What will I be doing in 2019?

As us usual, I’m always influenced by the current zeitgeist. Today’s inspiration comes from a Vox video attempting to answer the question: Does expensive wine taste better?

I’ve always told my clients that wine is a sensory experience that requires the use of all senses, but I’ve learned that what makes me more successful than my competitors are the stories I tell; and how I empower my clients with enough knowledge to “try something new” the next time they go to the store. That’s an investment that yields infinite returns no matter what products you represent. #AlwaysAddValue

Yes, it is true that awesomely well-trained, data savvy, wine professionals like myself can manipulate clients to buy whatever we want to sell (see the research), but my satisfaction has always come from surprising clients with profound and pleasurable discoveries.

That’s why I love treating curious customers to some of my rarest or more expensive wines in the first meeting. Sometimes, they can’t even afford the wines I present – so why do I take this counterintuitive approach? Well, aside from the fact that it fosters desire, it’s also because what my clients value most – above ownership and consumption – is a journey. So, setting them up with a view of what they “could be” drinking is more important than someone telling them what they “should be” drinking. My clients don’t just want me to help them make memories – they want me to inspire dreams. Doing this the right way always requires more work that most professionals are willing to put in, but it is the most sustainable strategy to truly winning hearts and minds. 

Customers and friends still contact me every time they find something new. The most gratifying aspect of this is that they want me to share their new discoveries with them. I go from being a consultant to a partner. #SoThankful #KnowYourCustomer #KnowYourCompetition.

Here is my recipe for the work I’ll be undertaking in 2019:

  • Take my unique CX approach to #MakingMemories #InspiringDreams; and
  • Marry that with my purpose to “give clients access to the best that life has to offer”; and
  • Add my love of #Datasets and #GeospatialModelling; then
  • Throw in a sprinkle of data science with a dash of #SeeingAroundCorners; and
  • Add a continuous stream of confidence and perseverance.

2018 has already come to an end in some parts of the world and is only a couple hours away from my comfortable perch. I sincerely want to thank every person who has been part of my #Superstory thus far. I am especially thankful for the obstacles I overcame and all the experiences that have led up to this exact moment. Most of all, I am thankful for my wife and family. I couldn’t have made it this far without their support.

In 2019 and beyond, I believe there will be a lot more stories wanting to be told, and more memories to facilitate. I’ll be focused on the consumer frontline – bringing the fringes to the front by empowering makers (a word borrowed from a company I admire) and consumers with the tools to unlock hidden value.

#TurningDesertsIntoGardens

#HappyNewYear

#NextBigThing

#StartedFromTheBottom

Why We Hardly Take The Road Less Travelled – An Easy Primer on Collecting Wine.

I’ve taken a long time away from writing on this blog because I thought I couldn’t say what I wanted without going really deep into what I do for a living. Someone smart told me that doesn’t matter if I add value to the people in my network. If you don’t know what I do, I am sure you can dig up enough research online. My purpose remains the same: I give people access to the best that life has to offer – particularly wines and spirits.

As a luxury professional specializing in the wine & spirits vertical, I have a strong talent for helping clients procure very expensive wines, which they don’t typically desire until they get to try them with me. Well, I can humbly tell you it’s not because of my looks and charm (that only worked on my wife… thank God she liked what I was selling). It’s because I have a very unique way of presenting rare wines and spirits – I tell stories and help my clients make memories.

My approach stems from a belief that most, if not all people, hate disappointment and failure. Think about it! Who wakes up in the morning and says “today I’m looking forward to failing?” Probably only the rare few that understand that failure is a pit stop on the way to success. However, most of us (even myself at times) dread failure, and its hard to coax ourselves out of those mental prisons that prevent us from fulfilling our potential, expressing true affection or a fashion sense, and even drinking good wine.

In the same way, many collectors hate failing when it comes to selecting wine for their palates and cellars. That’s why most consumers rarely “roll the dice” on a bottle of wine from an unknown producer, even if the wine is made from a varietal they like. They would rather buy the wine recommended by someone else (whose palate and preferences may sometimes differ from theirs).

So most often than not, they rely on the advice and selections from wine professionals like me. It’s unfortunate that I have to say this, but I think many wine pros focus so much on selling the brands that we represent, without any real consideration for where our clients are in their wine journey. We should be working on selling an experience and creating a memory they can remember and associate with our brands for the rest of their lives.

A better way to think about this is real estate.

So imagine you are an agent for a client looking for a three bedroom – two bath home on a half acre plot. Your client knows exactly what they want and probably how much they would like to pay (they might not know how much they will have to pay). Most agents would try their best to find exactly what the client wants.

I take a different approach.

dlp_5166 Edit

I peel back the client’s expressed needs and expectations to identify their unexpressed desires. I “walk the block” with the client from where they are to show them where “they might want to be in the future.” As a result, I will show my client the five bedroom – three bath home on 10 acres with a little woodshed for him/her to make that custom furniture piece they’ve been trying to produce in their spare time. I don’t do that because I think they should buy a more expensive property. I do it because I want them to have a glimpse of an alternate future. I want to give them something to look forward to, so I capture them with a possible expression of their innate dreams. I may end up selling the customer exactly what they wanted to begin with – but guess who they rely on when they want to fulfil their ultimate vision…me!

We aren’t just chasing the status and social confirmation that our bank accounts and material possessions afford us. We are chasing the memories that make our lives rich and meaningful. Give your clients more than they ask for… give them all they could possibly want and help them build a vision for the future. I guarantee they’ll stick with you because you help them make memories.

I’ve ranted and gone around the block a couple times, but that’s consultative selling in a nutshell.

PS: I had a lot of fun writing this post. I hope you enjoyed reading it. Drink some good wine with someone you admire after this and I’m sure you’ll understand why I do my job so well. Today, someone whose mind I greatly admire received the Nobel Prize for his work in the field of Behavioral Economics. Irrational behavior and animal spirits are everywhere…. even in luxury and the business of alcohol.

Tesla Motors – Keeping up with the “Cool Factor”

Tesla Model S

Tesla Model S

If there is one thing I’ll keep doing as the publisher of L.I.L, it will be to bring “cool” things to your attention.

I am enchanted with Tesla , especially because its cars are not gimmicks designed to draw “the herd” (a respectful reference to mass consumers). They definitely have my stamp of luxury particularly because of the brand’s exclusivity, quality production, unique heritage, and innovation. More importantly, this is a car you need to have if you plan on helping change the world.

I’ll say no more. Read this interview with George Blankenship, Tesla’s Vice President for Worldwide Sales and Ownership Experience.
I bet you’ll get goosebumps by just imagining the world that Tesla founder, Elon Musk, aims to develop.

Back to Blogging… with A Different Focus

First off, here’s wishing you a Happy 2013 ahead.

If you are reading this post, then I must either welcome you anew; or thank you for checking in on the blog.

When I created Lessons in Luxury, I had a goal of starting my post-MBA career in the luxury goods and services sector. Today, I have achieved that goal and have set even loftier ones for my career.

However, this blog has such a cool name that it must continue, even if it means that it will have a new focus. Rather than focusing on luxury from an academic perspective, I’ll discuss luxury as a career.

Look out for the first entry in 2013.

The Ritz-Carlton, Tysons Corner, VA

Today, I’m at the Ritz Carlton in Tysons Corner (near DC) for an event organized by the Mason School of Business. What a great hotel. Trust me cause I know. I’ll tell you more about it later (with pictures). This is a brand that truly loves the ladies and gentlemen it serves.

#HBSRLGC – Day 2: Emerging Markets Panel

4/15/12 – After the keynote address from Max Azria, I went on to some of the panel sessions. The panel sessions are a little more intimate than the keynotes because you get to hear different perspectives on the same issues that concern retailers today. You’ll see competitors, collaborators, and disruptors in the same room. This year there were four panels and I attended two:

Emerging Markets – The panelists were:

  • Anya Ayoung Chee – Designer, Project Runway Winner
  • Kai Schoppen – CEO, Brandsclub Group
  • Malte Horeyseck – Co-Founder and Managing Director, Dafiti
  • Tikka Karpurthala – Chief Representative in Asia for Moet-Hennessy/Group Advisor Louis Vuitton, India

New Business Directions – The panelists were:

  • Anthony W. Campbell – EVP of Administration, Vice Chairman’s Office, Perry Ellis International
  • Julie Bull – Director of Investor Relations, Dillards
  • Mark Bonchek – SVP Communities and Networks, Sears Holdings
Here are the tweets to catch you up on what went on in the Emerging Markets panel.

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#HBSRLGC – Day 2: Max Azria

Two Crazy Guys - Max Azria (Founder, Designer, Chairman and CEO, BCBGMAXAZRIAGROUP) and Edmund Amoye (LuxRe Club, Mason School of Business)

On day two (Sunday 4/15/12) at the Harvard Business School Retail and Luxury Goods Conference (HBSRLGC), we kicked off the day with breakfast, which was not attended by yours truly.

I was having too much fun walking around Boston... literally.

However, my day was off to a a memorable start with the second keynote address by Max Azria – Founder, Designer, Chairman and CEO, BCBGMAXAZRIAGROUP. This is a man I have always admired for his perspective on fashion – and have respected for his vision with the Herve Leger brand. Meeting the man was something I wasn’t expecting and the HBSRLGC helped me do that. I tweeted so much at this conference that I’m just going to use my tweets document my experience. Enjoy. Continue reading

Visiting Boston for the 2012 Retail and Luxury Conference at Harvard Business School

Back Bay Station, Boston, MA - First stop off the train

Back Bay Station, Boston, MA – First stop off the train

So here I am in wonderful Boston for the Retail and Luxury Conference at HBS. It’s been a year since I’ve been back. I’ve had a wonderful time so far, traveling via the subway/rail system. I think I like it better than NYC’s subway system. Watch out for more posts (with pictures).

Finally…. Luxury Car Brands are Taking Tips from the Kings of Customer Service

Key Takeaway from The Luxury Doctrine (a new resource in development):

If you want to be successful, especially in luxury, you have to think of, and act like the customer, at all steps in the value chain… you have to manage the customer’s experience

– Edmund Amoye, Lessons in Luxury

For those who have been following my posts on the different luxury segments, you’ll notice that the key catalyst for success in today’s environment is innovation in managing the customer experience. If you are new to this customer-centric theme, I have a list of related posts at the bottom, to get you up to speed.

In every business there are seasons and cycles – ups and downs. At their rollout to end-users, luxury goods and services are sometimes heralded as innovative novelties and “must haves”. However, as brands permeate, manufacturers innovate, and marketing teams penetrate (I had to use that rhyme… too easy to pass up), commoditization sets in. Luckily, the Ford Motor Co. is doing something about that with its Lincoln automotive brand.

– Top View of the 2013 Lincoln MKZ Continue reading

Are Luxury Brands Recession Proof?

Credit for this post goes to Chase Harps, one of my MBA classmates.

I often find myself having to evangelize for the luxury industry, especially to people that may be skeptical of its necessity or long-term viability. For those people, I am posting a link to a new 2012 brand ranking report from Brand Finance. Based on its findings, the company issued a viewpoint on luxury brands. Entitled “Recession Fails to Dent Consumer Lust for Luxury Brands“, the article lists the following main points. Continue reading

What Apple Can Teach You About Not Having To Compete On Price

I found this great article at www.fastcompany.com. The major take aways for businesses that do not want to compete on price are:

  1. Develop Powerful Branding – Effective and unique branding puts your product in a competitive space that has little to do with price, and more to do with being cool, trendy (or timeless), and of great quality.
  2. Strategic Marketing – This encompasses the four Ps of marketing and much more. In luxury marketing you need to be thinking about the four Es (exclusivity, emotion, engagement, and experience). While Apple won’t admit that they intentionally create product shortages in order to create a buzz, it is certainly part of the reason why customers are willing to pay huge premiums to have their products as soon as they are released.
  3. Excellent customer service – Customer service is something you can not afford to lack. From getting customer’s to try your products and services to keeping them loyal, customer service is the lynch pin that sets you appart from competitors.
  4. A product that doesn’t disappoint – All of the above won’t mean anything if you don’t have a stellar product. Take a page from companies like Apple and Patagonia who are committed first to making the best product possible.

If a product can’t live up to the expectations set by its marketing, it won’t be successful for the long term

Part 2 – This Thing Called Luxury

Building on the confusion of yesterday’s post, today’s entry focuses on the academic justification for a firm’s participation in the luxury segment. Though what appears below is very intellectual, it is very similar to the thoughts I had on the matter long before I ever knew I wanted to work in the luxury segment.

In his work covering business strategy, Michael Porter explains that there are two main categories, in which a firm’s competitive strengths fall: cost leadership and differentiation. Depending on the firm’s market focus (broad or niche), and the uniqueness of its products (custom or commodity) and services, Porter posits four generic strategies a firm can use to develop a competitive advantage. Continue reading

Luxe Value: Interbrand’s Best Global Brands

If I have not said “thank you” to my many readers, I’ll say it now:

THANK YOU FOR READING MY BLOG.

My comrades at W&M and WordPress.com have been phenomenal in spreading my posts all over the internet. I wake up a lot of mornings surprised to see the array of readers I have from all over the world, looking in on my scribbled thoughts. I’ve gone from having only one reader – my wife – to getting as many as 100 unique views on days when I do my job right. For me, the metrics don’t really matter as a marketing strength, but as a reflection of interest. So thanks for your interest. I really appreciate it. Let’s grow together in 2012.

Ok, on to today’s rant…

Last year, in October to be exact, Interbrand published a list of the top brands in the world. It’s no different from what they do every year. Take a look at the list here.

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Remember the 4Ps of marketing? Well here are the 4Es.

30-day Challenge – Day 16

The fact that I’m currently traveling in NY is no excuse to miss out on making my 15th post in the 30-day challenge. However, as I type this post on my mobile phone, from a cab going down E 57th, I must say that I will be rather brief today.

From time to time I get emails from friends, faculty, and strangers about interesting articles on luxury products and services. A good friend of mine, Eric sent me an article by Duke Greenhill, founder and CEO of Greenhill+Partners, an agency for bespoke luxury brand marketing.

We have all learned about the 4Ps of marketing. In fact, I think some marketing nerds might have it tattooed on their foreheads. In his post on Mashable.com, Duke discusses the 4Es. I read it and believe it is worth the time it takes you to click the links above . At the least, you can add another marketing acronym to your bag of buzz terms.

You can now congratulate me on my first mobile post from a yellow cab (now on W 57th). See you tomorrow.

Leaders in Luxury: A Series of Insights

30-day Challenge – Day 15

I am devoting today’s post to Leaders in Luxury, a series of insights from esteemed professionals leading global luxury brands. My thanks go out to FT.com for making these available. Enjoy…

Sung-Joo Kim, head of MCM Group, on her career and the business of luxury

Leonard Lauder, Chairman Emeritus of Estee Lauder on the next luxury consumers.

Luxury Hospitality Giant Shows Love

30-day Challenge – Day 7

     

Today, I am both glad and proud to write about a company, with which I have done business: both as a pre-MBA professional and as a consumer. I have to say that I wasn’t surprised when I came across this article announcing Hilton Worldwide’s initiative to give people around the world better access to the hygiene that can help prevent fatal illnesses such as diarrheal diseases and pneumonia.

In partnership with the Global Soap Project, Hilton Worldwide is leading the charge to help develop a cost-free way for hotels around the world to recycle left-over bars of soap, which are provided to guests during their stays. In the first year of this partnership, Hilton Worldwide expects this investment to result in the donation of more than one million new 4-ounce bars of soap to people in need. Learn how it works here. Continue reading

A Chat with Steve Sadove, CEO of Saks, Inc.

Edmund Amoye with Steve Sadove (right) at HBS - 04/2011

Since assuming the leadership role at the Luxury and Retail Club at the Mason School of Business, I have had the opportunity to network with executives from different segments of the luxury and retail industry. My most meaningful encounter occurred in April, 2011 when I met Steve Sadove, CEO at Saks, Inc. at the annual Retail and Luxury Conference at Harvard Business School. I kept in touch with him over the summer, and last month (Oct. 2011), Mr. Sadove (SS) spoke to me (EA) in his New York office about leadership, his company and industry, customer trends, career opportunities, and the job of CEO at a company with a market capitalization of about $1.7B (11/7/11). Below are excerpts from our conversation. Continue reading

Fine Wines and Luxurious Accommodations in Virginia

Luxury and Retail Club members with Kristen Duffeler (5th from left)

Pictures

Last Friday (10/28/11) the Luxury and Retail Club (at The Mason School of Business) went on a company visit to The Williamsburg Winery and Wedmore Place located at 5800 Wessex Hundred, Williamsburg, VA. As a club, we thoroughly enjoyed the opportunity to sample wines from the largest winery in the state of Virginia; and see the luxurious accommodations at a European style hotel. We also found out more about the hospitality, and the wine & spirits business segments. Our itinerary for the day included: a tour of Wedmore Place with Kristen Duffeler (GM of Wedmore Place and In-house Counsel for The Williamsburg Winery); a tour of The Williamsburg Winery with Courtney Darden (Assistant VP of Marketing, The Williamsburg Winery); and a Q&A session with the Patrick Duffeler I (family patriarch and founder of The Williamsburg Winery and Wedmore Place) and Patrick Duffeler II (current President & COO of The Williamsburg Winery).

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