Luxury Institute News

October 21, 2014

Luxury Institute Introduces Luxcelerate, an Empirically Proven Method to Drive High Performance in Building Client Relationships

Marketwired
October 21, 2014 80763_LuxcelerateLogo

NEW YORK, NY–(Marketwired – Oct 21, 2014) – Today, the New York-based Luxury Institute announced the launch of Luxcelerate, an enhanced version of its innovative successful 7-Step Customer Culture process. Luxcelerate is designed to accelerate sales performance via a proprietary methodology that focuses on empowering the customer-facing online and offline associates, helping brands to improve both client relationships and sales exponentially.

Presently, top brands are struggling to both expand and retain their client base. Top brands have a conversion rate of 10-15%, a data collection rate of 30-40% (approximately 25% of this data is unusable) and a first time buyer retention rate of 10%.

Luxcelerate encourages the individual sales associate to learn and execute the best practices in client relationship building. The process is designed to improve sales performance via an exclusive methodology that focuses on relationship building, while improving a brand’s conversion, data collection and retention rates.

Luxcelerate’s proprietary methodology is based on shared relationship values and standards that are designed by a brand’s front-line teams, and is therefore customized to fit the unique DNA and culture of each brand. Custom education programs use empirically proven learning principles to drive retention of critical knowledge. Measurement and reinforcement methodologies are then deployed individually to guarantee consistent daily execution. The outcome is humanistic, effective client relationship building that leads to sharp increases in sales.

Luxury Institute’s CEO Milton Pedraza developed Luxcelerate’s 7-step methodology. Mr. Pedraza established this innovative methodology after being inspired by best practices from education, medicine and aviation. Using this process, a number of top-tier luxury brands have doubled, or tripled, the accurate collection of critical client data, and have significantly increased client conversion and retention rates. Luxury Institute has worked with the top brands of major luxury groups, well-known brands owned by private equity firms, and small boutique brands, to drive sales at rates of 15-30% per annum.

“The Luxury Institute was invaluable in helping Malia Mills define and implement our clienteling process. The first quarter that we implemented our program we increased sales by a significant amount.” — Carol Mills, Co-Founder, Malia Mills

“Since embarking on this project, we have seen double digit increases in data collection, conversion and a significant acceleration in retail momentum.” — Claudia Poccia, President and CEO of Gurwitch, Owner of the Laura Mercier brand

References are available upon request. For more information please email luxinfo@luxuryinstitute.com or fill out a contact form at www.luxuryinstitute.com

Source: http://www.marketwired.com/press-release/luxury-institute-introduces-luxcelerate-empirically-proven-method-drive-high-performance-1959706.htm

August 6, 2012

As Nordstrom’s arrival looms, rival stores sharpen up

By Marina Strauss
The Globe and Mail
August 5, 2012

Erik Nordstrom likes to boast about his employees going the extra mile at the upscale U.S. retailer that bears his name.

Recently, the great-grandson of the founder of Nordstrom Inc. told the story of a maintenance staff worker who discovered a Nordstrom shopping bag filled with $800 worth of goods in the parking lot of a Farmington, Conn., store.

Flight information in the package helped the employee identify the customer, whom he dialled three times.

She failed to pick up because, she said later, she didn’t recognize the number on her mobile’s call display. Realizing her flight was leaving soon, he drove 200 kilometres – two hours – to John F. Kennedy Airport in New York, and after having her paged at the airport, triumphantly handed her the bag.

She offered him money for gas, but he refused.

“We don’t nail it all the time, by any means, but we’re fortunate to have some really terrific people in this company who care a lot … about their customers,” Mr. Nordstrom, the company’s president of stores, told the retailer’s annual meeting in May.

Click the link to read the entire article: http://www.theglobeandmail.com/report-on-business/as-nordstroms-arrival-looms-rival-stores-sharpen-up/article4464192/

February 13, 2012

For the wealthy, the experience is what’s important

By Abha Bhattarai
Washington Post
February 12, 2012

Want yellow seat belts in your Porsche? Or green thread for your car’s leather seats?

Join the waiting list, says Kevin Gallagher of Porsche of Rockville.

“We’re finding that people want to sit down and custom order everything — the colors, the interiors, the wood paneling,” Gallagher said. “Fewer and fewer customers are walking in and saying, ‘Yeah, I’ll take that one as-is.’”

As the economy sputters back from a deep downturn, analysts and business owners say the region’s wealthy are spending as much as they always have. High-end customers may be toning down flashy purchases, but they are increasingly looking for customized experiences and exclusive treatment — and local businesses are adapting to meet those needs.

Click the link to read the entire article which includes a quote from Milton Pedraza, CEO of Luxury Institute: http://www.washingtonpost.com/business/capitalbusiness/for-the-wealthy-the-experience-is-whats-important/2012/02/07/gIQAjvkR9Q_story.html