Why quick success is a luxury brand KILLER (and what you should aim for instead)
For many, quick success is something to be desired, with ‘get rich quick' schemes flooding the market - but could this mindset hurt your luxury brands’ chances at success?
Instant gratification - the idea of getting results and rewards now, rather than later. This is something that many of us, if not all of us, have to contend with every single day. The problem is, instant gratification is so easy to embrace. We don’t have to wait for the reward, or sacrifice anything (right now) to get what we want. This pattern is something that many money-grabbing marketers and business ‘gurus’ have recognised, and are now capitalising on.
There are of course benefits to building success quickly, and there’s nothing inherently wrong with setting goals with shorter timelines. Why would anyone choose to wait 10 years to achieve something they could in just 5? The answer to this question seems logical, they wouldn’t. But what if I told you that quick success is actually a luxury brand killer?
Quick success generally comes from one of two events. Firstly, luck and trends. There are a select number of business owners, freelancers or even employees that see massive success very quickly because they have a bit of luck on their side, then capitalise on the opportunity that has arisen. There is absolutely nothing wrong with this, but this success only comes to a select few business owners, so you can’t rely on it happening to you.
Secondly, you put in an extreme amount of work in a very short space of time. Many successful business owners, such as Bill Gates and Elon Musk, have followed this model. This can, and does work in the short-term, but very few people on the planet can last longer than a few months at most. The truth is, most people need a healthier work-life balance, and can’t afford to work 18-hour days, 7 days a week for years at a time.
There is good news, however - you don’t need these to be successful, and here’s the real kicker, you shouldn’t hope for them either. Both situations lead to quick success - which not only results in direct negative consequences in the short-term but can actually destroy the long-term growth and success of your luxury brand.
Building a luxury brand is all about building a luxury reputation, through a combination of a few tools, such as quality, customer experience and heritage. A luxury brand should also aim to build a reputation in such a way that it will last for centuries, and as a result outlive most of its customers. Quick success is the enemy of this philosophy.
Quick success, by definition, happens quickly, and a reputation that is built quickly, will often disappear, or change, just as fast. This is a big problem for luxury brands. As I mentioned above, a luxury brand should be focused on the long-term, creating generational customers (lifetime customers), and building a reputation that could change or collapse at any given moment simply won’t make that a reality.
Finding success quickly from either of the previously mentioned scenarios generally means that, as soon as those situations change, so does your reputation, and your success. What happens when the extreme luck you found at the start of building your luxury brand runs out? What happens when you feel burnt out after working every day for the last month?
Slow success is far more difficult, but once you’ve climbed the mountain, it’s then far easier to remain on top. Slow success forces you to continue succeeding through constantly changing situations and climates, it forces you to adapt. The luxury brand that finds success slowly must plant itself like a tree, and solidify its values and ideals against the changing world. Through this, a luxury brand can prove itself and establish a sturdy reputation, not subject to change as a result of new trends, political changes or customer demands.
If you still don’t see my point, take a look at the thousands of fashion brands throughout history that have become insanely popular for a few months, and then gone bankrupt within the year - the same can be said for countless technology brands. Many of the aforementioned brands relied on trends, on luck, or on an extreme workflow to succeed, and as a result, many have since failed when these conditions are no longer present.
For any business owner, but especially for a luxury brand owner, it is essential that you do not allow yourself to be tempted by the dazzling lights of quick success. Running a successful luxury brand is not about how quickly you can succeed within your industry, but is instead about how long you can succeed. The goal here is not to be the first across the finish line (because such a finish line does not exist in the real world) but is instead to be the last one running. Be the tortoise, not the hare.
Once you have grasped this understanding, you have successfully taken the first big step towards long-term success for your luxury brand - congratulations! Now your mission is to discover how you can execute that plan, and execute it well. To do that you’ll need to look to your competitors, practise some trial and error, and of course, subscribe to this blog for weekly updates and insights!
If you have any questions about today’s article, or simply want to get in touch with us - send us an email at firstname.lastname@example.org and we’ll be in touch shortly.