To be successful in India, it is both necessary to gauge the financial potential as well as the mindset of the Indian luxury consumer. This will help in bringing forth the right product offerings to the Indian consumer as well as targeting them better. There are conventional foundations for ensuring success of a brand and they are listed below in brief: * The brand must be “expansive” - Which means it should be full of innovation opportunities for the marketer and in terms of satisfying the different needs of the luxury consumer. * The brand must tell a story – One of the best ways for an organization to compete and distinguish yourself from the rest of the pack is to tell your brand story. The story should be so powerful that it should make customer act as the way you want. * The brand must be relevant to the consumers’ needs - Depending upon the mindset of the luxury class, it is necessary for a brand to satisfy those needs, whether they be for recognition or functional use etc. * The brand must align with consumers’ values - A brand that does not concur with the basic values of a consumer’s society has a small chance of succeeding because luxury items are identification for a luxury consumer. This makes it difficult for the consumer to adopt the brand in such cases. * The brand must perform - Irrespective of which category the brand belongs to, a performance assurance is a must for the brand.
Based on the inputs given above as well as an understanding of the decision making process of the luxury consumer, we recommend the following paths for luxury marketers based on what Indian consumers really desire from their luxury brands, i.e. product brand, dealer/store brand and price/value relationship :
(The price / value relationship has been accorded less focus since the Indian Consumer is at a phase when cost of luxury is secondary to its appeal / benefits)
1. Brand Me Affluent! - It is essential...