Luxury Marketing Session 7 - PDF

Luxury marketing Session 7 – Luxury and heritage Luxury Marketing Session 7 – Brand heritage Understanding brand heritage Past Present Future History Heritage...

Luxury marketing Session 7 – Luxury and heritage Luxury Marketing Session 7 – Brand heritage Understanding brand heritage Past Present Future History Heritage Heritage = past + present + future Using brand heritage is making the brand’s past relevant in today’s and tomorrow’s world. It is about telling past history and history in the making. 28/10/2024 3 Definition according to Banerjee (2008) History The perception of consumers, an after The rich eventful effect of the brand communication past of the brand. and positioning based on the benefits to be enjoyed by the consumers. Brand heritage Image Expectancy The physical, emotional, hedonic, utilitarian, symbolic benefits that The competences that facilitate consumers receive from the brand. progression and give the edge over the competition. Capital 28/10/2024 4 Petrossian’s brand heritage Using Barnerjee’s definition, analyze Petrossian’s heritage. Image Expectancy History Capital 28/10/2024 5 Petrossian’s brand heritage 100 yo firm, founded by Armenian refugees with an expetise in caviar and who know all the steps of the value chain in this sector. Product diversification later. Image centered on the brand’s expertise and its core product: caviar. Image associated with the founders’ origins, and with the Russian culture due to marketing, especially at the Petrossian restaurant. Expectations regarding the taste of the food, the refinment of the food and packaging, references to Russian and Armenian cultures. Experience and expertise on all the caviar chain value and sector. Specialization on the core product. Perceptions of competence and quality. 28/10/2024 6 Definition according to Urde et al. (2007) Logos, slogans, other elements representing Track record the brand and its past Use of symbols Proof that the firm has been creating value for its stakeholders for a long time Engagements taken Heritage brand by the firm that guide is actions Ability to last in time Values Longevity Belief of the importance of history at an organizational level The brand’s history determines its identity and behavior on the market 28/10/2024 7 The Bristol’s heritage Using Urde et al.’s definition, analyze the Bristol’s heritage. The Bristol is a palace hotel in Paris. Track record Use of symbols Values Longevity Belief of the importance of history at an organizational level 28/10/2024 8 The Bristol’s heritage Family hotel with close bonds and relationships with its select clients. Recognized expertise through labels (palace, michelin stars for the restaurants), excellent service. Close collaborations with artists. Excellence, creativity, audacity, beauty, luxury, discretion, know-how Since 1925. Quality relationships with the clientele and renewed efforts to maintain excellence and greatness. More recently: CSR engagements and H3ritage program. Blazer, cat, uniform Architecture and design, staff attitude, briefing and attire, located in a historic building and a historic neighborhood, communication based on history and founding date (experience, expertise, know-how) 28/10/2024 9 Perceptions of brand heritage Stability Longevity Adaptability Perceptions of a cohesive identity. The ability to remain relevant Impression that strategic The ability to last in time, to be perceived as durable rather than old. today, to evolve according to the decisions are consistent with the environment and the market. brand’s history and past. 28/10/2024 Source : Pecot (2016) 10 Luxury Marketing Session 7– The added value of heritage Utilitarian value strengthening credibility trust authenticity quality 28/10/2024 12 Affective value strengthening emotions pleasure nostalgia attachment 28/10/2024 13 Aesthetic and technical value strengthening work creativity human investment The beauty of the production is a demonstration of the craftsman’s know-how. 28/10/2024 14 Narrative value: story-telling Strengthen the Rally consumers in a brand’s uniqueness community that recognizes a common culture Sharing the cultural capital Promote the brand’s of the brand message thanks to history and nostalgia Communicate Create a universe and imagery surrounding the brand 28/10/2024 15 Arrangements with the brand’s history Romance Selective amnesia Claiming idea precedence in regards to the competition 28/10/2024 16 Arrangements with the brand’s history Idealization Omissions Updating 28/10/2024 and fiction 17 Foundation myth, real or fictitious, fueled by heritage Founder Supporters Opponents Quest Founding Recipients 28/10/2024 18 Identify the different elements of Dior’s founding Founder Supporters Opponents Quest Founding Recipients 28/10/2024 19 Identify the different elements of Dior’s founding Christian Dior Boussac, The period, Piguet… destiny Several years before finding his own path, apprenticeship Quest with Piguet Elegant Founding women 28/10/2024 20 Foundation myth: founder The founder’s aura nourrishes brand identity: personality, sens of collective, sincerity, Founder authenticity, emotions, attachment, etc. Supporters Opponents Quest Individual founder Founding family Alessandro Berluti Founding couple Taittinger Daniel and Madeleine Porthault Founding Recipients 28/10/2024 21 Foundation myth: supporters Supporters influence brand personality: Abstract supporter sincerity, sense of collective, friendship, Fate for Veuve Clicquot self-sufficiency etc. Founder Supporters Opponents Quest Authority Louis XV for Baccarat Acquaintances Founding Recipients Félicie Wanpouille for Caron 28/10/2024 22 Foundation myth: opponents Opponents influence perceptions of courage, strength, determination, Founder character, visionary spirit. Supporters Opponents Concrete opponent Krug’s wife Quest Founding Recipients Abstract opponent Fate for Yquem 28/10/2024 23 Foundation myth: the quest Founder The nature of the quest determines perceptions of competence, daring, Supporters courage, audacity. Opponents Apprenticeship Quest Cartier took over his mentor’s workshop Adventure Berluti left everything behind to follow his own path Founding Recipients 28/10/2024 24 Foundation myth: recipients Founder Single recipient Supporters Empress Eugenie Opponents Ambassadors The owners of the most beautiful horse teams Quest The nature of recipients influence perceptions of availibity and exclusivety, and the way consumers are perceivedFounding and see themselves. Recipients 28/10/2024 25 Luxury Marketing Session 7 – Operationalizing brand heritage Heritage cues in the product Design Composition, raw materials Packaging 28/10/2024 27 Heritage cues in the product Meaningful people from the brand’s past Limited editions 28/10/2024 28 Heritage cues in the promotion Former logo Using past elements from brand heritage (ads, slogans, mascots, logos, packagings, any meaningful visual or auditive element etc) and use of vocabulary centered on ancestry and tradition. Founder’s name Foundation date 28/10/2024 29 Heritage cues in the promotion Events Industrial tourism Brand museum 28/10/2024 30 Heritage cues in the promotion Heritage dramatization Odyssea by Cartier (2012) 28/10/2024 31 Heritage cues in the place Iconic places that are emblematic of the brand’s history, activities or the sector Architecture and retail design Selling points 28/10/2024 32 Heritage cues in the place Living space dedicated to the brand rather than selling points Flagships Staff in contact with Maison Patek Philippe the clientele 28/10/2024 33 Heritage cues in Rolls-Royce’s marketing-mix How are heritage cues featured in Rolls-Royce’s marketing-mix? Product Promotion Place 28/10/2024 34 Heritage cues in Rolls-Royce’s marketing-mix Product Traditional grating and « spirit of ecstazy » designed by Charles Sykes in 1911. Names of iconic car lines (ex : Phantom). Consistency with previous designs. Production in Goodwood, an iconic place for the car industry. Peripheral services to maintain the cars that are considered as works of Art. Promotion Communication centered on core values: excellence, perfection, greatness. Century-old firm. Collaboration with artists in the vein of the partnership with Charles Sykes (« spirit of ecstazy challenge »). Festival of speed in 2023 Place Very limited editions to make each vehicle iconic, like ancient cars (ex : 50 vehicles for the launch of the Dawn line). 28/10/2024 35