Abundance Of Information
Internet and mobile access to information of course changes everything in the way consumers behave and in particular toward the high-end, high value products. Browsing online, looking for information and going to forums have become part of the purchasing journey—learning first, before purchasing, is becoming natural.
The abundance of information also creates uncertainty; consumers need to take more time to discover the truth. There are so many forums, self- acclaimed gurus and potential experts, but also smart liars and thieves. Even though you know how to find information, you never can be entirely sure that you really have the facts.
Your client needs good advice, now more than ever before, from reliable people who are genuinely there to help them.
Abundance Of Propositions
Luxury maisons have never been so powerful or so numerous. There are also new creative brands, emerging every day, in all categories. A brand can emerge in only a few years, while some have been established for over a century. Brands are launching sub-brands, such as seen in the motor trade, with each line becoming a brand in itself. And Luxury brands have also seriously increased the pace in collection changes and launches—with new offers and strong advertising campaigns aggressively saturating the market.
The life cycle of these Luxury products is also shorter. Just look at the considerable number of handbags offered in the market, along with the extraordinary choice for wristwatches.
There is also more and more impulse buying. Some affluent customers, after watching the news and talking with some friends, could simply decide to buy a pied-a-terre in the south of France, Portugal or Suzhou. Lisa wants the Italian fashion brand bag because it was the right product to have, at this time. She might, in a few weeks, switch her attention to another brand.
Sales advisors need to fully understand the brand and the product environment, to remain up to date in order to advise.
Golden Rule Corner
Be as informed as your clients.
If I know, you must know.