How do people get rich? It's a question that has fascinated people since ... well, since the invention of money. The answer, of course, depends in part on one's definition of "rich."» 0 Comments
I'm often asked how much it costs to develop the branding for a new business venture. In response I ask: How much does it cost to build a house? What I mean is that the question is impossible to accurately answer without clarification.» 0 Comments
The media sensationalizes the exploits of the rich. In the last couple of weeks alone, we've heard about Disney "tour concierges," detectives being hired as drivers and serving as parents' eyes and ears on the ground to keep kids out of trouble, and haute pizza parties-not to mention the relaunch of A Small World, a super-exclusive social/travel network for the well-heeled set.» 0 Comments
With social media increasingly the communications platform of choice for the most desirable Millennial consumers, luxury brands will have to rewrite the script on how they speak to this crucial audience. Millennials differ from previous generations in how they prioritize luxury purchases, even how they interpret the social cachet in which luxury brands trade. With Millennials on track to become the largest consumer demographic in the U.S. by 2015, luxury brands need to develop smart social marketing and customer service approaches to capture their attention and maintain the exclusive appeal of their products.» 1 Comments
Last month, I explored the meaning of the words "luxury" and "luxurious" from the consumers' points of view. That review generated some fascinating feedback from interested readers and clients regarding which media channels are the most engaging in reaching those affluent consumers who are more likely to buy luxuries or luxurious products and services, compared with those who are more considered to be "mass" consumers. In that regard, our ongoing, insights-oriented survey differs from others as it allows its users to define their target markets as they see fit. This is by design, since we have repeatedly heard from advertisers ...» 1 Comments
In the land of Burberry, Rolls Royce, Harrods and other iconic luxury brands, how are marketers reaching their audiences online? According to a recent study, not so differently than we're doing it on this side of the pond. The biggest difference? They're investing a lot more heavily in mobile than we are.» 0 Comments
Despite ongoing economic concerns, the last few years have largely been good for the financial performance of luxury brands. And the good times will probably continue.» 1 Comments
Recently, I had the pleasure of presenting the results of our latest monthly pulse to luxury and affluent marketers in Chicago and New York. This ongoing, insights-oriented survey differs from others as it focuses on consumers' thinking about their lives and the economy, as well as their plans for the future. This, in turn, provides marketers with the context they need for the decisions to be made, delving into consumers' optimism about the economy, financial goals, worries, etc., plus probing issues of current interest in both the affluent/luxury marketplaces and the mass markets. In that context, I was frequently asked ...» 1 Comments
Offering incentives has proven be an effective motivator for attracting new customers and activating existing audiences who may be less than engaged. According to a study by Colloquy, participation in rewards and loyalty programs has risen by 19% since 2007. While many marketers are already on board with the idea that reward programs can influence behavior, incentive programs are often under-utilized when marketing to a more affluent consumer base.» 0 Comments
The Luxury Institute released a report this week that identifies women not only as household CEOs, but also as contributing significantly to the household income. In fact, 41% of women included in the survey were the family breadwinners, contributing more than 50% of the household income. Despite the fact that these educated women are earning six-figure salaries, their top priority, per the survey, is still family.» 0 Comments
