Luxury is a niche segment and the rules of brand management for luxury products & services are different vis-a-vis brand management of regular products. Luxury brand management is not only about strategizing to increase the perceived value of the luxury product but also on ways to reach this niche customer for they consume media differently. The niche customer is not just buying products and services, but they are buying an experience. And the brand must live up to that promise.
Besides this, there is a lack of awareness among the majority of Indian consumers about the pedigree, rich culture, and heritage of the luxury brands. Their purchase is limited to a few popular luxury brands only. They do not even consider their lesser-known counterparts due to a lack of brand awareness. So Luxury Brand Management not only involves brand positioning of the product and service in such a way that it separates itself from the competition and occupies a niche space in the minds of these consumers. But also build strong brand recognition, generate brand awareness and brand visibility amongst the consumers. In addition, customer needs to be educated about the core values the brand stands for.
Role of a Luxury Brand Manager:
- Market research to identify the needs, spending habits, and type of media consumption
- Working with varied teams and departments to ensure that the brand image is maintained as per the company requirements along with offering an unforgettable product and service experience
- Understanding the market feedback and customer reactions. Incorporating the requisite iterations.
- Ensuring proper hype before as well as after the product launch
- Conceptualizing of brand positioning strategy along with media strategy
- Make sure that Point of Sale (POS) material along with the packaging is ready before the launch
- Ensure that the brand communication generates discussions and word-of-mouth publicity.
Industry Outlook & Scope:
- As per Euromonitor International, India’s luxury goods market is estimated to reach $8.5 billion in 2022 from $6 billion in 2021.
- By 2030, the size of the Indian luxury market is projected to surpass $200 billion.
The flourishing industry ensures immense opportunities. On completion of Luxury Brand Management courses, students can apply for the following roles:
- Luxury Brand Manager
- Product Manager
- Fashion Retail Manager
- PR Specialist
- Merchandising Manager
- Marketing Head
Luxury Brand Management courses:
Many colleges are offering Post Graduation Diploma, but while choosing, you should consider the following:
- Students get a broad perspective about global luxury brand management as well as market
- The course should cover a wide spectrum of luxury segments that includes Haute Couture, Automobiles, Wine, Jewellery, Watches, and Hospitality, etc.
- Industry Exposure through internships, student exchange programs, workshops with industry experts and global industry leaders, live projects, and case studies besides mentoring by Alumni.
- Additional career support curriculum to enhance your comp
- Comprehensive placement program that included absorption by companies like Louis Vuitton, Gucci, Mercedes, etc.