Brand Building Action Points
1. Be bold
Take risks. Be willing to communicate a unique point of view both in design and communication. Heritage is important. But even a royal family needs to refresh and put on a modern face. Be flexible about who speaks for the brand.
2. Be timeless and timely
Luxury brands by definition do not chase the latest trend. They tend to defend consistency and tradition. But customers are changing and being on-trend is crucial. The challenge is to express the latest trends in continuity with respected tradition.
3. Link brand with data
More than in most categories, luxury is about brand and originality of design, not analysis of data. Luxury brands should be neither data-driven nor data-adverse. Artistic intuition, rather than data, connects fashion with the zeitgeist. But data can inform artistic intuition without subverting it.
4. Market across media
As the market for luxury expands, with new, younger consumers, it is important to be present in diverse media, which means both social media and the traditional fashion press. Print is resurging among young people as more tactile and tangible than digital.
5. Be cordial
Being exclusive is fine. For luxury it is necessary. Being snobby is poor manners, which may impress some people, but is sure to alienate the younger customers on whose buying power the future of luxury depends, and who have no problem walking down the street—or clicking away—to another brand.