In our data-driven world, guesses, feelings and estimates about how ads are performing are unacceptable. Advanced analytics tools are helping us see exactly how customers are moving down the digital path to purchase, and which marketing activities are responsible for driving those actions. But what if you're a digital marketer who works in an industry that does most of its business offline?
An uncertain economy might scare some marketers, but for others, it presents an interesting opportunity to adopt a new perspective. In the past, the affluent were often regarded as spenders - those who had money on hand and were willing to spend it on a major purchase. Yet, consumers today, especially the younger ones, are much less inclined to tie their money up in a big purchase.
Based on recent questions we have received about what’s really going on with Millennial consumers and their viewpoints on luxury and upscale products and services, werecently conducted a qualitative research study, “Millennials: Their Current and Future Need for Luxury,” in collaboration with The Luxury Marketing Council of Connecticut – Hudson Valley.
The exploratory study’s primary purpose was to lay the foundation for a more comprehensive understanding of Millennials' luxury-related passions, values, and buying habits in significant luxury and upscale markets. This study included both an online survey of 46 respondents and an in-depth, 90-minute focus group ...
Alongside Brazil, India, and China, other emerging markets, like Iran, South Africa, Indonesia and Malaysia, are set to hit their stride in the coming decade. The significance of flexibility and collaboration will increasingly become key in luxury brand marketing strategies within these areas.
Multicultural marketing has created a marketing economy based on segmenting the population by ethnicity. While ethnicity segmentation has worked for the past several decades, as I pointed out in an earlier column, that foundation is starting to crack. Our industry is experiencing a paradigm shift. As we attempt to make sense of this existential crisis of marketing models, we should consider how we segment and why.
The dealership is no longer a consumer's first stop when researching an auto purchase. While the test drive remains essential, most consumers begin their search online, drastically cutting down on the time they have historically spent looking around showrooms. All signs point to a period in time, not far off, where consumers can buy their cars online and then drive away with the cars without speaking to a salesperson.
This month's column follows up on the many comments we received from readers of last month's column, "Luxury, In The Words Of Upscale Americans," which focused on the differences in how upscale Americans, as defined by their spending power (i.e., their household incomes and wealth), describe luxury in response to the following question: "When you read, see, or hear the word luxury, please describe briefly what you think about."
The idea of a brand having a purpose isn't new. All brands have always had one, but today, that word means something much different to consumers. Today, purpose is more about what the brand stands for than it is about why it exists. Yes, consumers want to know the brand, buy from the brand and talk about the brand, but they ultimately will only stand up for the brand if they believe it has a meaningful purpose.
The luxury industry is at a tipping point. Both Euromonitor and Deloitte, global firms that study the luxury market, testify to it. They predict growth slowing in the global luxury market, with particular weakness in the Western Europe and North America.
In a recent report by BNP Paribas, "The Shopping Guide: Bloggers in China," fashion bloggers are said to "have filled a void on the internet ahead of luxury/fashion brands and publishers" in educating Chinese consumers about different global brands. That the rise of fashion bloggers and the development of the Chinese luxury market happened in tandem is no coincidence. The influx of rapid change has meant certain individual consumers have positioned themselves as experts in introducing new luxury items to the rest of the market.