How to Engage Customers through Experiential Marketing BY Aradhana Patwa IIM Rohtak Role of sales and marketing doesn’t end with just customer buying the product. Every business, either we are talking about small or the big companies, they all strive for converting their customers to consumers. And when it comes to brand loyalty, it requires constant effort to make customers believe that your product is the best that they can get considering all the other factors affecting their demand. The other way to do this is experiential marketing. Experiential marketing is a way of communicating the qualities to which your customers can feel connected to. Brand loyalty and customer’s identification not just comes with the selling of product to them but making them connect with the
brand with whatever aspect we are talking like, it’s aesthetics, values or message that it conveys. Experiential marketing is one of the best marketing techniques when it comes to increasing your business’ visibility. To improve this visibility, you should include technologies in your strategy that can make more people engage with your product, make them indulge and participate in marketing your product by way of word-of-mouth, referrals, recommendations and, in many other ways. It requires a very lot of effort regarding research and brainstorming to come up with a plan to acquire this goal. Experiential Marketing- Definition
The definition of Experiential marketing goes by its name, and it is a marketing strategy where the focus is on helping customers experience the brand or the product. Experiential marketing is way different to traditional marketing where it promotes the brand or the product benefits to the customers. Experiential marketing, also known as engagement marketing, live marketing or participation marketing, focuses on developing a brand’s message which aims toward immersing customers within the product by engaging them in as many ways as possible. The ultimate goal of doing all this is to help customers form a lasting, emotional connection with a brand. Some of the examples include Sensodyne’s ‘The Great Sensitivity Test’ where people were provided free sensitivity check-ups, obtain free samples and oral hygiene. Others are Mountain
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Dew’s ‘guerrilla tour’, Red Bull’s ‘Stratos jump’ etc. Below is a detailed description of the experiential marketing examples quoted above: Sensodyne’s The Great Sensitivity Test When launching their new Sensodyne complete Protection, GSK wanted to differentiate their product in the market and also to increase awareness about sensitivity among people and its impact on their lives. The test was set up in London consisting of three zones each performing their unique tasks. The First zone provided opportunities like a sensitivity check with a dentist, win prizes, obtain free samples and see a demo of the product. The Second zone was having a giant tooth that provided a great selfie point. And in the third zone, GSK hosted the world’s largest ever oral hygiene lesson which was attended by 232 people.
Mountain Dew’s Guerrilla Tour An ad campaign is a result of month long of planning. While seat-of-the-pants activation may be inadvisable for most events, a 30-day, 69-city “grassroots” promotion tour that was part of Mountain Dew’s year-long “DEWmocracy 2” campaign may point to an alternative worth considering. To drive awareness and encourage people to try Mountain Dew Energy the marketing team designed a 43-day ‘guerrilla tour’ that targeted consumers at festivals, transport hubs and in city centres. A team of 15 brand ambassadors drove around the UK in a Mountain Dew truck, hosting various competitions and giveaways. They also dished out free samples. How to Cash Your Advertising Efforts? In this ever-changing era of changing marketing strategies, consumer and advertising the key to cash your advertising efforts is to jump on to experiential marketing. Regardless of what kind of business it is, it can probably make a crusade to associ-
ate and draw in with customers. The basic idea is to create an action that inspires a positive engagement — one that clients will recall so it at last drives them to your business. Following are some ways of doing experiential marketing most retailers indulge in: 1. Classes- This you can say is a small start but it can pay you well. In this way, businessman hosts a small in-person event. For example, yoga classes in sportswear outlet or storytelling at bookstores. 2. Pop-up shops- This is another way to promote business by way of providing an opportunity for customers to try their products. 3. Community Events- Most businesses tie their product to some brand or event as a sponsor to create buzz or to increase reach. 4. Guerrilla Marketing Campaigns- In this era where wherever we see we find a cluster of ads and that same scene is there in front of customers. Businesses need to make their ads different from others
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so that it can attract the attention of the customers. Remember the sillier or more outrageous the idea, the better. But be cautious that you are not being weird for the sake of being weird. 5. Tours- This way includes taking your business to the road that stops in a variety of places and creates awareness among the potential or existing customers. One example of Mountain Dew’s Guerrilla tour ad campaign is mentioned above. Whatever way you choose to do experiential marketing it should not be forgot-
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ten that you don’t only have to entertain customers, therefore, ensure to showcase your products in a way that will motivate the customers to come to the buying stage and make them purchase the product. In addition to being a growing and welcome marketing method, experiential campaigns are a lot of fun. They help businesses interact with existing and prospective customers and get them out from behind a screen. Think of these methods as the way to create lasting relationships well beyond the experience.
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Experiential MarketingThe era when Customer Krishnan plays hard to get BY Abhinav MDI, Gurgaon Gone are the days when there was one brand which was equivalent to that category, Cola was the drink, Maruti was the car, BPL was the TV, Nokia was the phone etc. Today brands wage a war over various mediums of advertisement to capture the mind real estate. Brand recall is as precious as the brand itself. With standardization being the norm and product differentiation becoming tougher the marketers at the management schools have brought out a new weapon called Experiential Marketing. This might sound too fancy a word but it is basically customer engagement or event marketing bottled in a new package. One of the websites on internet define it as an advertising strategy that may be comprised of a variety of marketing strategies geared toward immersing customers within the product by engaging them in as many ways as possible, which ultimately help customers form memorable, emotional connections with a brand to foster customer loyalty and improve customer lifetime value (CLV). But how does one use this weapon effectively?
Today customer doesn’t go shopping for a product, brands chase him down on various digital platforms, engage with him and interact with him on multiple channels, enticing him to finally give the brand the mind real estate it is looking to occupy. Experiential marketing is the physical realization of this wild goose chase of enticing the customer where he plays hard to get. You and your family go to a mall for a weekend outing. You wish to catch a movie and maybe have a meal but what you find is that the lobby of the mall is full of brand stalls eyeing at you looking to jump and battle for that recreational time of yours which you would afford to spend “experiencing the brand�. Earlier there used to be clubbed under BTL or Below The Line activity to be carried out by low-level regional marketing managers but today these activities have become increasingly essential and companies are paying staggering amounts for these events. With digital media making mass communication cheap the 8-10 percent budget allocated to marketing is essentially today going into
events and customer engagement activities selling them customer experience instead of product. Few examples of experiential marketing campaigns in India would be the following: Asian Paints has launched a concept store called Colour with Asian Paints which doesn’t sell products for them but has been dedicatedly made for customer experience. Amit Syngle, vice-president, sales and marketing, Asian Paints, “The store is more about inspiring our consumers, who are seeking ideas on how to indulge with not just paints, but also the entire experience of home decor. The entire point of this store is to fuel this desire of our target group. The store, while integrating paints
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with home decor, will also reaffirm our position as the ultimate home décor and color experts. The store propagates what the brand stands for -- it is turning out to be a good brand building exercise.” The store personalizes your experience by offering you a ‘colour card’ which collects ideas and enhances your experiences at every step using RFID technology which then they turn into a colour magazine which is a report that can be used by the customer during purchase and recreating the same experience in their homes. Tata Motors took experiential marketing in Indian Automobile space to the next level when they launched HEXA cafes and HEXA Experience Centres prior to launch of their SUV Tata Hexa. The HEXA Experience Centres invited customers along
with their family to test vehicle’s off-roading capabilities along with additional features of having live performances, kids’ zone, cafes etc. Mr Mayank Pareek, President – Passenger Vehicle Business Unit, Tata Motors said, “Ever since its first showcase, the Tata Hexa has generated a great amount of curiosity and excitement, resulting in an encouraging response for bookings across our dealerships. The spirit of Hexa is all about going out there and doing ‘what it takes’ to deliver an unforgettable experience.” Mr Vivek Srivatsa, Head – Marketing, Passenger Vehicle Business Unit, Tata Motors said, “The ‘Hexa Experience Centre’ provides an opportunity to our discerning customers to experience the sheer width
of capabilities of the vehicle, not experienced in a normal Test Drive. Through ‘Hexa Experience Centres’, we plan to excite and enthrall our customers across the country.” With product standardization becoming the norm and product differentiation becoming scarce, customer experience and brand connect are the key factors which are going to make or break your product in a competitive market. Experiential marketing is here to stay and the marketers are going to explore extensive methods to come at customers especially after being armed with digital marketing tools and data analytic tricks. Let’s see if marketers can keep coming up with innovative methods while customers keep dodging their plans.
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Experiential Marketing There was a time, when you would not be allowed by a shopkeeper the opportunity to see and feel any item properly before you buy one. Especially if the item is expensive or seal packed there was only the assurance of the sales person, with which you had to invest in the respective item. Of course one of the worse outcomes of the same was poor customer satisfaction, owing to the fact that customers were not able to use or experience the product from before hand to understand its value in their life. However, with the notion of “Customer is the King� and increasing customer focus market, things have changed drastically. In the given context one of the many new marketing strategies that has evolved is that of Experiential or Experience marketing. The book named The Experience
BY Dibyajit De Tapadar ITM, Navi Mumbai Economy written by Joseph Pine and James Gilmore in 1999 emphasized on the fact that people are more likely to pay premium price once they are able to experience any products or service. The survey conducted by Experiential marketing News have come up with the result that of 65% of the consumers have expressed their opinion in favour of experience marketing rather than any other forms marketing. Today, we can see premium electronic companies like Samsung, Apple, Sony and the new entrants like OnePlus have all understood the importance of the same. This has resulted in the fact that even if any individual even not having the bud-
get or willing to pay for a premium device like iPhone or Samsung’s Galaxy note, can experience the same any of the Experience stores of the respective brands. The companies have ensured that they are able to properly reach out to maximum number of people and deliver the value of their product or service through the help of the same. The concept of experiential marketing was initiated way back in the 1920s, where Car shows were hosted by the automobile companies. This was believed to be one of the major motivational factors for the public to cherish the fact of buying cars. Till date the concept of test drive is used by all major automobile brands to ensure that the customers are able to make better decisions of choosing the perfect model to maximize individual comfort. One of the major motives of the experiential marketing is to improve on the existing levels of brand awareness among the public. Hence, in few occasions companies have gone beyond their own product niche to provide unique experience to public. One such examples can be given that of the Volkswagen Piano Staircase.
The company first built a piano out of a set of stairs placed beside an escalator in a subway stop of Stockholm, Germany. As the commutators discovered the fun of climbing though the stairs that made piano tunes in each steps, more number of people opted the stairs instead of elevator. The experiment later showed that 66% more people used the stairs for the fun experience, which the company also named as Fun theory. With the help of this activity although Volkswagen were not able to promote their core products, but they were able to deliver the idea of their brand, which can deliver unique and loving experience to the customers. The Red Bull Stratos event is another example, where the famous energy drink brand has been able to make significant advantage of the experiential marketing. In the event Skydiver Felix Baumgartner made five Guinness World Records as he made a dive from 24 miles above. As the event got broadcasted all over the globe, with the help of the mass and social media, Red Bull has been able to intensify its brand position by raising the level of adrenaline rush among the adventure
lovers. This has resulted in the company increasing their sales by 13% all over the globe. Experience is not just about providing the customers its basic needs, it is also about helping the customers to get something that is beyond their experience. Thus innovation plays a major part under the given context. The increasing use of Artificial intelligence that has made the application of Augmented Reality (AR) much easier has given new horizon to the concept of experiential marketing. The famous furniture brand IKEA, which recently captured headlines as they opened their first store in India, has made most use of this AR. Buyers, can make easy decisions with the AR app of IKEA that was launched in September 2017. Users can use real time 3D images to place various furniture in their homes by taking the pictures of their respective rooms. The users can therefore decide on the fact that whether or not a particular coffee table or sofa fits into their room. The coca cola brand has been known all over the globe for its major association with major sports events. In the concluded FIFA world cup earlier this year the brand
celebrated football themed AR experience in the Zurich station. Any passer-by got the chance to showcase their football skills as they felt the presence of Xherdan Shaqiri playing beside them. Hence, with the advancement of the digital technology, will help all the companies to make better application of the experiential marketing. This can be one of the major driving force for sustainability of future business, which is one of the major challenges for all major brands. As the modern consumers have more number of choices for choosing any brands, the expectation level of the consumers have also gone high. According to the Rakuten Marketing report, 80% of the online global audiences feel that in spite of the latest digital advertainment, the communication system has not been modified much. It is therefore very much up to the experiential marketing and promotional strategies that can help the brands to better connect. As given in the earlier past cases of Volkswagen or Coke Cola, it is important for the bigger brands to have more focus on the brand motto and vision in the experience that can help in development of brand awareness.
" Our job is to wake up the cu If we become predictable, th waking them up. " -Philip Kotler
ustomers. hat’s not
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#BUZZFEED
Swiggy Karo Phir Jo Chahe Karo! Modern-Day Indian family campaign. India’s largest online delivery platform Swiggy has launched its 3rd series of digital campaign. This television run commercial reflects the new-age India with its changing food culture. With its tagline Swiggy Karo phir jo chahe Karo! , focuses on how ordering online food through Swiggy, Indian families are investing in sharing and creating new experiences with families. It focuses on the changing the culinary culture. A concept by Lowe Lintas, the ad campaign touches the daily scenarios in a family life. Sticking to its assets, Swiggy creates an impact by shedding light on three different generations.
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A perfect mixture of Innovation and Advertising, Saregama Carvaan!
TGBL has approached key shareholders of Hector Beverages with a proposal to buy out the company along with its popular brand Paper Boat to spice up its portfolio. Even though a formal approach has been made, the talks around Paper Boat are still at an exploratory stage and there is still no guarantee that it will lead to a transaction. However, Kakkar has categorically denied any discussion with Tata Global Beverages or a possi-
The elder people in India listened to Old songs via different mediums until Saregama Carvaan was launched. With a pre-loaded songs of 5000, Carvaan the digital music player has songs purely from Saregama library. They songs are classified on the basis of lyricists, singers, musicians and genres. Without any ad breaks, one can listen to songs of particular mood. Carvaan is strictly targeted for people above 40 years of age. While the users are elderly people, customers are young audience who. It has been a popular product for gifting across the country. The brand went ahead with zero marketing budgets and launched the product in the market and let it grow with the word-of-mouth.
Reckitt Benckiser on its ‘challenging’ digital transformation journey
ble sale. Paper Boat, if the Tatas buy it, will be a big break in the long narrative of western cultural dominance when tea and coffee were trendier than desi drinks which were confined mostly to kitchens except a few such Rooh Afza. If Paper Boat is deemed fit to sit with Starbucks and Tetley in the Tata Global Beverages’ portfolio, it sure is a signal that ethnic drinks have become upmarket—thanks to the stupendous success of Patanjali Ayurved
One of the largest FMCG giant, RB admits it had “got stuck” in traditional touchpoints such as packaging and in-store point-of-sale, but a focus on analytics and getting agencies and team members to push the agenda has helped drive the business forward. With digital transformation, and providing data driven evidence, the company plans to develop great agency partnerships and creating an ambition amongst its people. The impact of brand experience and design is an important aspect.
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Ikea champions diversity in holiday campaign Ikea US is championing diversity in this year’s holiday advert by showcasing families of various ages and ethnicities. The 60 and 30-second spots which adhere to the tagline, “our holidays don’t all look the same, maybe that’s what makes us great”, features families celebrating both Hanukkah and Christmas while others are seen eating their version of a traditional holiday meal whether it be noodles or hot coco. Ikea knows the importance of life at home and that the holidays look and feel different for everyone. Created alongside Ogilvy, the campaign isn’t the first of its kind. In fact, last year Ikea Canada ran a spot that also featured a diverse group of individuals, including a refugee family and two women attending prom together.
#BUZZFEED Personalisation: The New Era of
100 years on, how Britannia is gearing up Marketing to be future-ready, launches 50 new prodPersonalised marketing advocates for fitting of at least one parts of the ucts over next 12 months association’s advertising blend to the individual client. Personalised mar-
Crossing the landmark of completing 100 years inwith the market, Britannia section Industriesof Limited keting shows an extraordinary division, an objective size has undergone a brand revamp to thrive in the age of the new Indian consumer. To furone. There twopresence, types oftheone-to one marketing: personalization and ther fortify its are market company is set to launch over 50 innovative products customization. Personalization is the at which the firm in adjacent categories and Dairy over the nextpoint 12 months. The company haschooses, launched a new brand identity Thegathered 100-year campaign, set to roll out soon, our generally in lightand ofphilosophy. beforehand client information, whatismarway of expressing gratitude to the secret ingredient of our success – our consumers. Briketing blend is appropriate for the person. A decent illustration is Amtannia is marking its centenary year with a multimedia campaign aimed to connect with azon.com’s customized and that music suggestions. Amazon utilizes the very heterogeneous set ofbook audiences its brands cater to. The campaign consists of acooperative 10 film TVC series, a long format film digital and social media,to print, radio andtoOOH. sifting to figure outfor what music or books prescribe its Each clip highlights the bond between customer and product.
Apple: Unique marketing tactics
BY Shreyans Jain IIM Rohtak
Godrej Aer is the market leader in Car freshener category today. The brand believes in building the category relevance to increase awareness about the air care products and drive penetration among the non-users.The car freshener category had about 25% penetration in the passenger car universe in India as of 2017. And in just 5 years of launch, Godrej Aer has done really well the air-care category with its unconventional approach of lifestyle enhancement through air fresheners. To drive penetration among non-users of car-fresheners, Godrej launched a new campaign based on the insight that a great fragrance in the car can make your every-day drive better. Godrej’s strategy to re-enter the air care segment can be termed as successful because of the market share that Aer has
occupied since its launch. Godrej Aer is in a good position right now and is giving tough competition to the other players in the air care segment such as Ambi Pur and Air wick. Let us analyse the reasons behind the good performance of Godrej Aer one by one. Product Godrej Aer was launched as a superior product in terms of the aesthetics. The variants of Godrej Aer cater to most of the requirements of the Air Care Segment. Its products range from a 50 Rupee Pocket Pack which can be hanged anywhere to Godrej Twist with price as high as 350 Rupees. The main differentiating factor in the car fragrances was that Aer was a gel based product in comparison to the liquid based products of competitors which makes
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available at the right places at the right time. The company aimed to increase instore visibility by tapping in the modern trade, traditional retail and car accessory distribution channel.
Aer pill proof. Aer also had innovative products. One example of the innovation brought in the Aer products was Musk Free Smoke, a specialized fragrance product designed to quickly remove the smell of smoke from a room. This product was targeted at the Smokers.Its product and packaging design caught the eye of not only the consumers but also the retailers which act as an important factor in order to push sales. Also, Godrej offers a wide range of fragrances ranging from flowery fragrances to the refreshing ones thereby catering to a wider group of consumers. With its innovative click, twist, pocket and spray formats, the product successfully distinguished itself on the lines of design, fragrance and innovation.
Price Godrej Aer strategically priced its products in order to make its products accessible to a wider audience. It has pocket packs that cost only Rs. 55 per piece and also Aer twist that cost around 350 Rupees. It has also made combos so that it can target the middle ranges too.
Promotion Godrej ran a very effective marketing campaign for Aer. Apart from running regular advertisements on digital media, Godrej made use of experiential marketing as an effective tool to promote Aer. Experiential marketing is marketing the product by engaging the customer thereby creating an experience that will be remembered. Let us discuss two campaigns where Godrej made use of experiential marketing to promote Aer. In the first campaign, Godrej advertised Aer in movie theatres by not only showing the ad on the screen but also spraying Aer throughout the Hall. Distribution In the second campaign, Godrej added Godrej already had knowledge of the Air its fragrance to the newspapers and discare distribution system due to its stint played on it “You are experiencing Godrej with Ambi Pur. Godrej was the license Aer�. People were not only welcomed by a holder of Ambi Pur in India. At that bright and refreshing day but also a pleasGodrej thought that Ambi Pur was not antly fragrant one. Both these campaigns contributing much to its revenues and are so innovative that even though they therefore it sold Ambi Pur to Procter & target a relatively smaller audience, they Gamble. After two years Godrej developed are so innovative and effective that these a product of its own called Aer. Godrej’s are bound to attract not only a positive experience of the Air Care segment helped word of mouth, but also a wide media it to develop an effective distribution coverage. strategy and successfully make its product
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Experiential Marketing: Luxury goods segment and brand creation BY Rohit Dudi IIM Lucknow
Introduction The term luxury is derived from the Latin word ‘luxuria’ which stands for ‘the extras of life’. The concept of luxury goods refers to the expensive and exclusive goods that the high-end consumers possess to satiate their wants and desires. Those goods are generally associated with extremely high brand perceived quality, high prices, superb quality, aesthetic design, heritage, reputation desirability, personality and most importantly, exclusivity. These factors help the consumers of the luxury brands associate with the product, feel, purchase, consume and experience it and attain a position of status quo in the society. New Luxury Product Development Luxury brands differ from general all-pur-
pose brands in the sense that luxury brands cater to a section of the population whose needs from a brand differ from that of those of a buyer of regular brands. For a luxury brand customer, it’s the fulfilment of esteem/psychological needs that takes precedence over basic/physiological needs. The customers of a luxury brand are predominantly more knowledgeable, more choice-driven and more specific in the description of their needs and how a particular brand satisfies those needs. For the producers of a luxury brand what should matter most is creating the highest brand value and pricing power possible by leveraging and bringing to the forefront the intangible elements of the product or the brand such as: 1) Rich Heritage
For example, Hermes Birkin Bag had a distinction of having waiting list of six years!! Another example is Mr. Tom Ford when he hosted a fashion show. Audience was personally invited via telephone calls and there were no journalists or photographers. It was a huge success. Limiting supply of product or service makes it seem more valuable. That is the reason that a luxury brand creates artificial initiations 2) Pure Craftsmanship and barriers for providing admission to 3) Overall experience of using the brand Customers in this exclusive community. etc. 3. Immersing Customer in brand culture Creating Brand Equity or spirit: Putting our product in a speFollowing are some ways to create an im- cial place and inviting customer into it by pact on Customers: conveying or communicating the special 1. Making the Product Special: As we message which the firm carries. Example know most luxury brands have pushed up famous fashion designers Viktor and Rolf into the mass market domain by offering created a upside down store in Milan to low priced lines to get hold of more sales. attract Customers. Also, Bentley Suite was An original luxury brand is required to opened on the 15th floor of St Regis New stand out by making sure that quality is al- York. The design was such that it gave feelways on the highest side. There is no limit ing of interior of the car. to creative thinking. 4. Sensory Branding: This form of brand2. Providing exclusivity or limited access ing is to heighten the senses so as to create to the product brand: Some big brands an emotional connect with the Customer have understood the importance of limas it helps to distinguish themselves and iting the supply and access to its product.
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build connections with Customers at various different levels. Firms should aim to communicate the legends associated with the brand to establish a story or myth and should include an element of mystery. 5. Unique offering through Customization: Customized product prepared exclusively by special craftsmen are preferred and provide value to the product. These Customized offering are preferred by buyers who are ready to splurge on these Customized products which satisfy their aspirations of owning luxury item. With such huge competition, Customization distinguishes and reinforces creativity, quality and craftsmanship of the brand. 6. Creating awesome Stores: Luxury brands pay extra attention in innovating new ways to sell at the point of purchase. Nowadays stores are not just brick and mortar ones but now the aim is to create multifunctional, controlled spaces which communicate brand beliefs and create brand experiences. To get into niche market of luxury goods, we should be high on our strengths (en-
ergized differentiation and relevance) and low on stature (Esteem and knowledge). Building strong Brand Equity: This can be achieved by making initial choices for the brand elements making up the brand (signages, packages, slogans, characters, symbols, logos, URLs, brand names). We should choose brand elements that can be trademarked, easy to identify and differentiate the brand. Brand element choice criteria should be based on following: 1. Memorable: Our luxury product campaign, quality and services should be memorable to Customer. Catchy taglines, advertisement and satisfaction from consumption of product should be in Consumer’s memory for a repeat purchase. 2. Meaningful: It should show credibility, correspondent product category and inherent meaning in names. 3. Likable: Our luxury brand should be appealing aesthetically and quality wise as well. 4. Transferable: We need to check if our
luxury brand can introduce new products in same or different categories, or can it go beyond geographical and set market segments. a) Adaptable: This element makes sure that our luxury item brand element is updatable or adaptable. Example Logos are most frequently changed as per scenarios. b) Protectable: We need to ensure that our luxury brand is legally or competitively protectable.
have transformed the accessibility of luxury brands, both in ability to purchase and exposure. So, how do we embrace future of luxury brand market?
• The luxury of belonging - Belonging is about shared values and aspirations, and brands beyond their products can try capturing these. • The luxury of experiences – Luxury brands should be able to provide experiences which no other can. This connects CONCLUSION to the Customer. Today’s luxuries are more of emotional • The luxury of individuality - Exclusivity than physical, and they don’t necessarily is not just a form of branding, but it is the always come at great expense. ability to personalize it, to make it more Luxury is more of a state of mind, more of distinguishable. an emotional than physical concept, more • The luxury of authenticity – Being auof an experience than an object, and it thentic is also about being human, genucaptures the most valuable aspirations of ine, trustworthy and responsible. people. • The luxury of time - We have to create Following are the drivers to change in precious time for people, time when they future: are alone, or with the people who mat• New consumers - It is estimated that ter them the most, the special moments China will be the world’s largest luxury which are captured in time. goods market by 2020, with different val- Thus, the recent definition of Luxury has ues and aspirations. India and Indonesia been modified to state that “Luxury is the are following rapidly. Luxury is an import- unusual intellectual or emotional pleasure ant psychological marker of social progor comfort derived from some specific ress, moving from extrovert to introvert thing, something producing such pleasure adoption. or comfort, and of course, the use and • New aspirations - Consumers have enjoyment of the best and the most costly dreams which are conditioned by every things that offer the most physical comfort walk of life, conditioned across many dif- and satisfaction” and luxury brands can ferent sectors like their favorite vacation, go a very long way if they keep this definicelebrity or restaurant – and hence their tion in mind and deliver to their potential choices are more diverse. customers. • New technologies - Digital medium
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marketingclub@iimrohtak.ac.in DISCLAIMER: The views and opinions expressed in this magazine are those of the author and do not necessarily reflect the opinion of the stake holders of IIM Rohtak EDITOR : Isha Garg DESIGN : Sriesh C R FOLLOW US ON :