The Culture of Luxury
Even during a recession, luxury brands still manage to maintain sales and a following, often making more money than other industries out there, how do they do it?
It seems that, in a Walmart world, we still desire high quality and exclusive products and that enables luxury goods to stay in business. Luxury brands have built a carefully crafted reputation and brand that has remained true over the years because of one key point- the shared dream of inclusion.
This “dream” is that exclusive group that you belong to when you purchase something that is in high demand and only available to certain members-like a country club for products.
Something that Cartier, Mont-Blanc and Prada all have in common is that their staff is carefully selected people in the industry who believe in this dream and live it daily. They know that the product they work for is high quality and they are extremely passionate about it.
Something else that is evident is that, let’s face it, these companies are amazing places to work for. Luxury brands consistently show healthy margins, high staff satisfaction and high customer satisfaction. This demonstrates something interesting about company culture- that it is not instilled by management but starts from the bottom up- the customers and employees. The satisfaction they have at being affiliated – by purchasing and working for this wonderful product makes the whole experience more pleasant and results in happiness. Here we see a true interaction between successful company branding and successful workplace culture.
So how can we apply this knowledge to our company, if we are more of a Walmart than a Fendi? You can still include your customers in the dream. It goes beyond branding; it’s really about creating a desire and passion to be associated with your company, whatever the actual cost of your product is.
How you go about that remains to be seen, but we have a lot to learn from Luxury brands that have thrived for many years and still create a yearning to this day. What dream is your company selling?
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