The Luxury Institute, LLC

Luxury’s Aspirational consumers are challenged, so pundits are recommending that brands focus on competing fiercely for the top 1%. The latest claim is that the top 1% account for 40% of the sales at luxury brands. Not in any P&Ls we have seen; and we see many. And that strategy excludes 99% of the customer base. Not very smart.   And SuperClients all have a natural limit as to how much they will buy annually from your brand. You wind up eroding your profit margins and "rewarding" SuperClients who were going to buy a maximum amount anyway.   Instead of focusing primarily on the top 1%, it is more effective to focus on the top 20% of customers who deliver 70%, and sometimes 80% of sales. But do not ignore Aspirationals. They build the future. In our next White Paper “The Myth of the Top 1%” Luxury Institute shares insights that are based on HNW and UHNW research and help you manage all your customer segments efficiently and effectively.    In our research with our vast global network of HNW and UHNW individuals and families, on behalf of the world’s most prolific brands, and for our own account, the two most resounding reasons they are loyal is that true luxury brands consistently deliver unique, compelling products/experiences, and brand ambassadors are masters of expertise, empathy, kindness, trustworthiness and creativity that create joy, and build long-term trusted relationships. The joy lingers; the trust endures.   To learn how to empower your brand and your team to design and deliver extraordinary experiences that build trust and revenue without eroding your margins or excluding valuable customers, sign up for our popular online course now: The Mastery of HNW Relationship Building:   https://lnkd.in/ewHvUiAA

As we celebrate Thanksgiving Day in the United States, The Luxury Institute, LLC would like to pause in gratitude and express our appreciation to our vast network of HNW and UHNW families and individuals, our Global Luxury Expert Network members, and our Luxury Goods and Services Brand Clients across the globe. You have made our 20th year, 2023, one of our best ever. Our clients and network members create opportunities to collaborate and succeed together. We believe in living our 5 Pillars of Emotional Intelligence and High-Performance Relationship Building: Expertise, Empathy, Trustworthiness and Generosity, all powered by Creativity, to serve our constituents. Today, and every day, we strive to earn your trust, acting as your fiduciary, and build mutually beneficial long-term relationships. We truly appreciate the work we accomplish together! Happy Thanksgiving!

I am on my way to Newport Beach to share insights and inspire High-Performance Relationship Building with team members of one of the most prolific automotive brands on the planet. We have done many sessions this year across America and it’s always uplifting to see humans thrive. I admire this brand so much because beyond delivering coveted, delicious vehicles, they are investing heavily in their front line ambassadors. It’s an honor to share the Expertise of Emotionally Intelligent Luxury with like-minded leaders and associates who yearn to deliver Humanistic Extraordinary Customer Experiences-daily. Pure JOY for all of us. #blessedjourney #luxury #luxurybrands #lvmh #luxurygoods #luxurybusiness #luxurylifestyle #luxuryexperience #hnw #uhnw #wealth #cardealers #cardelivery #autodealership #automotiveindustry #automotivemarketing #automotivesales #retailbusiness #fashionindustry #beautyindustry #bankingindustry #lvmh #lvmhtalents #apple #applestore #nike #louisvuitton #gucci #marriott #fourseasons