FUTURISTIC STRATEGIES OF ENGAGEMENTS
FOR LUXURY INDUSTRY
Personalized luxury brands have been creating engagements with their respective audience through various forms of communication. By invitation only events, exclusive launch previews, A -lister fashion shows, private dinners and celebrity parties were top priority when it comes to strengthening relationship with their current and potential client base.
What options are we left with at this point of time having COVID 19 roaring across the globe? Realistically, none of the above.
Fact of the matter is, infections are on the rise as well as deaths with alarms of second and third wave in the coming quarters of 2020 and even 2021. International economic scenario is as grim as one could imagine.
I have encountered 2 thought processes in the recent past, one that has gone under the woods and waiting for the storm of this pandemic to pass. Then they will come out and see what is left behind after this stormy weather and continue from where it paused and continue with what this pandemic driven economy spared.
The other thought process is to embrace, adopt and innovate new strategies and create opportunities within these challenges. They are the one who are contemplating, researching and inventing fast forward approaches for intelligent luxury brands of the future.
As a student of future of luxury, I obviously firmly believe in the second thought process. Futuristic leaders must invent strategic initiatives for luxury brands and services seeking innovative solutions of engagements. New dynamics of business are emerging, we must put our creative hats on. Its already too late to give a sendoff to obsolete marketing techniques that are being used infinite number of times with repeated copy pastes by top acclaimed luxury brands & agencies internationally.
In my previous, pre covid-19, articles, I did mention about how brands are lacking behind consumer advancement of personalization and technology. Recent and upcoming bankruptcies of luxury conglomerates can be conveniently attributed towards this pandemic, but top thought leaders already anticipated this collapse way before it transpired.
What next? In my view, luxury brands need to engineer the simplest formula to create futuristic engagement strategies with premutation and combination of following key realistic action pointers harmonizing to their own brand DNA.
Above seem to be very simple and naïve but this is precisely what we have neglected. Luxury is not about tag value nor have to bling and gaudy but must be personalized, individualistic, inspiring backed by modern tech resources.
Continuous innovation and progressive approach are the only saviors for the luxury industry. Be it brick and mortar, online, tik-tok driven or AI enhanced etc. it must satisfy the brand personification i.e the target market not the product. When we actually realize the necessity of personalization of our marketing agenda that encompass the buyer instead of the product, our market will not only embrace but also educate us to predict and plan ahead.
Luxury industry is no longer being lead by either sole financial capacity neither by the branding and marketing dollars spent on advertising and commercially motivated campaigns. Let’s be very clear, this is end of the road for commercialism as far as real luxury is concerned.
Futuristic luxury engagements are predominantly driven by the induvial who intends to quench their luxurious thirst on the basis of intelligent decision-making patterns backed by the financial capability.