HEAD OF FUTURE TRANSFORMATION
DO I NEED ONE FOR MY LUXURY BRAND?
We’re riding in a rollercoaster of global business and political termoil. As we are aware of the famous three types of adaptations: Behavioral, Physiological and Structural, we occasionally need a combination of two. I believe with the series of events for the last few quarters, we are in need of all three and may be more…
Unfortunately, we don’t have the luxury of a crystal ball to predict the future nor the liberty of time to prepare for it. Simultaneously, we aren’t expected to be ignorant and not sense what’s coming especially when the size and magnitude of the problem is as huge as we experienced so far. This challenge encompasses the entire globe across all verticals of our lives irrespective of geographical, economical and social affiliations.
Having said this, without diminishing the catastrophic effects of the pandemic, let’s focus on what we can and can’t do. Historically, global disasters such as COVID-19 are mostly managed by preventive strategies, not preemptive. What about the highest net worth businesses around us and the lives associated with them? Not to forget, the spillover effect of the chain reaction that moves the cycle of economy. We all are somehow linked to each other economically if not emotionally. In the beginning, I mentioned adaptation traits of humanity and what we can and can’t manage. In a pandemic like this we can only adopt and take preventive measures but for the change in the economic dynamics especially for the global Luxury Industry, we must be in the preemptive mode.
The fact of the matter is, most of the international luxury brands and services are still looking in the back-view mirror. My prior articles described futuristic consumer advancement with the help of technology and knowledge backed by the financial capacity is so enthralling that brands engagement strategies fall short on many fronts. I would not like to overemphasize this fact by mentioning the list of collapsed luxury giants pre and post COVID. Although, it was oversimplified to blame global crisis.
Since the board rooms of international luxury brands are still on the revolving chair spinning around the obsolete copy paste jargons of early 5 years of 21st century as in: videos, social media, influencers and online spaces are few of the overdone techniques of the past that are so relevant to our CMO’s & DM’s till date.
Luxury brands need disruptors that have the potential not only to challenge the stereo type branding myths from “Brand experience” to “cell phone fame” but also have the capacity to formulate strategies that adhere to futuristic consumers. One major disruptor of the century we all know till date is Steve Jobs who’s innovated strategies of engaging futuristic market and satisfy the market demand that surely exceeds expectations. Most of the recent marketing gurus are just modifiers, not marketing innovators or transformers.
When it comes to luxury designer brands and services, we need smart solutions that transform current brands to futuristic brands that enabled brand DNA to resonate with futuristic clientele and surpass consumer expectations. The brand should tell the story of the brand aficionado more than the brand itself. The future brands are not about the experience but the expression, not the storyteller of the brand but personifying its admirer. Brands of the future don’t have to be struggled with superiority but to strive for personalization.
In view of above and what state of the industry is, we definitely are in dire need of “Future Transformation” specialists who can help us sail to other side of change; 2021 and beyond. These transformers have the potential to play a pivotal role in salvaging the drifting luxury industry, get us rid from old-fashioned marketing strategies, and rejuvenate the luxury industry with futuristic and informed direction.
The process of Future Transformation is a three phase plan; 1- Brand’s Futuristic Evaluation – Get to know the current status of the brand and what extent it is ready for the future; 2- Transformation Guidelines – A detailed guidebook with changes required, execution process, transformation stages, timelines, and budgeting; 3 – Transformation Implementation & Execution – Long term strategic action-oriented project, based on KPI’s, and evaluation intervals with time timelines.
I need a “Head of Transformation” for my luxury brand, what’s your take?