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Adding Prestige to Your Portfolio : How to Use the Creative Luxury Process to Develop Products Everyone Wants - Drew Boyd

Adding Prestige to Your Portfolio

How to Use the Creative Luxury Process to Develop Products Everyone Wants

By: Drew Boyd

Paperback | 3 January 2021 | Edition Number 1

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Expand your existing portfolio by using the creative luxury process to elevate specific products and provide greater value to customers.

Contrary to popular belief, luxury is a well-defined code that can be reapplied to any other product or service to enhance its value. Adding Prestige to Your Portfolio reveals how non-luxury companies can apply the principles of luxury and creativity to transition parts of their portfolio to luxury status.

Adding Prestige to Your Portfolio describes how companies can elevate any product or service at each step of the customer buying journey (awareness, search and compare, purchase, use, advocate). By applying the creativity technique Closed World Principle, readers can determine which luxury benefits (security, fun, self-respect, self-fulfillment, accomplishment, recognition, relationships or belonging) would best map to their product or service and garner the greatest business impact at that particular stage of the customer buying journey.

Illustrated with examples from industries as diverse as healthcare and industrial equipment, Adding Prestige to Your Portfolio shows companies how to borrow the elements of luxury and sprinkle them throughout the customer experience in order to strengthen loyalty and increase their appeal to potential new customers. Online resources include sample syllabi, templates to aid in application of framework, case studies and discussion questions.

About the Author

Drew Boyd is Associate Professor of Marketing and Innovation at the University of Cincinnati in Mason, Ohio. He trains, consults and speaks on the topics of innovation, persuasion and marketing strategy at Macy's, Toyota and Procter & Gamble. He spent 17 years at Johnson & Johnson in marketing, mergers and acquisitions, and international development, where he also earned his first of five patents for medical devices. His work has been featured in business publications such as The Wall Street Journal, Bloomberg, Industry Week, Psychology Today, and Strategy+Business.
Industry Reviews
"A step-by-step guide for adding prestige to products to draw attention, attract customers and drive sales." * Nir Eyal, author of Hooked: How to Build Habit-Forming Products *
"Consumers, even in a rocky retail environment, are always looking for that special experience that transcends the day-to-day minutiae of their world, and makes it magical. Even small luxury product and experiences matter, and are something consumers will spend more for. This should be mandatory reading for businesses looking to grow their market share by elevating their offering." * Amy Hanson, executive vice president for credit, real estate and financial services, Macy's (retired) *
"Drew Boyd makes a compelling case for adding prestige to your products: for the benefit of your customers and your employees. He gives the reader a thorough introduction to the leading research and a step-by-step guide to implementing it through the always-useful Systematic Inventive Thinking." * Doug Sackin, vice president, principal innovation design technologist, Fifth Third Bank *
"Inspires the reader to tackle the ingredients of innovation and turn any product or a service into something unique. I suggest this reading not only to innovative thinkers interested in luxury, but also to all the managers and entrepreneurs looking for disruptive insights into customer experience innovation." * Lucio Lamberti, full professor of omnichannel marketing - Politecnico di Milano, School of Management *
"Drew Boyd gives product innovators a new, powerful method to strengthen the creation of customer value propositions. Success is built upon a strong, unique value proposition, and Drew has pushed us to stretch our thinking while developing new products and services." * Mark Atkins, Board Vice Chair, Product Development and Management Association, Founder and President of Smart Hammer Innovation *
"We've always known that creativity templates have many applications. But the next step is to tailor it to specific fields. Creativity is a general topic that can be used in many fields, but a specific connection between creativity and the selected field has to be investigated, defined and tested. Drew's latest book is the first successful attempt: it takes this idea further by mashing up creativity templates with luxury templates. I have no doubt this will pave the way for other "mergers" and open up completely new avenues. But, most importantly, anyone who wants to innovate inside the luxury or prestige goal can find useful techniques and many examples how it can be done." * Jacob Goldenberg, PhD, professor of marketing at the Arison School of Business at the IDC Herzliya and visiting professor at the Columbia Business School *
"Every marketing leader now has a comprehensive playbook to attract and retain elite customers. Adding Prestige to Your Portfolio describes in detail a completely new process (the Creative Luxury Process) that companies can use to make themselves more competitive. Let Drew be your creative concierge for luxury market success!" * Lisa Nirell, Founder, EnergizeGrowth (R) LLC, author, and Marshall Goldsmith 100 Coaches member *
"Drew outdid us all with his incredibly insightful Inside the Box book and now he takes his always innovative perspective to a new focus: prestige and luxury. Having watched Drew work his creative magic in front of groups many times, it's not at all surprising that he brings a unique and insightful process to use the concept of luxury. This book isn't about luxury as we typically think about it. Rather, it is about how to grow your company by transforming part of your portfolio in a new and innovative way. Design thinking meets Inside the Box: the result is an entirely new innovative process for growing your company. A must read." * William Putsis, PhD, author of The Carrot and the Stick; professor of marketing at Kenan-Flagler Business School at the University of North Carolina at Chapel Hill; CEO of Chestnut Hill Associates *

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