Business Today|October 20, 2019
It’s the hottest wrist-candy going and for good reason. The Panerai Submersible Chrono Guillaume Nery Edition has just 15 pieces, and with it you buy yourself an experience. You’ll be invited to Moorea in French Polynesia where Guillaume Nery, one of the greatest global ambassadors of the sea world, lives; you can dive with him, even watch whales.
The limited edition Panerai Submersible Mike Horn – only 19 timepieces to be had – carries with it the promise of learning to safeguard nature and the ecosystem on the ice floes of the Arctic from the legendary explorer Mike Horn. Likewise, the 33 exclusive Submersible Marina Militare Carbotech watches will take their owners for a training session with Comsubin, the diving and commando group of the Italian navy.
Luxury brands are embracing the power of the experiential to engage customers. Innovative and immersive experiences have become the key drivers to hold the attention of the new age and, rather picky, high spender. “Building on-ground experiences is useful to capture the right audience. For the premium segment, one needs a very customised and personalised approach. Exclusive and unique activations at premium platforms reach out to high-profile customers,” says Rudratej Singh, President and CEO, BMW Group India.
Singh says his Indian consumers are affluent, well-travelled, have a deep understanding of luxury and are more demanding than their European counterparts. They want the latest products, technological features and aesthetics combined with the right pricing. “We have to present a very strong value proposition for each product and service,” says Singh. Customer acquisition is only the first step to create brand loyalty, he says. To market an aspirational car brand in a country as diverse as India, it is critical to create memorable experiences and stay in touch through premium brand engagements. Strong experiential marketing and exclusive events are one of the best ways to build brand loyalty.
Sharad Agarwal, Head of Lamborghini, India and Emerging Markets, couldn’t agree more. “The luxury market in India is still in its infancy and constantly evolving. Consumer preferences are moving from pre-designed luxury products and services to all-out bespoke services.” So, capturing the attention and loyalty of high net worth individuals is a challenge for today’s luxury brands. “Today, when customers invest in a luxury brand like Lamborghini, they are not investing in just a car but a Lamborghini experience.”
In designing an experience, it’s important to go beyond the product and make customers feel unique. Neha Mansukhani, Senior Marketing Manager, Moët & Chandon India, says the company is always pushing the boundaries and experimenting with new forms of localised consumer engagement. From augmented reality to direct consumer out-reach through exclusive experiences as well as creative collaborations, Moët does it all.
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October 20, 2019