Heading to the East End anytime soon? If so, are you excited? Or intimidated? Or perhaps a bit of both? People speak of the iconic summer playground of the New York elite – “the Hamptons” – as if it were one destination with one vibe. But dear reader, that’s just not so.
Luxury can be many things, but fully rational isn’t one of them. That’s why the data-driven trend in marketing is highly likely to fail in the irrational world of luxury. There’s a huge amount of scientific marketing chatter about Google algorithms, empirical quantitative research, media mix formulas, social media analytics and AI marketing metrics. It’s driven by the explosion of data at hand. Some estimates say that information is doubling every two years, due in part to the daily influx of 200 billion emails and the explosive growth of AI generated “news.”