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The Brand is the Master of the Business
by Juanita Lenz
What makes a leading luxury brand different from other brands? One reason is this: Whereas business may seem to dominate the brand in other sectors, the brand is the engine of a leading brand's entire business model. The brand - not the business - is inarguably the reason why consumers choose these goods and services. Likewise, it is the brand that influences behavior more than factors like distribution, functionality, and even price. Ultimately, the brand is responsible for most of the value created by the business.
Second, while businesses typically seek to maximize their profits within the shortest time frame to satisfy investors, leading luxury brands play a long-term game that considers the brand's relationship across generations. Rolex, for instance, is a family heirloom that increases its emotional and financial value as it is passed down from generation to generation. Its recent investments follow this strategy, with enhanced after-sale services to extend the life of the product. Whereas this may seem counterintuitive to new sales, Rolex understands that the greater value comes from keeping their watches working across generations.
Leading luxury brands like Rolex are managed with a sense of determined conservatism, minimizing risk and above all, avoiding damage to the brand's value. They accept that this may sacrifice short- term profitability, and perhaps even limit the absolute size of the brand. But by making this decision, they generate value over the long-term. As such, the heritage created through longevity is often an accepted and intentionally desired delivery mechanism for brand value. The business is custodian of the brand, preserving it for generations rather than exploiting it for short-term gain.
And yet, when profits are in decline, it becomes increasingly difficult for luxury brands to continue to justify their unwavering commitment to continuous high costs and quality. It is important that luxury brands remember that they function differently than other brands - especially when investors, marketers, and managers, showing the first signs of angst and panic, urge these luxury brands to take dramatic and quick action. While cost cuts may prove helpful for other businesses in tough times, the same measures may carry a significant risk to a luxury brand's value.
About the Author
Juanita S. Lenz works in omega watches shoes online store!
WILEY - WEARING MY ROLEX FULL
Wiley - wearing my rolex some body asked for the full version so here it is BRAP BRAP!!
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