SOURCE: Luxury Institute, LLC

Luxury Institute, LLC

September 16, 2014 11:02 ET

Luxury Executives Offer E-Commerce, Sales Force Management Insights in New Luxury Institute Survey

NEW YORK, NY--(Marketwired - Sep 16, 2014) - The New York-based Luxury Institute released findings from its most recent surveys of luxury executives that focus on luxury sales force management and e-commerce strategies and practices, respectively. More than 120 respondents shared their views, each of them holding titles of chief executive officer, chief operating officer, chief marketing officer, chief financial officer, president, vice president or director. Some executives are entrepreneurs or directors of their own companies.

Underscoring the importance of online commerce, nearly half of all luxury executives say that their companies spend at least 30% of the overall marketing budget developing digital initiatives, ranging from websites to mobile apps. Furthermore, two-thirds of executives say that they are spending more on e-commerce than they did last year, and 59% say that it is still not enough. 

The digital marketing goals of highest importance to luxury executives are acquiring new customers (51%), growing brand awareness (38%), and increasing sales (28%). In terms of directing visitors to their brands, social media sites are the most productive leads, with one in three executives saying that direct links through social media are the most important drivers of traffic outside of customers searching for a specific brand on a search engine.

When it comes to hiring sales representatives, the top qualities executives seek are a good fit with the organizational culture (21%), prior industry experience in a specific luxury category (16%) and proven ability selling luxury goods and services (11%). Nearly 80% say that the most crucial personal attribute of a successful salesperson is the ability to build long-term relationships. Online job boards, word of mouth and employee referrals are the top three ways in which managers find qualified job candidates.

"In the luxury world, your sales professionals and your digital presence are the two most visible presentations of your brand to consumers," says Luxury Institute CEO Milton Pedraza. "Investing heavily in these areas and operating by a set of humanistic best practices make tremendous economic sense in terms of higher sales and more repeat business."

Contact the Luxury Institute for more details and a complete set of survey data.

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