Luxury CEOs need to know how the target market perceives their brand's reputation and that of their competitors' (LBSI), and how customers rate their brand experience and competitors' experiences (LCEI).
More Quotes from Milton Pedraza:
They love to talk about all the complications. The complications are a great marketing device, each new complication gives them a reason to believe they have to buy another watch.Milton Pedraza
Alarms should be going off in Germany. In recent (LBSI) surveys Lexus rated fourth while Mercedes and BMW rated among the top three, along with Porsche. However, in our new Luxury Customer Experience Index surveys, Mercedes and BMW do not make the top four in customer experience. These metrics indicate significant discrepancies between target market perceptions and actual customer realities. Interestingly, in our brand reputation surveys Lexus rated by far the up-and-comer, and with its run-away customer experience rating among the wealthy, Lexus has arrived.
Milton Pedraza
Ritz-Carlton had the highest number of wealthy consumers reporting stays in the past 18 months (26.9), with Four Seasons second (21.6 ). However, Mandarin Oriental, with only 5.1 reported stays, received the highest Customer Experience Index score, 89, edging out Ritz-Carlton and Four Seasons, both at 87.
Milton Pedraza
I think it's just a pendulum swinging back to the classics, and Disney is a true American and global classic. To the extent they license to other luxury brands they can be successful. Disney alone would not be as powerful.
Milton Pedraza
Lexus won by a wide margin, achieving a rating of 88 versus 83 for Porsche and 82 for Acura. Lexus customers rated it the most worthy of a price premium by a five-point margin. Lexus also posted the highest ratings in the critical Customer Retention and Customer Referral indices.
Milton Pedraza
We set out to measure 25 brands in this growing hospitality category. However, in the minds of ultra-wealthy consumers, the Destination Club industry is still in its early stages of development. This is indicated by the dramatically low consumers awareness, rendering a large number of brands unable to be rated for lack of a reliable statistical sample. The category is populated with new brands with highly generic brand names. Many names are quite similar, generating a significant lack of differentiation in the minds of consumers. In this highly fragmented category, few brands have generated sufficient awareness, or differentiation, to make a strong impression on the wealthy. This accounts for the tight variances in scores across most dimensions on luxury status.
Milton Pedraza
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