To help HTSA members be more successful selling to the luxury consumer, the group brought in Milton Pedraza, CEO of the Luxury Institute, a company that collects data and conducts research on the buying habits of high net-worth consumers. One of the main keys to successfully dealing with that segment is to provide very high-touch customer service that must be executed within every level of a company.
“Service is a huge differentiator. I’d say that product is 20 percent of the value proposition of a luxury good, while service is 80 percent,” Pedraza said. “You must create as much expertise as possible within a firm to handle that type of service,”