Luxury Unfiltered is a weekly column by Daniel Langer, an expert in luxury branding, hospitality and activations who was named a “Global Top 5 Luxury Key Opinion Leader” by Netbase Quid.
In the wake of disappointing Q3 financial results from major luxury players like LVMH, Kering, and Porsche, challenging times for luxury brands are evident.
When we work on luxury strategy projects, we always conduct brand and category audits where we go into an in-depth assessment not only of our clients but also of all major competitors. This assessment goes far beyond typical competitive analyses and includes meticulous reverse-engineering of brand stories and assessments of the perception of these stories by luxury clients.
Therefore, not surprisingly, most of my strategy projects center around retooling brand storytelling to make it client-centric. It is the number one root cause for underperformance. Third, and related to it, within organizations, luxury training on identifying the emotional key of clients, on emotional clienteling and on gaining confidence to inspire the world’s most discerning luxury customers is critical.I am just returning from such a training that I led in India for the client-facing team of a leading global luxury brand. Making people understand the psychology of luxury clients is critical for success.
Since the value of any luxury brand fundamentally lies in storytelling, any deficits haunt brands even more severely. Yet many brands persist with generic stories that fail to differentiate them in an increasingly crowded market, a phenomenon I often call the “sea of sameness.” To navigate this self-inflicted crisis, luxury brands must urgently transform their approach by investing in developing inspiring client-centric brand storytelling that connects deeply with consumer insights and emotional drivers – values and aspirations alike.
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