Myth: The only way to protect a luxury brand’s equity is to maintain complete control of all ideas and activities.
Brands can maintain their DNA and identity and still use open innovation methods to disrupt, reinvent and transform themselves to remain highly relevant in today’s evolving luxury industry. Brands don't have to compromise their values and DNA to thrive.
If you want to grow substantially as a luxury brand, you must have the largest marketing budget is what most think. However, big marketing budgets generate awareness and trial, but they have limitations beyond those two opportunities.
Does a large marketing budget = best growth?
- Yes
- No
The way to grow large and profitable in luxury is to deliver the highest value products and services via extraordinary experiences that make clients feel special.
Photos by Jino Agnelli from Myth vs Reality Circle of Luxury Professionals / Ceto Maybourne Riviera Think Tank lunch
Having been an events architect for several years now working with the likes of private banks, yacht brokerages and builders, business aviation companies and others to help them craft unforgettable and meaningful events, it fascinates me how some companies still have a hard time "letting go". Yet those who have, and have entrusted me in masterminding events that have led to business down the line for them purely based on emotional psychology, see themselves far more engaged with their clients than those who rely on the same old methodology.
Happy clients become a brand’s best advocates, and the brand grows dramatically through customer retention and referrals. This has been proven over and over, but it is hard, laborious, highly-skilled work. Lazy luxury brands would rather spray and pray with marketing than roll up their relationship sleeves.
Photo by Jino Agnelli from Myth vs Reality Circle of Luxury Professionals / Ceto Maybourne Riviera Think Tank lunch
Myth vs Reality Circle of Luxury Professionals encourages candid discussions to bring advocates from various luxury industries together and forge deeper relationships to progress the pursuit of luxury.
Today, many luxury brands are so inbred exclusively in luxury that they have locked themselves into vicious cycles of ineffective groupthink and obsolete behaviours.
The truth is born in discussion. I would rephrase it and say that the truth is born while debating and I have been waiting for a very long time before finally I have been offered this amazing opportunity to join the new Myth vs Reality Circle of Luxury Professionals THINK TANK!!!
- Jelena, Ocean Independence
Is luxury too inbred?
- Yes
- No
Many people in luxury today have expired mindsets with expired experience for a changing world.
Cross-pollination with talented individuals who are emotionally intelligent from all industries and industry segments is the way to drive open innovation and long-term success. That's why I created Myth vs Reality Circle of Luxury Professionals.
Photo by Jino Agnelli from Myth vs Reality Circle of Luxury Professionals / Ceto Maybourne Riviera Think Tank lunch
The product knowledge can be easily taught to talented individuals. People who have that predisposition more easily perfect the emotional intelligence skills. By attending think tanks organised by the likes of Myth vs Reality Circle of Luxury Professionals, one engages in a new level in conversations and relationship-building that can but benefit each party.
Photo by Jino Agnelli from Myth vs Reality Circle of Luxury Professionals / Ceto Maybourne Riviera Think Tank lunch
By having been a marketing, events and PR consultant for many years in luxury, that has been the main attraction by luxury brands to take in my expertise because of the variety I have gained throughout the years to help such brands wanting innovation and change.
Myth vs Reality is about change, it is not just about networking: it's a neutral community, a welcoming circle, and a real opportunity to create new and meaningful business.
Will you be joining in the conversation to better your outlook on luxury from a new perspective?
- Yes! Sign me up!
- Let me try one first
- Not interested