Scott Galloway from NYU Stern serves up some good talks on Marketing, Brands and Social Media on YouTube.
Here are some notes I took from this video as well as a couple others.
What makes a luxury brand?
1. Craftmanship. The absolute majesty of reverence for artisanship and craft. At the very beginning there is someone who is obsessed with a passion and a love for the craftsmanship, the art of the object itself.
2. An Iconic founder
3. An occupationally high price point
4. Vertical control of your distribution
6. Self-expressive benefit
Innovation: The application of new solutions that meet new requirements.
Disruption: Disturbance or problems that interrupt an event, activity or process. “I can do 80% of what the more expensive solution can do at 20-30% of their price.
How can you tell if you are ripe to be disrupted? You raise prices faster than inflation with no underlining increase in value.
Awareness & Consideration