Here are four ways by which brands can avoid loosing relevance with 21st century consumers.
“Luxury brands continue to rest on their long-standing legacy, but that is devoid of meaning to consumers today.“
Very interesting commentary of Pam Danziger about how the new generation of consumers perceive luxury brands: lack of relevance makes it harder for them to resonate with a brand. This echoes what I recently wrote on Quora.com about the state of luxury watch sales: “Institutional brands have stopped taking risks when it comes to style and novelty, and young brands and micro brands have picked up the baton by giving consumers a sense of excitement.“
Pam Danziger refers to a report from Meaning.Global, a global strategic brand and cultural intelligence consultancy headed by Dr. Martina Olbertova, and sums up four ways in which brands can hold their own: authenticity, meaningfulness, eclecticism and lastingness. For the complete details, check out Pam’s article Luxury Brands Face a Crisis of Meaning: Here’s How to Fix It at Unity Marketing.