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Marketing Luxurious Lifestyle Products

1 August 2021

Resource Person: Mr. Sarthak Vyas, Marketing Lead at Mercedes Benz Central Star

Mr. Sarthak Vyas, Marketing Lead at Mercedes Benz Central Star firstly deep-dived into differences between customers for premium segment of products and those of non-premium segment of products. Some of the differences stated below were mind-boggling for the students:

a. Customers for non-premium products are emotional and in fact, those of premium segments are rational and very logical
b. It is more difficult to convince a customer of a premium segment of the value of the product
c. Customers of premium segment of products have complete knowledge of the products they buy and pay for, so highly
He then gave his insights and shared his experiences of how the customers for luxurious products can be tapped in, at membership clubs, at various charity events, in shopping malls. He further with the help of an example explained that a customer who carries shopping bags of Zara, Gucci are the customers whom the executives of AmEx cards approach and not that of Shoppers Stop or Lifestyle. With real-time calculations of promotional activities like that of WhatsApp broadcast message or an ad on radio, he explained how the marketing budget is planned and spent, how is it justified and where do the challenges lie.
Mr. Sarthak presented an entire analysis of marketing the luxurious products with insights on consumer behaviour, by stating examples of Micheal Kors, Zara, H&M, Gucci, Rolls Royce throughout his talk and all in all made it very interesting for students to learn from.

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