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Session 2 - Luxury and digitalization - Coggle Diagram
Session 2 - Luxury and digitalization
Unique/memorable experience
Customer Experience Management (CEM)
SENSE (sensorial experience), FEEL (emotional experience), ACT (Involving/relation experience), THINK (cultural experience)
Sensorial experience
by stimulating 5 senses (except taste here) => Porsche w/ new dimension to driving that you can hear (motor), smell (leather), feel (driving) & see (esthetic)
Emotional experience
=> Store Atmosphere in Hermès Paris or Louis Vuitton Nagoya - Special "gift" packaging
Cultivate/Think experience
=> Workshops; Ateliers
Involving/relation experience
=> Virtual reality in store; Collabs (Gucci + AR tech on Snapchat for footwear)
Market Segmentation Strategy
Differentiation : distinct segments
Identification: Which consumer belong to which segment
Size: not too little (volume), not too large (not exploitable)
Accessibility: shopping areas, media, influencers
Realistic: internal capability to satisfy each segment specific needs
Based on wealth
Ultra luxury
=> "super-rich" billionaires
Affordable luxury
=> "middle class clientèle"
"Trading-up"
strategy = make certain products accessible to the greatest number by lowering prices of the brand at entry-level
Based on culture
Consumers in traditional markets = product + service quality
Consumers in emerging markets = status symbols & social acknowledgement
Based on personality
Romance; Seduction; Joy; Protection; Conquest (elegant, sophisticated...)
Wealthiest 2% = 40% of luxury spending in