The 6ps of luxury marketing

The 6P’s of luxury marketing is a model for considering consumer behavior and customer buying habits for luxury brands. The model was developed by Jeff Winsper of Winsper Inc. The model is intended to help luxury marketers better understand how to communicate and connect with their audience in a more meaningful and, ultimately, successful way. The model consists of 6 pillars of luxury marketing - people, product, passion, pleasure, purpose and price. The information presented in the report is based on 350 surveys completed in June 2007 at the luxury interactive 2007 premier luxury branding conference by delegates of the luxury marketing council. The council serves as an exclusive, invitation only collaborative organization of 2,800 top CEOs and marketing executives who represent more than 860 major luxury goods and services companies.
The six pillars of luxury marketing defined
----
*People — People will increasingly rely on strong personal relationships that differentiate their trusted network from larger, non-exclusive networks associated with mass offerings. The ways to help forge bonds with affluent consumers include participation in the charitable, social, and cultural events that they support.
*Product —Luxury products must embrace six key characteristics if they are to be considered luxuries by consumers: quality, heritage, integrity, price, scarcity, and superfluousness or non-utility. Through extensive interviews with luxury goods consumers, French marketing professor Bernard Dubois identified these six key characteristics of luxury that are inherent in a product and its brand. These characteristics will mean different things to different people.
*Passion —Passionate consumers share their passion in a variety of “old-fashioned” (clubs and association) and emerging (online communities, blogs). Luxury marketers need to be particularly cognizant of what’s happening online: both good and bad news travels fast.
*Pleasure —Pleasure derived from luxury consumption comes from the experience. A luxury experience implies an emphasis on senses and emotions. Luxury marketers need to ensure that their customers have the opportunity for sensory connection with their products, and should also consider emotional appeals in their marketing campaigns.
*Purpose —Although luxury might be superfluous, it also serves a purpose. Most luxury products have a utilitarian aspect, which is more or less important to different individuals. Luxury marketers should arm themselves with a combination of practical, factual information, and ways for customers to connect to the pleasure aspects of their products. Luxury customers will place varying weights on the importance of pleasure vs. purpose. Marketers need to be prepared for all possible combination's.
*Price —Money matters to the affluent, who tend to spend rationally, even if they seem to spend a great deal. Aware of the many downsides of ownership, the affluent increasingly favor fractional ownership. While fractional ownership may not always be relevant, luxury marketers should consider adding this to their mix.

Main Menu

See Also

Main Menu