What Makes Patek Philippe Brand Run? It's Lifestyle Branding
The luxury watch brand understands the importance of family to affluent consumers and uses it to connect with potential customers in its "Generations" campaign
A little boy sits deep in concentration, working through a thorny homework problem. His father sits with him, mirroring his position of deep thought, a Patek Philippe time piece evident on his wrist. The tag line accompanying this installment of the "Generations" advertising campaign by photographer Peter Lindberg reads, "You never actually own a Patek Philippe. You merely look after it for the next generation."
With this campaign originally launched in 1996, Patek Philippe has tapped into the values most prized by the affluent consumer. According to Luxury Consumers & What They Value Most, the new trend report from Unity Marketing, some 90 percent of affluent consumers say "caring for and supporting the needs of my family" is extremely or very important, making this the top-ranked among 21 lifestyle values included in the survey. Additionally, "keeping family needs first" was prioritized highly by 83 percent of affluent consumers surveyed.
"With its 'Generations' campaign, Patek Philippe has reinforced its position as a lifestyle brand -- a brand that aligns itself with the values and aspirations of its customers," says Pam Danziger, president of Unity Marketing and author of the new report. "With its lifestyle marketing approach, Patek Philippe emphasizes the inherent values its customers cherish and making its watches a seamless part of that lifestyle."
"Patek Philippe could easily market its products based on exceptional quality, its heritage that dates back to 1839 and its committment to innovation as it holds 70 patents. But that isn't enough for the company which holds value as one of its 10 core principles for its brand. The company's mission states, 'Lasting value is both material and emotional.' The brand connects with its ideal customer through the values of family that he or she holds most dear," Danziger says.
"For luxury brands in the current market, it is no longer enough to understand the demographics of your target customer -- the raw data that tells you 'who.' Rather, affluents will give their loyalty to brands that understand their lifestyle, values, and priorities -- the 'why.' Our new trend report highlights the attitudes and values that affluents hold and gives marketers the inside track to aligning their products and marketing message with the things affluents value most," Danziger concludes.
Unity Marketing did a deep-dive into luxury consumers' value system
In the 3Q 2010 Luxury Consumer Tracking Study conducted by Unity Marketing, we asked 1,364 affluent (HHI average $298,300), luxury consumers (i.e. who bought one or more of the 22 luxury goods and services included in the tracking study) about what they value most in their lives and in their lifestyle. We examined the individuals' personal lives and lifestyle, not just their behavior when they shop and when they buy.
Our research goal: To help luxury marketers get closer to understanding their customers‚ world in all its many dimensions, including the importance of family, health, career, politics, which ultimately influence them in their purchasing behavior.
We looked at the corporate values affluents expect companies with which they do business to exhibit, whether it be ethical behavior, environmental consciousness, how it treats employees, and others.
Finally, we prioritized affluent consumer values within the context of an established research structure adapted from the Kahle List of Values (LOV) scale that includes:
- Financial security
- Warm relations with others
- Self fulfillment
- Sense of accomplishment
- Being well respected
- Sense of belonging
- Fun and enjoyment in life
The resulting trend reportgives luxury brand marketers and managers an in-depth look at the lifestyle values and priorities that are of utmost importance to their customers and target customers. It gives marketers greater dimension of understanding than possible by examining their customers‚ purchase behavior alone.
This examination of luxury consumer values provides a context in which to create a meaningful dialogue with customers in order to connect in a personal way with their priorities and concerns. Marketing starts with understanding the customer and understanding the customer must include understanding what they truly value.
This report which examines affluent consumers‚ lifestyles, values and priorities will help marketers build those connections which is fundamental to lifestyle branding.