Innovative Methods to sell luxury and fashion brands during economic crisis
There are 2 methods of approaching current economic downturn for the Luxury products:
Bad way is comparing current situation vs development of category for past eight years. Feeling is very close in front of the big cliff without arm and leg to climb.
Good way is to take the Blue Ocean Strategy and think of this situation as great chance to innovate. As market is now shrinking, it is important to find new sources of growth.
Marketing of the Luxury products is driven by Pull strategy-based on the recipes that are considered as the “Must Be” however without necessarily the pragmatic performance monitoring. Ultra luxury products can keep their costumers but lots of others don’t have anymore references in the situation where attitudes & behaviors of the clients are changing. So, innovating in selling the high-end products means challenging status quo in few areas like: making brand more available & enhancing the experience.
Once quality of the products, integrity of the brand DNA & rationalization of portfolio are safe. It stays…the Client. Most important is keeping the contact with consumer as desire to have Jaeger Lecoultre watch or Bulgari accessory hasn’t disappeared yet!
What can be new methods to interact with consumers with positive & friendly attitude?
Targeted & smart Limited Editions
Beyond marketing trick for issuing 888-units of the specific products to appeal the Chinese consumers, then there are some ways of making use of the limited editions as strategic pillar of brand. Core proposition of the brand A can decide to reverse paradigm and use restricted offers as standard for the portfolio. Brand 20 Limited is good illustration.
It is now becoming stylish to rent since it gives an opportunity to transform absence of the ownership in positive feeling to renew the stuff regularly.
