The past year has seen a rewriting of marketing rule books with many varied sectors realising that the selling-exclusivity-by-the-million paradox is no longer the sole concern of luxury brands. From banks to estate agents, ice cream to insurers, understanding the consumer mindset is key. The desire for transformation from everyday to luxury can applies as much to banking as it does to designer shoes.
Travel, wine and food are some of the key sectors looking to the luxury model to learn and expand.
The key learning for the new kids on the luxury block is that brand relevance comes from a dynamic mix of heritage and innovation. Uncovering genuine brand stories ,no matter how old or young the brand, lies at the heart of the challenge.
McDonald’s signature collection perfectly reflected the shift to premium for certain brands within the food sector, also reflecting that heritage can be a critical driver of the luxury proposition. The heritage/story element of any brand contains The Brand DNA- the iconic products, the associated imagery and the CORE VALUES.
In order to deliver brand relevance these must be married with Innovation which deliver dynamism, drives design, helps steer tech and develop brand ambassadors who then feed the brand story into social media.
This is precisely how Barclays chose to launch its Premier banking service, utilising its history to deliver credibility and marrying this with innovation and technology to deliver a relevant premium offering.
The Brand Archivists are expert in exploring and unearthing brand histories to deliver the perfect balance of heritage and innovation. New sectors exploiting luxury learnings must remember that your past must inform your future- but too much innovation can cost you your soul. It is your history that grounds you, it is your history that gives credibility and value to anything and everything you do.