For top names in the fine wine business, it is unimaginable to be predictable, undifferentiated, and boring. This is even more true in a market which is slowing down and where opportunities are emerging for challengers. It is imperative to put in place a strategy for those who are recognized as top wines today but continually challenged. Legitimacy is a long-term effort, even though the brand has been making wines for a century.
Luxury wines must significantly step up their game to stay relevant. We are in an era where luxury consumers are faced with an unprecedented number of wine brands promising high quality and exquisite craftsmanship. On their priority agenda, top names are now working on 1) Preserving Exclusivity 2) Adapting to Changing Consumer Preferences and 3) Balancing Tradition with Innovation.
To implement this strategy, they keep on:
a) Being creative. Constantly. Thinking of your brand with asperities, creators of uniqueness, because this is the end of brands with 100% consensual images.
b) Knowing, engaging and retaining their very important clients (VICs). It will remain critical to brands that want to continue to flourish amid the market slowdown.
c) Prioritizing sustainability and ethical practices. With a long-term vision.
To do so, luxury wine brands don’t look at others to build a deep emotional connection with their audience. That’s too disturbing. Instead, they focus on what the right expression of their brand in the world of luxury is. That’s an obsession for them and that will make them stronger when the market recovers.
Contact Guillaume Jourdan via LinkedIn
