Luxury Brand Management
With the immensely rising popularity of creative courses around the globe, there is a huge demand for Luxury Brand Management as a course. This course details the strategies and gimmicks used in the luxury industry to market and advertise the brand and take the product and the brand name to scaling heights of success.
The growing competition among brands has led to an urgent need to market one’s brand through the right channels and on the right platforms. Luxury Brand Management is all about how to use every possible method of building a brand’s image and creating popularity and allure for a brand.
Luxury products and services demand a niche style when it comes to their means and methods of advertising; which creates the need to understand these brands better and choose the ideal ways of advertising. These brands cater to an elite clientele with a certain pocket size; which implies that the psychology of this subset of people needs to be carefully considered, analyzed, and studied while planning any branding activity for these luxury brands.
This is what luxury brand management deals with: the mindset of the client; the perfect portrayal of a high-end brand; communication skills development; the various techniques, means, mediums, and channels used for marketing and lastly, the detailed analysis of the results of the marketing activities to foresee, plan and organize branding better.
Career Prospects for Luxury Brand Management
Given the popularity and increase in awareness about luxury brands, there is a huge demand for marketing managers possessing experience and creative intellect. This course is well designed and targeted towards building strategic brand managers for this segment of products and services. This course opens up a multitude of possibilities as career options for an aspirant in the fashion industry or the creative field of advertising.
There is a wide range of profiles a student can explore after this course:
- Luxury Brand Manager
- Fashion Retail buyer
- Supply chain manager for a luxury brand
- Luxury marketing director
- Communication manager
- Brand Strategist
These are some exciting profiles that can be pursued after this course. Each career has rising demand and an attractive pay package with various additional perks and benefits.
These positions will require one to have knowledge of:
- Market Research
- Latest trends and developments in the luxury and fashion industry
- Planning budget for research and branding activities
- Networking and building contacts with external agencies
- Devising branding strategy
- Planning outdoor and indoor marketing campaigns
- Planning and executing social media campaigns
Luxury brand management makes one competent for several careers. Depending on the profile one wishes to pursue, the salary packages in this field are quite promising.
As a brand manager for retail stores of luxury brands such as Louis Vuitton, Prada, Chanel, you can expect to earn about 50,000 to 3 Lakhs INR per month. As a digital marketing professional for luxury brands, you can earn about 40,000 to 1 Lakh INR per month.
All in all, one can expect a salary package ranging between 10 Lakhs INR per annum to 50 Lakhs INR per annum. The growth and demand in this field are relatively high and make this an immensely rewarding career option for aspirants.
Studying Luxury Brand Management Overseas:
As the world is coming closer to technology and social media, we are forging new connections and understanding cultures around the globe. In an age of globalization, it is necessary that we keep our minds open to new ideas and learn, evolve, and grow with the new changing branding trends in the world. Therefore, as a student, it is imperative that you soak in the latest developments in the luxury industry and this is possible when you gain complete exposure in the form of an internationally recognized education. There are various reasons why the course of Luxury Brand Management should be studied abroad. Some of the key reasons include:
- International exposure
- Understanding and comprehension of global trends
- Tutelage from world experts in the field
- Hands-on learning experience
- Experiential learning through projects in real-time
Living in a virtually connected world that functions as ONE entity, it becomes important to absorb all the knowledge and skills that are applicable internationally. Thus, studying this course from an internationally recognized university is a preferred choice and shall open better career opportunities for any marketing or branding aspirant.
Future of Luxury Brand Management:
The earning potential of people is rising over the years. Alongside, social media has hugely helped in creating awareness of luxury brands with celebrities endorsing and marketing for such brands and adding to their popularity and demand of luxury brand management.
Globalization has led to the creation of an audience and clientele that sees, understands, and recognizes the nuances and niceties of luxury. Therefore, luxury branding is a popularly rising field of study with an increase in demand for professionals in this industry. This has thus, become one of the top career options across the world with an exciting and rewarding path ahead.