Negosentro.com | What skills are required for luxury brand management? | Brand managing typically includes broader roles encompassing both managing and marketing mix. This involves emphasising on the elements of product development and product design, as well as focusing specifically on growing market share and brand equity. Let us now explore some of the skills required for luxury brand management.
- Creativity and innovation – It is well-known that the market place is very crowded, with hundreds of thousands of brands competing against each other. In order to make your brand stand out amongst the other brands and adverts, it is crucial that you possess a deeper insight into the luxury brand market. As a brand manager, you must be able to analyse and predict the latest trends and developments in the fashion and lifestyle industry. Additionally, you may need to learn how to grasp the attention of your target customer in a saturated market that may lead to increased brand awareness beyond the initial target customer.
- Analytical mind-set – Besides having an intrinsic understanding of your target consumer, you are required to possess the creative skillset that is essential for luxury brand marketing. While working in the field of luxury brand management, you will be responsible for developing annual brand plans and strategies to help drive the performance of several brands. This may require you to be proficient at interpreting and translating data into actionable insights and strategies to execute the following:
- Analyse sales data;
- Market research and campaign performance;
- Establish the best strategy and approach to improve brand performance and sales.
- Persuasive and influencing personality – In order to be able to drive change and push the brand’s agenda both internally and externally, you might have to work cross-functionally with other departments. This will need you to possess efficient communicative skills, which will enable you to make sure that all campaigns and activities adhere to brand guidelines. As a luxury brand manager, you are not only accountable for regularly presenting your plans and visions for the development of the brand to stakeholders but also ensure consistent messaging across the board.
- Passionate nature – Lastly, you should try to focus on growing your confidence in the workplace. Another obvious aspect of becoming a good luxury brand manager is to a strong passion for the brands that you are working for and really believe in what you are doing. This will further enable you to provide a detailed explanation of your brand action plans while interacting with stakeholders.
Keen on stepping a foot on this lucrative and interesting career path? Apply to the Luxury Brand Management postgraduate degree today to learn how to become a luxury brand manager!