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Have you seen The Customer-Focused Marketing Playbook?

This comprehensive and practical guide to the latest ideas in customer-focused marketing hands you over 200 packed pages of strategy, best practices, do's and don'ts, practical know-how, facts and figures, and ideas to optimise your marketing strategy, boost sales, market share, increase ROI and profit.

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Luxury brands' innovations are earning respect

Luxury brands are generally doing a satisfactory job of meeting the standards of younger high-end shoppers (who are notably more approving than baby boomers of current trends in several areas), according to the 'State of Luxury 2015' survey from the Luxury Institute.

Four qualities cited as essential for a luxury firm, by a majority of US consumers from households with a minimum annual income of US$150,000, are superior quality (74%), craftsmanship (58%), service (52%) and design (51%).

On each of these four criteria, wealthy consumers under the age of 50 are far more likely than their older cohorts to agree that companies today are executing better than they were in the past. Millennials are more than twice as likely as Boomers (43% versus 19%) to say that quality is improving.

In addition, a far greater share of Millennials (43%) than Boomers (15%) reports a perceived increase in the investment value of luxury goods. Millennials, younger than 35 years of age, and Generation X-ers, between 35 and 49, are also much more inclined than Baby Boomers to applaud improvements in custom products, personalised offers, loyalty programmes, customer recognition, and the ability of a company to anticipate their needs.

Despite relatively high satisfaction, younger consumers still see plenty of room for improvement in quality, craftsmanship, and customer service. As for attributes they deem necessary in a sales professional for a luxury firm, knowledge (75%), professionalism (71%) and courtesy (65%) rank in the top three, followed by honesty (63%) and experience (60%).

Sales professionals in jewellery (41%) and leisure travel (38%) are deemed to be the best overall, while younger consumers often cite grooming, personal finance, and designer shoes as industries represented by exemplary sales personnel.

"Millennials represent the future of luxury and the good news is that recent innovations and investments to enhance the shopping experience are largely well-received," concluded Luxury Institute CEO, Milton Pedraza. "What's important is for firms to continue investing in systems and personnel to deepen customer relationships and ensure that they deliver on the metrics that matter for each customer."

Sources: Luxury Institute / The Marketing Factbook.
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Categorised as:

Customer Experience
Customer Loyalty
Knowing The Customer
Marketing Know-How
Marketing Technology

Have you seen The Customer-Focused Marketing Playbook?

Learn the insider's tricks and techniques to turn every customers into a 'super spreader' for your brand. It's better than free advertising. Once you start this ball rolling, your brand can grow rapidly through word-of-mouth, advocacy, influencers, and customer loyalty. Super-charge your company's marketing strategy, build up your market share, and make more sales through repeat business and customer loyalty.

Find out what works - and what doesn't - and who's succeeded, and how they did it. See how the world's top brands keep their competitive edge against all odds.

The Customer-Focused Marketing Playbook walks you step-by-step through the techniques, metrics, reporting, analysis, marketing models, technologies, tools and innovations for successful marketing strategies - both traditional and emerging - with expert guidance from thought leaders in every major market. Find out the best ways to gather, analyse, and act on customer data to increase profitability, build your brand, empower your customers, beat the competition, reduce churn, and increase customer profitability. This is a marketing book you simply can't afford to be without.

This book aims to hand you all the facts, figures and research data you need for the best decisions for a more profitable, more engaging marketing strategy. It also highlights all the facts, forecasts and trends identified by our experts from the global Marketing Factbook's vast database of market data, news, studies, research and articles, and presents you with an invaluable library of ideas and practical support you can call upon at will.

With The Customer-Focused Marketing Playbook at your side, you'll have instant access to a true goldmine of easily adaptable and up-to-date strategies, walk-throughs, trends, research and market data, plus all the supporting arguments you need to build a solid, profitable marketing strategy.

Get it on Amazon (Kindle/Print)