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Creating luxury products for wants and desires

Anssi Vanjoki talked to the Slush audience about one of the extreme segments a company can focus to – the luxury users. Focusing is especially important as it’s really difficult to create a product that works for all the 7 billion potential users. But if you focus on a specific segment and succeed, it’s lot easier to proceed to bigger segments as well.

Rich people are a segment of 25 million people, that got their money in various ways, so they don’t have any traditional demographic similarities. They do, however, share a very important characteristics: they don’t  consume only for their needs, they also consume for their wants and desires. And luxury products are something built on the roots of art and people associating value with things they desire. This combination of beauty and desire can then translate to satisfied luxury customers if the companies can fine tune their focus and tick the right boxes in their luxury offering.

Vanjoki also let some light on the future plans for Vertu, the luxury phone maker formerly owned by Nokia. In the future Vertu will be taking a more holistic attitude towards luxury, and broadening the concept from the jewel-like exterior to the internal components and user interface of the phone as well. They are also planning to make the Vertu phones more upgradable to keep up with the new luxury technology without upgrading the diamond-covered exterior. The cheaper upgrade cycle is certainly something that even the technology-oriented wealthy people can appreciate.

-Joona Kurikka

- Image by Daniel Taipale

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