Abstract
Luxury brands have so far been reluctant to adopt any of the classical tools of mass marketing. One of these is customer relationship management (CRM). Prestigious brands are, however, now starting to examine the benefits of the ‘lifelong customer value’ approach, beyond building the social prestige of their names. This paper develops ‘why’ luxury brands need to apply CRM systems and ‘what’ they could achieve by doing so, and addresses ‘how’ this could be applied with the necessary adaptations if these brands wish to keep their luxury status intact.
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References
Bain & Co . (2005) The new rules of luxury. Financial Times, 18 May.
Buttle, F . (2003) Customer Relationship Management. New York: Butterworth-Heinemann.
Kumar, V. and Reinartz, W. (2005) Customer Relationship Management. London: Wiley.
Kapferer, J. N. and Bastien, V. (2009) The Luxury Strategy: Break the Rules of Marketing to Build Luxury Brands. London: Kogan-Page.
Kapferer, J. N. (2008) The New Strategic Brand Management. London: Kogan-Page.
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1holds an MBA from HEC Paris. His master's thesis focused on the specifi city of CRM in the context of the luxury business. He is now a consultant at Accenture specialising in CRM.
2holds an MBA from HEC Paris. His master's thesis focused on the specifi city of CRM in the context of the luxury business. He has now established himself as a freelance consultant.