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Full Description
Wine has been considered a luxury product since the time of the ancient Egyptians, and today is coveted by collectors and wine enthusiasts from around the world. Yet little has been written about the world of luxury wine marketing, explaining how a wine brand can enter that special realm. This book helps to demystify the process by describing how to craft, implement, and maintain a luxury wine brand. Beginning with a definition and history of luxury wine, the authors then explain the unique business model and consumer segments for luxury wine, before outlining industry best practice in the building of luxury wine brands. Each chapter is supplemented with a vignette of a successful luxury brand producer, and provides beneficial advice on the long-term vision and passion that is necessary to create a successful luxury wine marketing strategy. This book also contains original research conducted by the authors on the size of the luxury wine market and analysis of its segmentation by region, allowing for new and unique insight into the world's top wine regions. Written as both a practitioner's guide and as a wine business textbook, Luxury Wine Marketing is a cornerstone reference resource for the business of wine.
Contents
Foreword by Clive Coates, MW ix
Acknowledgements xi
Introduction 1
1. Luxury wine defined 3
The luxury wine experience 4
Luxury wine: luxuriously defined 5
What luxury wine is not 7
The vision behind luxury wine 8
Vignette: the epitome of luxury wine - Dom Perignon 9
2. The history of luxury wine and key
players to day 12
The origin of the term "luxury" 13
A brief history of luxury wine 13
Luxury and the impact of economic growth 16
Key players in luxury wine 17
Vignette: Screaming Eagle transitions from cult to luxury wine 23
3. Luxury wine market size and pro fita bility 26
The luxury wine business model 27
Luxury wine: global market size 27
Luxury wine profitability in context 29
Luxury wine market by region 30
Profitability of luxury wine 37
Benefits and challenges of the luxury wine business 43
Vignette: delivering a vision, the global success of Opus One 46
4. Luxury wine consumers 49
Who is the luxury consumer? Motivations and perceptions 50
Luxury consumer segmentation 52
Global differences in luxury consumers 54
Analyzing the luxury wine buyer 55
Creation of a luxury wine consumer segmentation 57
Vignette: Château Lafite Rothschild taps into consumer
desires 61
5. How luxury wine strategy works 65
Standing out from the crowd 66
A pyramid approach to strategy 67
Vision provides the "North Star" 68
Strategy - the where and how to compete 69
The 5P+S of luxury wine marketing 69
Tactics and initiatives - implementation 70
Luxury wine business models 72
Measurement is the key to success 73
Managing luxury wine and keeping the brand fresh 76
Vignette: Guigal - building a luxury wine empire with
a long-term view 76
6. Cra fting the luxury wine pro duct 79
Eight critical elements of the luxury wine product 80
Sacred location for high quality 81
Master vigneron and team 82
Balance of nature and technology 83
Quality craftsmanship to highlight the vintage 85
Aging with grace 86
Art of the blend 87
Authentic luxury service 88
Entry level for dreamers 89
Vignette: crafting the "product" of Domaine de la
Romanée-Conti 90
7. Setting luxury wine pricing 94
The importance of pricing luxury wine 95
The luxury wine price continuum 96
Determining pricing structure 100
Price evolution: the implications of changing pricing on
luxury wines 108
Bordeaux en primeur: a market-based pricing system 113
Second labels: a method for luxury wine price reductions 114
Vignette: Harlan Estate - creating global scarcity to preserve
pricing power 115
8. Telling the luxury wine story 118
Defining the "luxury wine brand story" 119
Research on the power of brand storytelling 120
Key components of the brand story - setting, characters,
plot, moral 120
A symbol arising from the story 126
Crafting a distinctive luxury wine story or adding a new
chapter 126
Focus on craftsmanship
and authenticity 128
Importance of the human element - building relationships
through storytelling 129
Communicating consistency, integrity, and humility 130
Delivering the story 130
Vignette: master storytelling at Tenuta Tignanello, Italy 131
9. Luxury wine packaging 134
The importance of luxury packaging 135
Luxury bottles - from historic to futuristic "smart bottles" 136
The luxury closure - to cork or not? 138
Consumer research on label design 139
Luxury boxes and containers - environmentally friendly 140
Tracking and shipping considerations 141
Dos and don'ts of luxury wine packaging 141
Vignette: crystal clear Cristal 144
10. Managing scarcity and placement 146
The importance of managing scarcity and placement 147
Overview of DTC and trade placement 147
Direct to consumer sales channels 148
Trade sales channels 161
Vignette: Vega Sicilia - the original allocated offering 166
11. Promoting luxury wine 168
Promoting luxury softly 169
How luxury promotion is different from commercial wine
promotion 170
Luxury wine promotion toolkit 172
Launching a new luxury wine product 203
Vignette: the Berlin tasting - establishing Chilean wine in
the luxury marketplace 205
12. Luxury wine management 208
It is always about the people 209
Sales and marketing convergence 212
Building long-term relationships with customers 213
Continuous improvement 214
Motivating luxury employees 216
Succession planning 217
Vignette: Artemis Domaines - driving beyond a first growth 218
13. Managing the secon dary market and
counter feits 221
Secondary market overview 223
The auction market 224
Major auction houses 226
Auction buyers 228
Retailers in the secondary market 229
Managing the secondary market 229
Counterfeits 233
Preventing counterfeits 234
Vignette: Pétrus - the world's most counterfeited wine 235
14. Keeping the luxury brand fresh 238
The importance of long-term vision 239
Traditional ways of keeping the brand fresh 240
Staying relevant in a changing world 241
Penfolds: innovation and collaboration to keep the brand
fresh 242
Managing through an economic downturn 247
Vignette: the continual evolution of Gaja 248
References 251
About the authors 269
Index 271
