates with them. Customers enjoy that these engagements open up new experiences and are not encumbered with extraneous extravagances that are no longer relevant.
At the heart of the matter is that today’s luxury consumer must be courted in a tasteful and elegant way; one that suggests we are are not selling and not trying too hard. But rather building on a relationship that is caring and of course, offering product that the individual feels is special to him/her. We know that this means something different to millenials vs boomers vs X, Y and Z! We frankly need to simply spend more timing getting to know our customer.
In the words of Stanley Marcus, luxury is “the best that the mind can imagine and the hand of man create”. I would say, it is something that we absolutely don't need but feel we can't live without! Therefore the merchandise that we offer, the way we sell, the overall experience must be curated one customer at a time. This is the new frontier of luxury and one size does not fit all.
Luxury has nothing to do with being boastful or having bragging rights. It is not a comparative situation or a contest. It's the understated elegance and pure pleasure we experience in having something of our own that gives us happiness. And yes, when we have it, our hearts should be racing just a little bit!! Whether it is an article of clothing, a beautiful hotel suite, a gorgeous sunset, or a one of a kind jewel, its luxury through the individual’s prism.
As for luxury in the digital world, it is merely another stage on which we message the clients; A gateway that is primarily for one’s convenience and information gathering. As purveyors of luxury in this channel, we are using this platform to open the front door to the consumer allowing them to examine our world. It is essentially the company’s calling card. The way to truly capture the relationship, not just the sale, is an art, and will be delivered as one human to another.
Therein lies the new that is the path to building an enduring luxury business.