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Client expectations and the sense of being extraordinary are imperative for consumer retention in the luxury industry. "I have often described luxury as the art of perpetual surprise. The failure to deliver consistently awe-inspiring experiences is the real reason so many luxury brands underperform." Don't focus on consumers being loyal to products. Focus on them being loyal to your brand and the experiences you provide them. This is wise insight from Daniel Langer. #LuxuryExcellence #LuxuryIndustry #LuxuryConsumers #LuxuryMarket

Arrogance is never luxurious. Luxury brands are losing clients because they fail to show empathy at each touchpoint. The latest future of luxury column by Daniel André Langer takes a closer look. #luxury #extremevaluecreation #daniellanger https://lnkd.in/gsyfGPhe

Another interesting article about the emotional decisions that underpin luxury purchases, this time from a sales point of view Jing Daily #luxurybrands #luxury #luxurybranding #bradnloyalty #luxurysales #luxuryindustry #brandconsulting #brandconsultant #contentwriter

I am baffled by what is happening in the luxury brand segment, so I wrote about it on Medium. Whether you're a luxury shopper or not, you've probably noticed the outrageous prices luxury brands have charged in the past two years—especially since the COVID-19 pandemic. Prices have reached such ridiculous levels that it's impossible not to care anymore. As someone passionate about design in every form, I find this trend distasteful. As a marketer, I understand that price is a tool for communicating a brand's image—what people should expect in terms of quality (at least in theory) and the piece's uniqueness (again, in theory). So, can brands charge whatever they want and expect consumers to decide based on perceived value? In theory, sure. However, price points have skyrocketed across all categories worldwide. Luxury brands have decided to capitalize on these economically challenging times, raising prices far beyond meaningful cost-of-living or inflation adjustments. Anecdotally, we hear more and more consumers complaining that the quality isn't what it used to be. So, what's going on? It seems luxury brands have decided that enough affluent buyers are willing to pay these inflated prices. But is that all that should matter to a luxury brand? Shouldn't there be more to it than just attracting the wealthy and hiking prices to the stratosphere? More on Medium: https://lnkd.in/dZY8wp36

Are the luxury sector's players offering a truly luxury service which meets the needs of the modern shopper? I am inclined to agree with the points in this article that many still fall short of the high expectations modern consumers have - and we may see evidence of that in the upcoming financial results. Which of these do you think is most important? 👀 Vision and execution ⌚ Exceptional design 📖 Storytelling 💵 Strategic pricing 👨 Education 💓 Driving desirability #luxury #enagement #experience

☄️ Demand balances supply + investment in staff = sales success. Sales in premium brand boutiques depend on the fact that how those at the lowest (professional) level within the structure feel matters. Do we pay attention to the well-being of the people serving clients in premium stores, knowing that personally they face difficulties in life? In such a customer-facing job, their way of being also impacts sales. Therefore, I believe there are two solutions: better sales performance comes from customer expectations and staff training in the store. Every client wants to be noticed and listened to, meaning valued. But is hearing the same as listening? Through conscious education, we influence the worldview of salespeople, and their awareness increases, leading to the improvement of their individual approach to work and the development of the store’s organizational culture in terms of sales for the entire group. Alicja #ModaZKlasą.

Lots of theories are out there as to why Luxury Goods brands are struggling. So many theories that you can’t totally blame the paralysis by analysis that exists. The numbers prove it. Right now, most Luxury Goods Brands have no clear, actionable insights on how HNW and UHNW SuperClients really feel about their brand identity, reputation, products, pricing or customer experiences. Luxury goods executives rely on management by walking around and sales associates’ anecdotal reports. Or they rely on social media sentiment reports; as if many wealthy people frequent social media. They trust that their “CRM” generates great insights about the current state of the SuperClients. But that is a static, small sliver of the 360-degree life of a customer. Brands feel great buying “third-party data," but it has been proven to be inaccurate and obsolete. For wealthy Clients it’s non-existent. There is one root cause below the surface as to why most Luxury Goods Brands are failing to thrive with HNW and UHNW consumers. Luxury brands must conduct serious, periodic, in-depth research through interviews and engage in candid, honest dialogue with HNW and UHNW SuperClients. They need to do so with objectivity. And take appropriate/accurate action. Period. That your brand absolutely needs to do this is not in question. The real question is: are you a Product-Centric or a SuperClient-Centric luxury brand? Your answer will determine your success. Let The Luxury Institute, LLC support you in determining the exact needs and desires of your SuperClients. Have the wisdom and courage to control your brand’s destiny, or your nimble competitors will.

Daniel nails it again with his 5 best practices for selling luxury! Deep listening Empathy in action Personalization Long-term Vision Emotional intelligence

At The Luxury Institute, LLC we believe that the only way to protect, enhance and promote the best interests of our luxury and premium goods and services brand clients is to continually maintain a deep and thorough understanding of the HNW and UHNW SuperClients who deliver 70-80 % of the sales, or more. To understand the 360-degree life of these SuperClients, we use quantitative and qualitative primary and secondary research techniques, not punditry, to gain actionable insights. In the end, however, we know that each brand must undertake a deep dialogue with their own SuperClients directly to truly understand their specific feelings. The brands that do so avoid foolish mistakes and maximize results. We are fortunate that we have an opportunity to engage with Billionaires and Centimillionaires almost daily. We have an opportunity to observe what is done and what is said, as well as what is not done and not said, all while preserving their anonymity and privacy. We have a vast network of HNW and UHNW families and individuals who consent to be interviewed on behalf of brands. That’s a unique and essential resource we make available to our brand clients. Throughout our 21 years we have seen luxury and premium brands make moves that go counter to what their HNW and UHNW SuperClients need and desire. One reason is that brands follow “fads” that they believe are trends, to their detriment. Or they hand over their brands to executives and creatives who fail to listen and demonstrate empathy in their strategy and creativity. At Luxury Institute, we were created to give a direly needed VOICE to the HNW and UHNW SuperClients. In 21 years, we have stood firm in our mission, and HNW and UHNW network members TRUST us to represent their best interests. High Trust Worth and High Performance matter most. The top performing brands deliver that consistently, in any environment.

Another insightful piece by Daniel André Langer! Valuable insights that luxury e-commerce players and retail tech innovators should look to capture in order to improve the online, or better yet, omni-channel experiences: - The human factor is the most important in creating loyalty with luxury consumers. How important? 65%!  - The best salespeople recognise each customer interaction as an opportunity to connect on a deeper level, to find the emotional key - The value of long-term relationships far outweighs any single transaction