Luxury Unfiltered is a weekly column by Daniel Langer, an expert in luxury branding, hospitality and activations who was named a “Global Top five Luxury Key Opinion Leader” by Netbase Quid.
Luxury Unfiltered : Why brands must ditch the 4Ps of marketing in the midst of paradigm shiftsRecently, I presented to the management teams of several luxury brands on how to accelerate sales in China and create more desirability.
“Most Western brands still operate in a 'Marketing 1.0' reality, placing the focus on products, while they compete with Chinese brands who are already in a 'Marketing 3.0,' or digital-first, rapid fail-and-learn client-centricity reality,” said Mr. Kaminski. What many Western brands did not notice was a fundamental shift in client behaviors and preferences. Many Chinese apartment buyers increasingly opt for places without kitchens in megacities like Shanghai, now the second-most expensive city in the world.
Instead of applying strategies to further increase the value perception of the Taycan and speed up the development of significantly upgraded versions, Porsche, according to Mr. Kaminski, started to offer significant price reductions and discounts in China, causing outrage among existing owners who paid the higher prices and eroding their trust into the value retention of the brand famous for its iconic 911.
China is not a monolith. It is a mosaic of regional preferences, cultural nuances and rapidly shifting trends. However, Chinese consumers are discerning and demand tailored experiences. They expect brands to invest in understanding and building genuine relationships, rather than merely leveraging their historical cachet, and when a brand falls out of favor, it does so rapidly.
The digital landscape, particularly the prominence of social media platforms like WeChat, Weibo and Xiaohongshu, or Little Red Book, plays a pivotal role in consumer engagement and brand discovery. Furthermore, the shift toward sustainability and ethical consumption is gaining traction. Brands that align with these values and communicate them effectively can gain a competitive edge.
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