Luxury In Uncertain Times

In times of uncertainty, a new normal must be found and the luxury industry is no exception. While many observe changing times in fear, others see opportunity—a chance to be at the forefront of a new, transformed future of luxury brands.

As a recent article in Forbes aptly stated, uncertainty “offers considerable scope for innovation, acceleration and competitive gain.”

The article also pointed out that the luxury industry has historically done well in times of crisis. That said, I do not think it is ever wise to sit back and wait for normalcy. What once was may never be the same again. Brick and mortar businesses in particular must now pivot and embrace a new, digital mindset—one that is sure to set the tone for decades to come.

I encourage my readers to use uncertain times to rethink, refocus, and contribute to the transformation of the luxury industry, and play a role in shaping its future.

I believe it is wise to use any downtime you may have to think about new, innovative ways to reach your clientele; no matter whether your business sells luxury products, delivers luxury services, or creates luxury experiences. Now is the time to rethink your business model, refine your messaging, enhance your personalization capabilities, and catch up on things you have been meaning to get to but have not had the time when business was usual. It is the ideal time to improve your processes, streamline your operations, and position your brand as a frontrunner in the next decade of luxury.

Uncertainty is a wake up call. It can be looked upon in paralysis, or it can be used as an opportune time to sharpen your toolbox, elevate your brand awareness, improve your SEO, and unveil new, better ways to connect with your clientele. Join me in choosing the latter…

Begin by focusing on what needs to change

Bain & Company published a concise and insightful infographic, in which they stated that luxury brands must “become even more customer-centric, agile, digital, and sustainable” as they navigate through uncertainty.

If you use those overarching themes as focal points—customer-centric, agile, digital, and sustainable—what needs to change in your business?

Where can you improve in each of those areas?
How can you enable your clientele to feel more heard, involved, and welcome?
What aspects of your current business model no longer works? How can you approach these aspects differently?
How can you improve your brand’s digital experience?
What is your business doing to contribute to a sustainable future?

Rethink your messaging

As a Luxury Brand Copywriter, I witness the power of messaging on a daily basis and, in a time of uncertainty, a brand’s message becomes even more critical.

“Luxury brands will have to focus on experiences, storytelling around purpose and values, heritage and authenticity to remain relevant,” an article in Forbes recently shared.

Luxury brand marketing and luxury copywriting has by nature always required a different stance from mass marketing, but now the way in which luxury brands communicate will also directly impact their future.

If you explore the necessities of luxury today—experiences, storytelling, heritage, and authenticity—where do you need to refine your messaging?

How can you elevate the experience you offer (even with the shift towards e-commerce)?
Where can you infuse your brand story? How can you connect your clientele to your brand story?
How can you strengthen your brand’s purpose? How can you better showcase your brand values?
What can you do to communicate brilliantly about your brand’s heritage?
How can you remain authentic while expanding digitally?

Focus on digital connection, personalization, and optimization

The wave of digital has long been approaching and times of uncertainty and disruption, such as the COVID-19 pandemic, have accelerated the shift to online commerce.

“E-commerce is a crucial channel for keeping sales up, communicating with customers, and forging a sense of community around a brand,” McKinsey & Company stated.

E-commerce is no longer optional—it is essential.

But, luxury brands who do not adhere to the above-mentioned points about customer-centricity, sustainability, experiences, storytelling, heritage, and authenticity are at risk of becoming yet another digital commodity.

In the luxury industry, brands must leverage digital without sacrificing connection and personalization; for without a feeling of both exclusivity and uniqueness, luxury is lost.

If you consider the need to foster online community, while remaining personalized, what do you need to do to encourage engagement and connection with your brand?

How can you enhance your digital experience?
What elements of personalization can be incorporated into your digital approach?
How can you foster community?
What can you do to attract and engage new and existing clientele?
Where do you need to focus to improve digital awareness? (SEO, social media, AI, etc.)

Amidst uncertainty, the future is born.
The decision you make now will shape the future of the luxury industry.

Together, let us be bold, thoughtful, and conscious in our actions,