I wanted to share an article I read a while ago in the Economist. If you’ve followed my work, you know I think that putting the Lux Touch on your service is where it’s at. The way I see it, business either have to go low or go high, especially in the design industries. The market is polarizing leaving business owners to make a strategic choice on positioning. This goes for any business really. The number of zeros change, but the principle is the same. Is your business attracting with low service / cost (Costco) or High service / Cost (Bergdorf Goodman)? There is no right or wrong answer. Both strategies work. The question is, what is going to work for you?
If you are positioning high, you might find this article interesting. The Economist article describes how the luxury market is shifting, and for you interior designers and other luxury providers, particularly relevant to how you’ll need to shift your business over time.
“If sophisticated consumers are shifting their preferences from handbags to handlebars, makers of luxury goods need to pay attention. The rich set trends, and their notions of luxury trickle down. European consumers now “put more value on inward things”, Mr Elliot thinks. Revenues of upmarket hotels this year are expected to grow by 9%, four times the rate of luxury-goods sales….
Makers of luxury have come to realize that the paradox of industrial craftsmanship can be pushed only so far. To captivate new clients and keep the older ones on board, brands will have to invest shopping with a sense of occasion and give ordinary customers some of the individual attention they have lavished on their biggest-spending ones. Increasingly, that is what they are doing. When Burberry launched a perfume in September, it gave customers a chance to inscribe bottles with their own initials, both in shops and online.”
This furthered my conviction that Luxury is in the ‘Intangibles’. Our businesses flourish when we intentionally craft our client experience, whether it is a cookie when checking into your hotel room or a custom engraved perfume bottle. Of course, this is easier said than done and quite frankly, it is always a moving target. I’ve been refining these points of contact for my business as well. It really does take a lot of energy and clarity to provide consistent and exceptional quality. Perhaps that is why it is so rare and revered. I read articles like these and it begs the question; How does this translate to our businesses and how do we incorporate that same spirit of ‘special’ into all we do?
What are your thoughts? How are you using the value of ‘experience’ in your business? I’d love to hear it!
Remember, you have a GIFT and the world eagerly awaits your full bloom –
Love and Inspiration,