Experiences Are The New Luxury – Julia Molloy

Experiences Are The New Luxury

Experiences Are The New Luxury

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?

luxury Interior Design Business Consultant Julia Molloy

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.”

Julia Molloy discusses luxury branding

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,

 

julia Molloy interior design business consultant

 

COMMENTS (2)
Reply

Great article Julia!! Trying to figure that out myself since I’m rebranding and launching a new website on April. It’s a tough one. Our luxury brand of pillows is going to be offering more shopping incentives. And seeking ways to make our customers feel as more valued. The issue is we have 3 customers – wholesale buyers, trade buyers and consumers. So for now, we’re focusing on making the website experience quick and easy to shop. Then comes presentation and packaging. Then comes follow up and incentives. I think it might be a good question to pose to our brands followers and customers. I look forward to reading more about what other luxury brands are doing to create a more valued luxury experience for all their customer. I think customizing the product for them is a great one!

    Hi Deborah,

    So glad your pillows are getting traction! They are absolutely gorgeous, so I’m not surprised! I think you’re on the right track with the customization option. The pillows are definitely a luxury purchase and for that, my suggested approach would be playing on the sentimental, special meaning attached to the pillows. What about making a distinctive play on this idea?

    Monogramming, yes, but its been done a million times. What about inserting a blessing and/or a crystal into each one. If someone is buying it for someone else, they can tell you the blessing or ‘wish’ is to put in it. Something like this. Maybe a little pocket on the back with the wish hid inside. My point, give them a special meaning. People aren’t buying these because they need a pillow. They are buying them because of the feeling of specialness they attach to having that pillow. Focus and expand on this ‘intangible need’ of the buyer and you will strike gold. Hope that helps and all the best with the branding. Let me know if you would like my help. I’d be happy to assist. xo Jules

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