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“Luxury is extreme value creation – nothing more, nothing less.” – Dr. Daniel Langer
So why are people buying luxury? No, it’s not because of status. And it’s not because they want to impress others either.
Luxury doesn’t stem from judgment – it stems from understanding. And without creating sentiment with your consumers, forget convincing them to pay top dollar for your products.
Join luxury brand expert and CEO of Équité, Dr. Daniel Langer and our host Robert Tadros
CEO of Équité, author of several luxury management books and luxury masterclass professor, Daniel Langer consults some of the world’s most iconic luxury brands; helping them discern who they are and translating that vision into a story that consumers and employees will understand.
Noticing the lack of research on luxury despite the fast-growing traction of it, Langer wanted to understand why people can’t get enough of it.
His journey of discovery led him down new pathways in the consumer journey, diving into how it has evolved over the years.
“Consumers must perceive your brand as innovative and something that inspires. Whenever we see brands are declining overtime, it’s because they have no story. If you aren’t inspiring consumers, why would they pay a premium for your product.” – Dr. Daniel Langer
Listen as Dr. Daniel Langer and Robert Tadros walk through the drivers of value and how luxury brands across the world are still creating extreme value, despite the ongoing pandemic.
The conversation covers:
- How luxury brands have been affected by COVID-19 (4:30)
- It’s too late for a digital transformation and time to embrace digital mastery (10:00)
- Human interaction is out and digital moments are in (12:00)
- How has the consumer journey evolved? (15:30)
- Storytelling is everything – forget the product (19:00)
- Selling a little less than the hype is key (25:30)
- How to take personalisation to the next level (33:00)
- Random events don’t make for magic moments (42:00)
The future of extreme value creation
While luxury has been resistant to digital for quite some time now, often clinging to the idea that without the human factor you can’t do luxury, in 2020 the game looks much different.
Human interaction is not always possible, and the pandemic has proved this. Digital is power and more and more consumers are utilising the internet to not only educate themselves on brands, but to make informed purchases as well.
While the store was often a quintessential part of shopping luxury – without digital, getting people to walk through the door is even harder.
Brands like Tesla are disrupting this notion, giving every consumer the ability to customise and order online. If the consumer wants to visit in-store, they can, but the choice is always theirs.
We hope you enjoy this episode of our podcast and tune in for more industry insights next time!
“The battle between brands is now won in the digital space. Consumers have already made their decision when they go into the store. The store is the final destination on the journey, the journey begins way before then.” – Dr. Daniel Langer
