Another knowledge bomb by Seth Godin at Hackers On The Runway (fashion conference July 2014) that reframes what luxury means: Anyone who seeks to offer a good or a service that costs more than the good-enough commodity substitute, we have to understand and embrace the fact that we are in the business of making luxury goods. A luxury good doesnt have to be for the wealthy--in this case, its a product with an historically available (and largely free) substitute, and yet many people buy it. People pay $15,000 to join the Ironman Triathlon, fly to Hawaii, and lose. Is it because they don’t have water or exercise equipment where they live? No. They go to be with the other red-hat guys and it’s a pilgrimage. Same idea with the Star Wars or Star Trek conventions. It’s luxury because once you get in, nobody complains about paying the money - it costs more than it needs to, and it’s the only place you can buy it. Heres what shifted just recently: In the post-industrial connection economy, we often value networks more than we value stuff. Wed rather have a working smart phone than a fancy car. Wed rather be invited to the right conferences than wear expensive shoes. Logos are worth less, easier to copy and not as valuable a tribal signifier as they were. The luxury good is no longer leather goods or clothes but being in a room with 2,000 other people just like you by admission only. If you think about the future this way, what you realize is that you need a tribe. You need a group of people who share a point of view, and outlook, and connection. Our job now is to do what tribes want, to create connections, be clear about our goal, and challenge the tribe to go to the next level. To do this, compared to asking for more shelf space on Neiman Marcus - is a different game.
Posted on: Thu, 14 Aug 2014 02:30:55 +0000
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