Succeeding in the fashion world today and having a degree in fashion and luxury business has almost everything to do with marketing. The proper promotion goes a long way into the consumer’s perception of what the products are, and in terms of fashion, how and where to wear and style them. The fashion industry is so big and various, and with the constant change of the fashion trends, the marketing strategies also need to be changed. These changes are modified and designed to suit a particular demographic or an age group that the fashion brand is focusing on.
The modern fashion and the new marketing strategies today are all based on social promotion. This includes hiring influencers and people with some connections in the fashion world and a huge number of followers that will present their new lines and design. This is exactly what the fashion brands do – both the luxury and the non-luxury one. The non-luxury ones are making these promotions by choosing some not so celebrity or Tv personality that will promote the new collection. This is done with fashion shoots and campaigns in the stores, with limited online exposure. On the other hand, luxury fashion brands are spending a lot on social promotion and marketing. The entire process starts by picking an ultra- celebrity, influencer, It-girl or a boy, actor or actress, model, who has an extensive presence on social media. Their number of followers instantly becomes a number of potential consumers that the particular fashion brand will gain and see an increase in sales. Then, the marketing promotion continues with presence in the front rows of the fashion shows, home-delivered PR packages, and gifts, overtaking their social media account, and finally, becoming a brand ambassador.
The early history of luxury fashion marketing
The first steps in luxury fashion marketing were made in Europe. About 40 years ago, some European luxury fashion brands at the time have decided to regroup and think about boosting their sales while keeping their luxury status. The globalization that was happening then was only a motivation plus to widen their small circle of regular luxury fashion consumers. They needed a new approach, a strategy, that will help them grow bigger but still be in the luxury department. It was just then when the new luxury business strategy was discovered and founded and is still working and being used by the luxury fashion brands today.
Understanding the luxury and the non-luxury market
The marketing department is a wide area, open for changes, modifications and improvements, dependable on the current market situation, supply, and demand. The fashion market strategies are divided into three different concepts: luxury, fashion, and premium. Each of the strategies differs from one another, which eventually sets the difference in the marketing of luxury to a non-luxury fashion brand.
1. The Luxury Marketing Strategy has one goal – it aims in creating the highest possible value for the brand by making leverage of some elements like time, country of origin, heritage, small production series, craftmanship, production process, etc.
2. The Fashion Marketing Strategy focuses on a different approach and it does not care about elements like time, country of origin, heritage, etc. Its goal is to sell fashionable garments by currently being fashionable.
3. The Premium Marketing Strategy is led by the motto “pay more, get more”. It focuses on the best value in the category.
The luxury strategy comes for the defined luxury market and it has proven to be the most efficient one. The non-luxury brands are most commonly led by the fashion marketing strategy.
Main differences between luxury and non-luxury marketing
Since the strategies between these two departments are clearly defined, many differences separate the one from the other. Here are the main differences that make a huge impact on the entire concept of marketing, depending on which one is chosen.
Positioning – what makes one brand different from the other comes from the positioning. Non-luxury fashion brands specify their positioning through products, prices, distribution, and communication. The luxury fashion brands stay aside from the positioning, looking to be as unique as possible.
Market’s demand – non-luxury fashion brands are led by summarizing the wishes and needs of their consumers, while the luxury fashion brands sell focus more on the emotional side, eventually leading to satisfaction.
Inaccessibility – allowing the consumers to enjoy the fashion garment is the most important strategy of the non-luxury fashion brands, looking to grow sales. The luxury fashion brands, on the other hand, make the clients wait, be on the waiting lists and appreciate the time waiting for the desired products. These different strategies are opposite and very functional – each in its area.
Advertising for sale – advertising is one of the biggest marketing strategies that target the increase of sales. It is something that the non-luxury fashion brands are standing for. However, this is the opposite of luxury brands. They advertise themselves to show the new lines and designs that are not inspired by the fashion trends but come from the decision of the brand’s creative director.
Price – the non-luxury fashion brands manufacture fashion goods for a wide net of consumers that can be considered as mass production. Their price is usually affordable to that particular target group. The marketing strategy of the luxury fashion brands is that the luxury sets the price, not the other way around.
With all of the above-mentioned, the difference in the marketing approaches between the luxury fashion brands and non-luxury ones is very big. Luxury is different than classical fashion. Luxury fashion marketing promotes the happiness they inspire, the quality and the fashion education. On the contrary, non-luxury fashion marketing focuses on sales and satisfying the current market fashion trends and needs.
Today having a degree in fashion and luxury business for many fashion brands is the point when they consider converting towards the luxury fashion brand marketing approach, trying to separate themselves in the industry and create a new level of fashion perception. However, there are those retailers who are doing quite good and profitable using the non-luxury marketing approach. In the end, it all falls on the mission and the final goal that one fashion brand wants to achieve.