Chapter 2:
Luxury Brand Research
Understanding the luxury shopper is important when positioning a luxury brand. These consumers are looking for a status symbol. Luxury brands cater to this target market by creating long-term value for the customer.
For example, Louis Vuitton has a loyal customer base not only because of their supple leather goods but most importantly the timelessness of their designs which are often inspired by historical art to create an aura of sophistication and elegance.
Luxury brand research has revealed that the most effective luxury goods brands understand their customer’s beliefs and values. They use news stories about pop culture, current events, and other media activities to gain followers.
Essence Communications uses news about fashion, beauty, and lifestyle for African-American women. It’s at the core of Essence’s mission statement that creates lifetime value and a sense of belonging for their followers. Content is designed to help followers move forward personally, professionally, and intellectually by concentrating on topics such as finance, beauty, and fashion. Essence uses media effectively to promote awareness of their brand and gain followers. These intangibles create lifetime value for the Essence community because they attract followers by understanding their values. These intangibles are at the hallmark of any luxury brand – it’s a timeless art that will live on for generations to come.
Luxury companies looking to market themselves more effectively to Gen-Z and Millennials should place an emphasis on using media to create brand awareness.
