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Up-Scaling During the Downturn

So what do these super brands do to tide over this crisis? For starters, these companies have to align their short-term strategies in keeping with their long-term vision. Luxury brands
have to capitalise on the fact that shopping for luxury items is not "need" based - it is "want" based. In times such as these, people want that "feel good" factor, albeit at lower prices. These brands have to provide this at competitive prices and if they are unable to do that they have to add to how "special" their product is. This could even translate into lower profits but not at the cost of exclusivity.

The mantra today is enhanced customer service to ensure a better shopping experience. Innovative and offbeat promotion strategies are a current favourite with most brands coming up with ingenuous ways to build up as well as maintain their clientele. The key is to convince the buyer at the end of the purchase that the splurge was well worth it!

The coping strategies I suggest for the luxury brands can be classified under five heads: -