sector. The same can be said for the loyalty level of several limited-edition
products from different luxury brands.
Consumers that are loyal to luxury brands are assets to luxury companies.
They offer a lower service cost for the company because they show a high
level of commitment to the brand and are often willing to pay a higher price
for the products in addition to recommending the brand to others. They are
also habitually keen to follow their favoured brands to new destinations and
search for these brands everywhere they go. Brand loyalists are also open to
new and different distribution channels. For example, luxury consumers are
more willing and confident about buying products of their favoured brands on
the Internet, provided that the website is authorized and genuine. This is
another manifestation of brand loyalty.
Brand loyalty can be achieved by luxury brands through continuously
appealing to consumer tastes. The current rapidly changing fashion consumer
scene requires that the products offered must be appealing to consumers
before loyalty can be attained. Also, consumers must like a brand’s service
package as well as the brand personality in order to become loyal to the
brand. This means that luxury brands must continuously remind their
consumers of the value of their products and the worth of loyalty to their
brands. This can be done through reinforcement of the brand presence,
essence and appeal in advertising and brand message communications. This
is what forms the attitudes and beliefs of consumers regarding a brand and
leads to brand loyalty.
Another important brand loyalty indicator is related to customer satisfac-
tion. Luxury consumers are becoming more demanding and more individual-
istic, reducing the chances of single brand loyalty. This indicates that brand
loyalty is no longer assured through offering appealing products with a brand
symbol, a deluxe shopping environment and excellent customer services.
Consumers are demanding a lot more, including a total and lasting brand
experience. The previous magic formula of satisfied customer equals loyal
customer is no longer valid. Today, a completely satisfied customer of a brand
is also bombarded with the advertising messages and offerings of numerous
other brands. This makes retaining the attention and loyalty of luxury
consumers more tasking.
The most important lesson for luxury brands regarding brand loyalty is to
treat all customers like royalty and to remember the 80/20 rule through recog-
nizing the trophy customers and treating them accordingly.Brand equity
This answers the question: ‘Who likes you?’
Brand equity is a term that has been much used and confused and has
attracted endless questions and debates. In simple terms, it is the sum of all120
luxury fashion branding