
Summer School 4: Marketing and the Ultimate Hose Nozzle
Planet Money
Lessons from the luxury industry on branding and customer loyalty
Luxury products rely on heritage, legacy, and craftsmanship which sets them apart and creates an aspirational quality. The key takeaway for businesses at all price points is to develop a brand narrative that resonates with customers, creating loyalty and enhancing the overall customer lifetime value. By emulating the strategy of luxury brands in creating branded experiences and loyalty, even businesses with lower price points can achieve success in customer engagement and brand loyalty, which are crucial components of a strong marketing strategy.
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