Culture Of Customer Co-relation: How It Is An Important Factor In Any Brand's Success
A customer who buys a luxury product expects to not just own a great product, but also wants to have a pleasant experience while shopping
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Some of the most valuable and best-recognized luxury brands have been in business for decades if not longer. There are many factors that differentiate a successful luxury brand from an unsuccessful one; the most crucial factor is customer experience. A customer who buys a luxury product expects to not just own a great product, but also wants to have a pleasant experience while shopping.
The Importance of Customer Experience
For a luxury brand to be successful it must offer shoppers an enhanced customer experience. A luxury product must be superb and the brand selling the product must also offer an exceptional shopping experience. A luxury brand that doesn't offer a good shopping experience will find its perceived value hugely diminished. Such a brand will not remain in the marketplace for as long as a time as a luxury brand that offers terrific customer experience.
Luxury Brands vs Mass Market Brands
Customers, who shop for an upmarket or luxury product, expect a professional, pampered, and secure shopping experience. This is their expectation from the time they enter the shop till when they leave with their purchase and even afterwards.
A luxury brand caters to a segment of the population that can afford to pay extra for a superb shopping experience. Buyers of luxury products who believe that they have had an exceptional experience buying from a brand are likely to continue buying from the same brand.
This is the key to the success of a luxury brand. Unlike a brand that sells to the masses, a luxury brand can only be successful in the long term when it creates a loyal customer base. A regular mass market brand can be successful having only 10 percent of repeat buyers but a luxury brands success lies in having a loyal clientele, 60 to 70 percent of whom are repeat customers. Unlike mass market brands, luxury brands wish to maintain their exclusivity and to do so, they want loyal customers as opposed to having a large number of uncommitted customers.
Distinguished Customer 'Touch Points'
To create a brand the majority of whose customers are loyal requires that a new brand go above and beyond to satisfy customers. A brands integrity is most visible when one sees how the brand behaves when things go wrong. To maintain the integrity of the brand, it is important for the brand to reciprocate appropriately to the feedback by an unsatisfied customer. If required, the brand must refund money to maintain its value in the eyes of the customer. When a brand has faith in its products and is willing to return cash to customers who are unsatisfied with its product it is actually subtly promoting its brand and enhancing how the brand is perceived. Doing so can transform formerly dissatisfied customers into loyal repeat buyers of its products.
Personalization is the Key
Online luxury brands must ensure that they provide exceptional personalized service during the relatively small periods of time they do interact with customers. Nurturing relationships with customers while also solving a customer's problems and service related complaints to the customer's satisfaction are also important for online sellers of luxury products. For instance, it's important for a luxury brand to listen to its customers. So if a customer places an order for a shoe of a size that is unavailable in India, the luxury brand that successfully fulfils such an order is offering exceptional personalized service. Another example of exceptional personalization is when a brand sells hand-painted luxury footwear.
Customers as "Brand Evangelist"
The relationship between brands and customers is an important one as they are your 'Brand Evangelist'. It isn't necessary that every customer is a permanent one, but a brand that continuously strives to exceed their expectations by creating a good customer experience has a better chance of success. It is also important to remember that a brand may enter the market because it offers a solution to an existing problem, however, to remain in business it must be able to solve problems that its customers will face in the future. A brand is actually created only when it successfully solves problems in the years ahead for customers.
The Role of Fan Clubs for Luxury Brands
Many brands have fan clubs that consist of members who are willing to buy any product manufactured by a brand simply because they love the brand. A subtle tone revealed by this fact is that in the luxury market domain, the customer experience is even more important than the product being sold. In the luxury space, having an excellent product is a prerequisite and customer experience is the key differentiator.
A seller of premium products is expected to sell the best product of its kind. However, having the best product doesn't guarantee success for a luxury brand. To be successful in the years and decades ahead, a luxury brand must offer an unsurpassable customer experience. Only then can it grow to be a mature luxury brand that attracts sophisticated buyers who form a lifelong relationship with it.
Disclaimer: The views expressed in the article above are those of the authors' and do not necessarily represent or reflect the views of this publishing house. Unless otherwise noted, the author is writing in his/her personal capacity. They are not intended and should not be thought to represent official ideas, attitudes, or policies of any agency or institution.