It is the age when there is an immense growth of the luxury product and services sector with the rise in the purchasing power of the current generation. This has given a chance to many students to consider pursuing luxury brand management education and become a prolific luxury brand manager. As a luxury brand manager one can work in a wide range of industries such as hospitality and hotel management, travel, retail, fashion, beauty, F&B, automobile and technology. Students can combine their interest for any of these fields with training in brand management and become a good luxury brand manager. This stream is quite novel as compared to many educational streams that exist and so it is important to understand the aspects it covers and the career opportunities it offers.
What is luxury brand management?
This nearly two-year postgraduate course is mainly focused on helping students develop a strategic approach and balancing the creative and business aspects of luxury brands. It’s also about developing a brand that fits in with a wider cultural and demographic landscape.
To build a strong emotional connect with customers, companies and brands hire luxury brand managers. This postgraduate course is imbued with both practical and theoretical knowledge.
What you can expect to learn in luxury brand management
- Strategies to grow digital presence: The world has gone digital with new technology and a variety of social media and e-commerce platforms, so customers are also ending up spending more time online. This course teaches the brand managers the importance of social media presence. The first and foremost duty of a luxury brand manager is to stabilize and increase the revenue of the company. Through this course they learn effective media strategies to increase revenue. From fundamentals of social media marketing to understanding principles of online engagement of buyer personas, from optimised advertisement on digital channels to marketing campaigns everything is included.
- Study of CRM (Customer Relationship Management): Customer is king is an old saying respected by all businesses. There is an increase in world population but decrease in customer’s attention spans due to social media and other technological distraction. This has led to the importance of customer relationship management.Customer satisfaction, customer referral, customer service and many more have become imperative to the brands. In a ubiquitous world, it is a challenge to break the clutter and have a distinct presence of a particular brand felt by the customers. This course will give you a well-defined understanding of CRM. Luxury brand management is all about giving a customer an unforgettable experience. With this education, students have the chance to work closely with exclusive luxury brands and learn to create an exceptional customer experience. Having an understanding of this discipline serves as a foundation for an advanced career.
- Brand strategy – Through this course students will enter into a new world of business as it unveils the dynamics and mechanism of luxury as ‘strategy’ that will further help them to analyze opportunities, maintain internal relationships, and develop innovative tactics to build a unique brand identity. A luxury brand management course introduces you to many world class case studies, problems that happen in the real world, and teaches how to turn crisis into opportunity. Brand strategy is a very important factor to any business and when we talk about luxury brands, it becomes the tool that determines the future of the brand. This course will give you the insights to the ways in which you can add value to the brand.
- Introduction to luxury markets: This luxury brand management course will introduce you to the insights of luxury markets and how emerging consumer markets continue to drive the growth in the sector. This also includes a global outlook. Did you know it is said that the global luxury goods market will exceed almost $300 billion by 2026. It means demand for non-essential and luxurious goods purchased by higher income people is increasing at a fast pace. The study of luxury brand management helps you to attract a large market share for your brand. It will also let you reflect upon the sociology of fashion and luxury, and democratization of luxury.
Career opportunities in luxury brand management
The emergence of consumerist society and zeal to create the image of exclusivity by the brands has opened the golden door of many career prospects in the field of luxury brand management.
- Luxury brand manager- A highly attractive job and students favourite after completing luxury brand management is to become a luxury brand manager. The job responsibilities include creating a professional network, analysing the budget, strong market research, organizing campaigns to influence the audience, and creating and protecting a strong brand reputation.
- Product marketing manager- This job profile includes scrutinising pre-production to postproduction of the product. Product marketing managers are expected to show their expertise to conduct surveys to analyze the demands of customers and get a better idea of current trends.
- Visual merchandiser- First impression is the last impression and it holds true for the products. In the age when consumer attention spans have shrunk to that of a goldfish, it has become a challenge to grab their attention in a limited time. Visual merchandisers play a significant role in convincing a consumer to show interest in a product or a service merely by its display. They are responsible to present, arrange and display items in stores and shop windows, that is, in crucial places where customers are attracted to the product and convinced to buy it.
It is very important to understand the luxury space to identify the worth of the brand that an employee works for and develop a strong penchant for excellence. So, it is also significant to learn from the best. Switzerland is world famous for its courses in management and especially hospitality and luxury brand management. Switzerland is your ultimate destination to study luxury brand management as it offers top tier education with overall personality development that advance your career opportunities.