Key B2C Luxury Brand Marketing Strategies to Establish Strong Relationships with the Modern Consumer of Luxury Fashion
Prusova, Daria (2023)
2023
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Julkaisun pysyvä osoite on
https://urn.fi/URN:NBN:fi:amk-2023052514229
https://urn.fi/URN:NBN:fi:amk-2023052514229
Tiivistelmä
This Bachelor’s thesis explores key B2C luxury brand marketing strategies to establish strong relationships with the modern consumer of luxury fashion. The aim of this thesis is to understand trends in consumer buying behaviour, the importance of brand experience, and the role of brand equity that formulate those strategies. Luxury fashion is considered to be one of the most well-performing and fastest developing industries. The number of studies on luxury products has grown. Selling to high-end customers demands a distinct approach in terms of marketing practices.
The study consists of research methods such as theoretical and statistical analyses. The desktop research discusses important concepts from literature material, such as subject books, articles, and expert interviews about the buying behaviour of the luxury fashion consumer, the importance of brand experience, and the role of brand equity. The empirical research focuses on statistical analysis to study buying behaviour of the modern luxury fashion consumer and the importance of brand experience that was conducted through a web survey answered by luxury fashion users, during which 30 responses were collected.
Based on the conducted theoretical and empirical research, the modern consumer of luxury fashion is knowledgeable and has decent technology skills, desiring both personalisation and positive emotions when purchasing products from brands, visiting different types of stores, valuing in-store and online shopping, and somewhat considering luxury fashion brands on social media and those that are more sustainable. Brand experience creates stronger customer relationships and brand resonance, and leverages profit where a personalised, localised, and clienteling approach is maintained in-store and digitally. The role of brand equity is essential in luxury fashion brands due to value establishment, strengthening relationships with customers, brand loyalty, leveraging brand elements, and pursuing the luxury strategy. 15 key B2C luxury brand marketing strategies to establish strong relationships with the modern consumer of luxury fashion linked to consumer buying behaviour, brand experience, and brand equity to consider by luxury fashion brands.
The strategies are suitable to be applied by established luxury fashion brands and by emerging brands, their management, and marketing specialists in brand building, marketing, and customer experience. The results of the study bring insights for creating strong relationships with consumers, maintaining customer retention and loyalty, leveraging sales and profit, and promoting the growth of luxury fashion brands when applying specific marketing strategies that can be adapted by every luxury fashion brand, and expanded in further research while elaborating on certain topics.
The study consists of research methods such as theoretical and statistical analyses. The desktop research discusses important concepts from literature material, such as subject books, articles, and expert interviews about the buying behaviour of the luxury fashion consumer, the importance of brand experience, and the role of brand equity. The empirical research focuses on statistical analysis to study buying behaviour of the modern luxury fashion consumer and the importance of brand experience that was conducted through a web survey answered by luxury fashion users, during which 30 responses were collected.
Based on the conducted theoretical and empirical research, the modern consumer of luxury fashion is knowledgeable and has decent technology skills, desiring both personalisation and positive emotions when purchasing products from brands, visiting different types of stores, valuing in-store and online shopping, and somewhat considering luxury fashion brands on social media and those that are more sustainable. Brand experience creates stronger customer relationships and brand resonance, and leverages profit where a personalised, localised, and clienteling approach is maintained in-store and digitally. The role of brand equity is essential in luxury fashion brands due to value establishment, strengthening relationships with customers, brand loyalty, leveraging brand elements, and pursuing the luxury strategy. 15 key B2C luxury brand marketing strategies to establish strong relationships with the modern consumer of luxury fashion linked to consumer buying behaviour, brand experience, and brand equity to consider by luxury fashion brands.
The strategies are suitable to be applied by established luxury fashion brands and by emerging brands, their management, and marketing specialists in brand building, marketing, and customer experience. The results of the study bring insights for creating strong relationships with consumers, maintaining customer retention and loyalty, leveraging sales and profit, and promoting the growth of luxury fashion brands when applying specific marketing strategies that can be adapted by every luxury fashion brand, and expanded in further research while elaborating on certain topics.