The Consumer Audio brands category has scores of brands vying for wealthy households. Many of the wealthy are audiophiles who only buy top-of-the-line, yet most also acquire well-known audio brands. We mapped the entire category by brand reputation using the voice of wealthy consumers to gain an understanding of awareness, and the perceived differences among the world's leading audio brands. Brand reputation with the target market has been rated by executives as one of the most critical metrics a brand can measure over time and there is no consumer more likely to buy more in volume and value than America's wealthy consumer. These are your best prospects and customers.
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
Luxury Institute researchers found most luxury brands in the writing instruments category, as in the luxury watches category, to be niche brands, with 1 to 4 awareness among the wealthy, and in many cases, known only to connoisseurs. Still, the holy grail of a luxury brand is a Harry Winston, or a Rolls Royce, brands that are known to the majority of wealthy consumers, but are affordable by only a few. That feat requires brilliant products, and even more brilliant marketing skills.
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
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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Based on Topics: Contemplation Quotes, Wisdom & Knowledge QuotesBased on Keywords: audiophiles, mapped, top-of-the-line
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