Luxury Strategy and the anti-laws of marketing
A new book, Luxury Strategy, looks at how luxury brand have been able to sell a product for ten times the price of a similar product, without actually being ten times better. In a chapter named Anti-laws the authors draw a sharp contrast between traditional marketing wisdom and the way luxury product marketers must work. They propose 18 counter-intuitive “laws” for luxury marketing. These laws include “Don’t pander to your customer’s wishes,” a statement that flies in the face of what marketers of high-end products strive for. The authors note that true luxury products tend to be driven by a creative vision. They describe how BMW has steadfastly ignored customer complaints of poor rear-seat leg room in their 5-series cars in order to maintain their primary focus on performance and driving pleasure. Read more in neuroscience marketing. Also here on the book’s Amazon listing.