The fundamental issue in presenting a unique experience is that it does not surprise the customers after the overall experience is cherished in the first time. Therefore, luxury brands have to maintain consistency in creating new experiences for attaining absolute relevance. Luxury is responsible for the creation of strong emotions, similar to romance and love. It holds such uniqueness that it only happens once in the whole lifetime (Klein et al., 2016). Such aspects end up creating management challenges for luxury brands. The only option for luxury brands to succeed is creating maximum value that reflects maximum excellence for the customers. In case of even one missed dimension, the overall brand allure is lost.
The Value of Experience Creation
The creation of experience is among the most underestimated element in luxury brands. Many brands end up facing failure as they cannot cope up with the rapid changes in extraordinary experiences (Batat, 2019). Luxury customers set expectations for maximum quality, with the involvement of great savoir faire and fine supplies from the luxury brands. If their expectations are not met, they tend to move on really fast. However, in case of a tremendous experience, they start setting their future expectation as per the new benchmark for future involvement with luxury brands. If there is absence of craftsmanship, luxury customers will not show preference for the specific product (Andreini et al., 2019).
An experience that was extraordinary in the past may not be sufficient for attracting luxury customer in the present. The overall stakes of quality across luxury brands keep increasing with multiplied expectations and specific introduction of change. The success for luxury brands requires rapid evolution where lack of innovation results in an obsolete brand (Klein et al., 2016). How the overall shopping process is experienced by the customers, the level of personalization, and the attachment of special feeling is crucial for the success of luxury brands and products.
How are Luxury Brands using Experience Creation?
The biggest paradigm shift is most evident in the case of young customers from China who are definitely creating huge disruptions in the luxury industry (Batat, 2019). Highest expectations are set by young customers in terms of luxury involvement, yet the target market is still being underestimated by many traditional brands.
In China, maximum luxury goods (80 per cent) are purchased by customers below the age group of 40 years. If maximum consumption is reflected in this age group, it is crucial for luxury brands to consider their expectations and preferences without ignoring their valuable contribution to the brand (Klein et al., 2016). For majority of such unique groups, best quality of experience is an extremely important element in terms of luxury brands.
These facts about China are true for all categories of luxury brands. As a significant example, wellness has turned out to be a huge luxury trend across China. In the current era, there is not just expectation of personal trainers for the sessions, but high-end customers also expect an empty gym for their session in order to obtain the most individualized experience. Various changes are taking place at a consistent rate and the past cannot be repeated for the best luxurious experience (Batat, 2019). It is crucial for luxury brands to maintain focus on the delivery of customer value, and not just simply providing the products.
There is expectation for
great services and fine materials. The ones with maximum innovation will
succeed in providing a branded experience, different and unique not only
regarding aesthetics, but also in context with emotional feelings. This is the
key reason due to which it is indispensable to ensure emotional and rational
clarity regarding the core brand values (Andreini et al.,
2019). The key purpose
of the brand has to be understood and defined by everyone across the brand,
with a meticulous detail about the entire customer journey. The brand employees
will require training for their roles so that they deliver the best branded
experience for the customers. The luxury industry will always be based on the
creation of extreme value through the best experience possible.
References
Andreini, D., Pedeliento, G., Zarantonello, L. and Solerio, C., 2019. Reprint of” A renaissance of brand experience: Advancing the concept through a multi-perspective analysis”. Journal of Business Research, 96, pp.355-365.
Batat, W., 2019. Transforming Luxury Brand Experiences through Artification: A Marketing and Consumer Research Perspective. Marche et organisations, (2), pp.135-151.
Klein, J.F., Falk, T., Esch, F.R. and Gloukhovtsev, A., 2016. Linking pop-up brand stores to brand experience and word of mouth: The case of luxury retail. Journal of Business Research, 69(12), pp.5761-5767.