Many Luxury Professionals and Consultancies such as McKinsey and the Business of Fashions have predicted 2024 to be challenging; some called it “The battle of survival”. Their critical recommendations for luxury businesses are to focus on generative AI, the next level of sustainability, and quiet luxury.
I am offering a different perspective. In a turbulent economy, all businesses, especially the luxury players, should return to the core by 𝗶𝗻𝘃𝗲𝘀𝘁𝗶𝗻𝗴 𝘁𝗶𝗺𝗲 𝗮𝗻𝗱 𝗲𝗳𝗳𝗼𝗿𝘁 𝗶𝗻 𝘁𝗮𝗸𝗶𝗻𝗴 𝗰𝗮𝗿𝗲 𝗼𝗳 𝘁𝗵𝗲𝗶𝗿 𝗲𝗺𝗽𝗹𝗼𝘆𝗲𝗲𝘀, 𝗲𝗾𝘂𝗶𝗽𝗽𝗶𝗻𝗴, 𝗲𝗺𝗽𝗼𝘄𝗲𝗿𝗶𝗻𝗴 𝗮𝗻𝗱 𝗶𝗻𝘀𝗽𝗶𝗿𝗶𝗻𝗴 𝘁𝗵𝗲𝗺 𝘁𝗼 𝗺𝗮𝗸𝗲 𝗲𝘃𝗲𝗿𝘆 𝗶𝗻𝘁𝗲𝗿𝗮𝗰𝘁𝗶𝗼𝗻 𝘄𝗶𝘁𝗵 𝗰𝘂𝘀𝘁𝗼𝗺𝗲𝗿𝘀 𝗺𝗲𝗺𝗼𝗿𝗮𝗯𝗹𝗲.
Here is a summary of the “how”:
1. Invest in the year-end staff performance review.
2. Identify the client-facing team’s training priorities.
3. Reduce the client-facing team’s administrative and operational errands.
4. Revisit talent recruitment criteria and processes.
5. Review performance measurement effectiveness.
6. Listen to your customers.
7. Evaluate your client engagement effectiveness.
8. Study your competitors.
9. Build your allies.
10. Make memorable human interaction your most powerful differentiator.
If you are a visionary leader who resonates with the above, let’s work together in 2024 to excel in growing customer loyalty and business profitability 🤝.
