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Forget the Fur Coat... Experiences Drive Sales

March 9, 2006

While product quality and uniqueness are helpful to sales, customer experience is the frequently overlooked driver of success in the luxury market. In luxury fashion, great products are expected, but so is great customer experience, which depends on the employees and how they are trained to interact with customers. To wealthy consumers, trust is almost as important in fashion as it is in wealth management, according to the luxury institution.
The Luxury Customer Experience Index survey (LCEI) rated 16 of the largest luxury fashion designer brands based on their direct individual shopping experiences. These included Armani, Burberry, Calvin Klein, Chanel, Christian Dior, Coach, Dolce & Gabbana, Ferragamo, Gucci, Hermes, Hugo Boss, Louis Vuitton, Polo Ralph Lauren, Prada, Versace and Yves St. Laurent.
In the new survey, the LCEI delivers a set of measures and indices that capture the critical drivers for customer experience, as rated by each brand’s own customers, and goes far beyond traditional customer satisfaction measures. The LCEI delivers a critical set of metrics based on the four “pillars” of a customer's experience including: experience drivers, price worthiness, customer retention and customer referral for each brand in a category. More info: www.luxuryinstitute.com.
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