The luxury market is facing disruption. Four key factors are in play:
- Increasing global economic and political turbulence
- Rise of wealth class causing pushback from those in the “under class”
- Industry’s need to adapt to the human side of digital disruption
- Emergence of a young digitally-powered consumer with new ideas of what luxury is and what it means in their lifestyle.
Luxury brands face a complicated balancing act in 2020 and beyond as they are forced to navigate macro trends. It will require luxury brands to more effectively communicate their brands’ value proposition. That takes marketing. And that too has been disrupted.
Marketing got disrupted officially back in 2013, when the American Marketing Association changed the definition of marketing. It went from the old 4Ps definition which most of us practicing marketers were drilled in: Product, Price, Promotion, Placement, to a new one based upon the idea of value expressed by the new 4Es, where Experience replaces Product; Exchange is the new Price; Evangelism becomes the new Promotion and Everyplace evolves from Placement.
This 70-page book explains how luxury brands must evolve their marketing messages to the new 4Es model of marketing and presents case studies of brands that have made the shift.