Understanding how to market a luxury brand to attract a specific clientele is a major responsibility for a luxury brand manager. While all brands from low-to high-end have management teams to market them to the buying public, luxury brands typically have more money to invest in employing state-of-the-art strategies and professional experts to oversee their implementation. In this regard, luxury brand managers have a higher degree of corporate involvement and must bring the right qualifications to the job in order to have successful careers.
Job Expectations for Luxury Brand Management Professionals
Luxury brand management has always been around, though specifically labeling it as a profession has only become popular in recent decades. To promote high-end merchandise like designer clothes, handbags, jewelry, furnishings, travel or cars, business owners have come to rely on professionals who can meet the expectations for the vision of their brand while promoting it effectively to a targeted customer base. Bloomburg Business reported in 2009 that luxury goods tend to do well in strong economies, though their growth can significantly slow compared to mainstream brands when the economy destabilizes. Even so, jobs in the luxury management field remain strong according to the Bureau of Labor Statistics. As a result, marketing and MBA programs continue to see competitive interest from candidates to complete degrees in the field.
Acquiring the Right Credentials for Becoming a Luxury Brand Manager
Breaking into the luxury brand industry requires a blend of appropriate academic work and experience. Most employers are looking to retain managers who have completed at least a master’s in marketing or business and who also demonstrate a strong work resume in related fields. Aside from possessing a good grasp of general marketing, management and production skills, future luxury brand managers are expected to understand and adapt promotional techniques to suit the goals of luxury brand businesses. Degree programs typically cover the following topics:
- Consumer psychology
- Luxury grand management
- Fashion marketing and production
- Brand strategies and promotion techniques
- Contemporary fashion trends and future outlooks
- Product innovation and creative marketing platforms
- Hospitality
Expected Tasks for Luxury Brand Managers
Current trends to promote economic development in the luxury brand market entail different strategies based on company profile. Bigger luxury brands want managers to employ customized approaches that include product mix and exclusive deals to attract their customer base. Meanwhile, smaller brands seek managers who can help them break into new categories for consumption and increase their distribution footprint. Regardless of the job setting, luxury brand managers can expect to perform some or all of the following activities in a given business day:
- Conduct market research for target products
- Oversee and organizing multimedia advertising campaigns
- Contribute to product and distribution plans
- Address and manage brand budgeting and resources
- Consult with outside agencies, promotional representatives and corporate executives
- Collaborate with brand designers and creators
- Supervise marketing staff and assignments
Luxury brand managers lead exciting careers filled with opportunities for travel and advancement within the fashion and luxury sectors. For those with the drive to succeed in a the fast-paced world of international marketing, becoming a luxury brand manager may be the right ticket to ride.