When I talk to people about luxury as a mindset, the most pushback I receive, by far, is around the word “luxury” itself. For some it means expensive and elitist and for others it means every day and essential. If you’ve been a reader for a while, you know my view…but what do you think?
One thing we can all agree on; quality is the hallmark of luxury.
From the finest leather goods to the most decadent travel experiences, quality is what defines luxury.
In our Luxury is a Mindset research, hundreds of respondents described luxury as:
- High-quality
- Long-lasting
- Indulgent
- Unique
- Exclusive
And for leaders, that extends even further; quality is essential to the decision-making process when choosing the experiences and services that best suit their needs.
Luxury Travel and Services
When it comes to luxury travel, for example, leaders are looking for experiences that offer the highest quality in every aspect. Whether it’s the friendly greeting at reception, safe and clean accommodations, healthy food options, cozy bathrobes, well-equipped fitness centers, name-brand amenities in the bathrooms, or the various activities offered, the quality of the experience is what makes it truly luxurious.
Luxury hotels are a brilliant case study in how to cater to their guests’ every need, with the highest standards of service, comfort, and amenities. A stay at a five-star resort can be the ultimate luxury experience, with everything from personalized butler service to private beaches and world-class spas.
So how do our luxury mindset archetypes approach luxury accommodations? When Luxury Lovers and ProPrioritizers stay in luxury accommodations they will share their experiences with their close friends and colleagues in conversations and on social media. The Luxury Lovers value quality and want exclusive opportunities that will create quality memories. That might include meeting the chef after dinner to share congratulations on the meal, a behind-the-scenes tour of the hotel property, or a private champagne tasting with the hotel sommelier.
Similarly, luxury professional services — like event planning, financial planning, private chefs, photography, transport, and private aviation — are also defined by their quality. (Shout out to our client Sheltair, and their fabulous CEO Lisa Holland, for being named the #2 FBO (Fixed-base Operator) in Americas by Aviation International News — so proud of her and the team — they understand everything about providing a quality experience for their clients!)
High-quality services are essential for success, and the service quality and the provider’s expertise are paramount. Have you ever spent a significant amount of money on an experience and you were disappointed? Of course, it happens. But, if you provide services to leaders, thinking about how you can elevate the experience to ensure that people associate your brand and experience with luxury is paramount.
The Quality Luxury Experience
We know that busy leaders demand the best from the services they use, whether it’s in business or personal life. And in our research study, we also heard leaders say loud and clear that luxury is about experiences, not things.
56% of our respondents told us the main factor influencing their decisions in purchasing quality services (and products) was previous experience with the brand. And 53% said the brand’s reputation influenced how they interacted with the brand itself
Building a strong reputation with your clientele not only attracts new clients but it allows existing clients who are brand fans to recommend you to others. Recommendations from other leaders is the free advertising we all want, to be endorsed by someone who is trusted is a huge compliment to any brand.
If you want to be a brand that leaders refer to other leaders, consider how you can build advocates through systemized thoughtfulness and develop a reputation for providing quality service.
As we dig deeper into the research, we find that not all women associate quality with luxury to the same degree.
For Luxury Lovers, luxury may be defined more by the exclusivity or rarity of the experience rather than the quality. For example, a private tour of a famous museum or a rare and expensive bottle of wine may be considered luxurious even if the quality of the experience or product could be better. Remember our Luxury Lovers want to be behind the scenes, and they want something that others can’t access easily. What can you do to appeal to this luxury mindset?
For ProPrioritizers, they expect the brand to be long-lasting and also be environmentally and socially responsible; they believe that the brand’s reputation also impacts their professional reputation. This is a growing trend where decision makers want to understand your brand impact on the environment — we are seeing this in research coming out of industries including real estate, luxury wine, and fashion.
For the Reluctant and Removed leaders, they don’t think brands understand them and often feel guilty making a luxury purchase. When they do make a purchase, they are less likely to share that for fear that people will judge them. Even still, they are often influenced by the Luxury Lover and ProProriorizer, who will emphasize the product’s or experience’s quality and they will purchase with guidance.
Whether in luxury travel or professional services, leaders demand the highest quality experiences, services, and products. For them, luxury is not just about the price tag or the exclusivity; it’s about the quality of the experience and the product itself. As leaders they will sometimes review if that experience is something they can share with other leaders and/or their team.
Knowing these mindsets is key to any brand or service looking to prioritize quality to provide truly luxurious experiences and services that meet their exacting standards. If you’re in this business, take some time to think about how you can you ensure your messages align so your unique value stands out?
