Luxury & Conspicuous Consumption, Brand vs. Performance Startup Marketers, Premium Lifestyle vs. Features vs. Referral & Luxury Marketing Narrative (One Championship vs. Nike vs. Patek Philippe)
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Show Notes
In this episode of BRAVE, Jeremy Au and Shiyan Koh discuss luxury, startup marketing, and the three types of human stories. Shiyan explains how talent and supply chain management drive economies of scale in the luxury industry. Jeremy emphasizes the importance of understanding consumers and being a great communicator to succeed in marketing. The discussion also touches on how the three types of human stories relate to branding and marketing strategies.
“Marketing is often seen as the company communicating to the consumers and the market is the consumers’ feedback on product features and campaigns. At an early stage of a startup, there are so many adjustments based on market feedback and it can be a bit of a shock for marketers. Both performance and brand marketers can fail if they don't use the time to really understand what a consumer wants, so a great marketing officer is also a great communicator, both on brand and performance. ” Jeremy Au
“Luxury is special because it’s limited and not everyone can have it. The economies of scale come in terms of talent and supply chain. Supply chain is easier to think about but talent is really interesting. If you are working inside a single family-owned brand, you can't advance unless your boss leaves, but if you own a family of brands, you can have opportunities to move laterally and learn from lots of different brands. You can disproportionately attract better talent, both on the creative side and on the managerial side, which you both need for a luxury business.” - Shiyan Koh
Read the transcript here at: www.bravesea.com/blog/luxury-conspicuous-consumption
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