Luxury life style products marketing in India

The demand for Luxury life style products has resulted in Starcom launching a specialist solutions unit, named C that will focus on lifestyle marketing and communications to the super-rich. While C will operate through the spectrum of lifestyle sub-segments — from premium and prestige to luxury and indulgence, the agency has decided to indulge the picky, rich consumer who is changing in a number of ways.

It’s not only the wealthy who desire the halo of luxury. Never before has the luxury market seen an audience and community of highly affluent buyers as interest in learning what constitutes the best of the best. They have accumulated an incredible nest egg, by either having made a lot of money on the bourses, sold businesses, or dabbling in knowledge sectors. They now have enough time to savor and sample the best of the best, be it wine, travel, apparel, cars, fine jewellery or a lavish holiday. This community — the wannabes — is hungry to learn, and wants to be educated in a sophisticated fashion, about what constitutes the best.

A demanding clientele:

The wannabes are demanding more high-touch marketing. They are brand-sensitive in the sense that the brand is the price of admission. For today’s consumer, luxury brands can no longer live by brand image alone because the customer has become increasingly value driven and more demanding of superior service, intelligent communication and a personalized understanding of their wants, likes and desires.

Since luxury consumers have more confidence about the economy in general, and about their financial status in particular. There is a notable rise in luxury consumers’ perception of the financial health of the country says an official of the Luxury Marketing Council Worldwide, an apex body for luxury goods and service providers which opened its office in New Delhi last year. What turns them on is a one to one, personalized, high-touch, highly customized marketing which demonstrates understanding of their needs, wants and values.

Money does beget more money. And with a strong, rich populace in a position to demand and get the best-of-the-best, especially with their liquid portfolios, sophisticated marketing techniques are called for.

Advertisers and marketers are dabbling in new marketing intimacy techniques, one-to-one marketing, and intelligent coddling by brands that have not traditionally used to customizing their marketing programs.

The brief is clear. In addition to the search for the memorable, the unique and services that have high value, there is the hunger to know. With more households spending about Rs 4 lakh a year on premium products — which works out works out to a market potential of Rs 72,000 crore — this is one segment that simply cannot be ignored.