‘Customer retention’ is imperative for a business to remain competitive. It has recently become much more significant as compared to just simple ‘customer acquisition’. This specifically is further accentuated where the luxury industry is concerned. India’s rising luxury consumer base has the money to splurge but wants a clear & real value proposition from the brands.
This paper tries to focus on unique challenges in customer relationship management as faced by luxury marketers in India. A primary study has been conducted through an online questionnaire to the brand leaders and managers representing luxury industry across sectors in the country. The responses and analysis emerged with not only interesting challenges but also the strategies to combat them.
This abstract and findings are based on a paper written & presented by the author at the SMU-LVMH conference, Singapore May 2015. The same has now been published in a book ‘The Essence of Luxury: An Asian perspective’, in October 2017. For a complete copy of the survey results & graphs, please contact the author.