Tim Jackson, our MBA Luxury Brand Management Programme Director, attended 12th annual Business of Luxury Summit event, held in San Francisco earlier this year in 2016, reflecting the importance of technology and digital in particular to the luxury industry.
The conference was held near the iconic locations of Powell Street and Union Square, which is also the location of many famous stores:
Here is an excerpt of his conference review for Stylus.com.
The summit is widely regarded one of as the most important thought leadership events for senior executives, luxury industry leaders and influencers.
This year’s 2016 Summit assessed how the technological revolution is fundamentally changing the luxury market and how our understanding of what constitutes modern luxury is being transformed.
Building Brand Narratives
Tony Fadell, Chief Executive of Google owned smart home device maker Nest, explored new strategies to build brand narratives in an increasingly volatile and ambiguous world.
Any Luxury: Today, anything can be luxurious, if branded properly, according to Fadell: “You can take any product – I don’t care if it’s a shoe, a thermostat or a light – and make it mundane or luxury. It depends on the care you put into it, the love and the way you think about the design. We can take mundane objects and turn them into something dramatically different… It’s all about the brand, the expectation, the message, obviously the product itself and the delivery on the promise.”
What’s Your Superpower? Using Nest’s luxurious thermostat as an example, Fadell stressed that consumers expect to be empowered through technology: “The way we think about building a really high quality product is to cut it down to three or four top features – I can market that. But those key features have to be empowering.” He explained that the Nest thermostat provides the perfect example: “The superpower is that I can control it from anywhere.”
You can read Tim’s full review.