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Creating Your Luxury Strategy Step by Step
Knowledge & Expertise
Talk to any entrepreneur or small business owner and you’ll quickly learn that starting a business requires a lot of work. You probably know this already if you have started the journey.
Having a wonderful idea for a business is a good place to start, but an idea doesn’t become a business without hard work, knowledge and some expert guidance.
Of course quite a few business owners and entrepreneurs, whether you are brand new or have been up and running for a while, understand the effort required to create a business, but you may not be familiar with everything else required to launch a successful business in the luxury space.
Guidance & Advice
Tasks such as your business name and creating your logo are obvious ones to think about, but what about the less-thought of but equally important elements?
These steps include determining your business structure putting together a business strategy, business plan and marketing strategy. The workload can quickly pile up and become very stressful.
The Diploma in Luxury Strategy will help you understand the steps you need to take and give you the guidance and advice you need to turn your idea and passion into a business.
Remember, Vision without action is just a dream, action without vision just passes the time, and vision with action can change the world.
Reputation & Relationships
Luxury is not about selling a product or a service, regardless of what it is. It’s about selling a lifestyle. Whether your business sells luxury property, luxury cars, private jets or is a new fashion brand, it’s important that as a luxury company, you understand that high net worth clients are different from the considerations of mid-market clients.
The luxury industry is a diverse and exciting industry to be part of. The opportunities are almost endless. But the luxury industry is also reputation based and about relationships. One wrong turn can ruin your reputation overnight.
Luxury is the best product, the best service, the best feeling, not just some of the time, but all of the time, Your luxury clients don’t care how busy you are or the problems you are having. This is an important lesson to keep in mind.
Paul Russell is an international luxury trainer and speaker with approaching 20 years of experience working with some of the world’s most recognisable international brands and companies.
Paul is co-founder and managing director of Luxury Academy London which specialises in luxury skills development across the world.
Paul was born and spent his formative years in Mumbai India where he was privately educated by a team of three international tutors until 12 years of age. At twelve he was sent to England to complete his education and A-Levels at boarding school.
Paul holds a BSc, MSc and Doctorate in Workplace Psychology.
Paul regularly features in the media and has been interviewed by Sky, BBC, ITV, Times of London, Daily Mail, Entrepreneur Magazine, Family Office Magazine and Luxurious Magazine.
The Lure of Luxury
With people’s growing romance with luxury, more and more entrepreneurs are choosing to start businesses in the luxury sector. It offers the gratification of being associated with something they and their peers aspire to.
But beware, half of all businesses fail in the first five years unless you exceed the expectation of this extremely demanding market segment.
What is the luxury expectation?
If you are providing products or services in the luxury market and are describing yourself as a luxury company, you are expected to provide a unique ambiance and atmosphere, reflecting and reinforcing the values of your brand. There is no room for error here.
You have to be competitive enough to offer an exceptional and unparalleled experience in which consumers develop long-lasting and emotional ties and relationships with you and your company.
What do I need for a Successful Luxury Business?
You need to have presence, demonstrate resilience and show a real passion for maintaining high standards. You’ll also need incredible attention to detail.
Primary skills of successful brands are:
- Deep knowledge and understanding of trends
- Vested interest in luxury and luxury lifestyles
- Excellent communication skills
- Well informed about your brand and your segment
- The ability to inspire trust and confidence
- Passion to create unforgettable experiences
- The ability to build and nurture long-term relationships