INITION were pleased to be a part of the 2016 Monaco Symposium on Luxury on 7 & 8 April. Taking place in Monte Carlo, INITION’s New Business Director Jay Short travelled to Monte Carlo as a guest of a panel discussing ‘Innovation in Customer Experiences’ for luxury marketing.
The symposium’s goal is to bring together international scholars and practitioners from different disciplines in order to advance knowledge around luxury marketing. Students were invited to submit papers on the subject of luxury marketing, and presentations were made from experts within the industry. Attendees ranged from the likes of Bentley and McKinsey, to Christie’s, Havas LuxHub and L’Oréal.
Jay was joined on the panel by senior figures from Accorhotels, Generali Group and Air France. Discussions were focused around the potential impact of new technologies such as virtual and augmented reality on the luxury market and whether there was an immediate fit for luxury brands.
In terms of discussions Jay advised the audience that whilst all of the buzz around VR and AR may lead brands to think that they need to be making these technologies a core part of their near-term marketing strategy, actually the decision should not be that simple: “There is no doubt that virtual and augmented reality are going to have an impact on a huge number of industries in the near future, but for luxury brands the integration of these technologies may not be as simple as with other industries. The message I gave to the audience was that they are right to be excited about new technology, but to look before they leap. Virtual and augmented reality technologies are amazing if used for the right purpose and with the right content. If used incorrectly, they can be more damaging that no marketing at all”.
Virtual and augmented reality technologies are amazing if used for the right purpose and with the right content.
The event had a definite focus on the changing world of luxury marketing, rather than focusing purely on the technology side of things. The coming together of some of the world’s finest luxury brands and some of the world’s leading academics gave the event a different flavour to normal ‘marketing events’.
Of the experience, Jay said:
“The Symposium takes place in a fantastic venue, and encouraged some fascinating conversations. The chance to talk to such a wide range of individuals from a spectrum of different disciplines is rare and we would not hesitate to be involved again in the future”.