By Tricia Carr
Executives from the Luxury Institute, Digital Luxury Group and Morpheus Media who spoke during a Luxury Daily webinar said that marketers should focus on relationship-building through technology and moving away from a fragmented media approach in 2013.
During the “Luxury Outlook 2013: Up, Down or Flat?” webinar Dec. 4, the senior executives agreed that consumer segmentation by geographic and demographic factors can help brands distinguish the “who” and “why” of luxury marketing next year. Overall, the executives concurred that the outlook on luxury for 2013 is “up.”
“It is simple – long-term relationships build sales and profits,” said Milton Pedraza, CEO of the Luxury Institute, New York.
“Instead of looking at what the competition is doing, do what Apple is doing,” he said. “It had the product, but it created an even greater value proposition for the brand.”
Click the link to read the entire article which includes additional quotes from Milton Pedraza, CEO of Luxury Institute: