Frugal Luxury as a product/service strategy!

It is surprising to see how many people associate frugality with poverty, cheap, affordability (or lack of it!).

Instead, it is refreshing to see frugality as associated with – novelty, value for money, fit for purpose. True power of avoiding waste! That’s what Frugal supposed to mean!

Be it  Frugal Healing,  Frugal Engineering or  Frugal Product/Service Strategy, the focus is on cutting everything unwanted/ not essential and offering no compromise on use/ application.

Luxury on the other hand is an indulgence rather than a necessity! It is associated with the quality believed to be possessed by something that is excessively expensive!

Given the most unpredictable nature of our current global economy, ever-changing consumer behavior and necessities around cost reduction, quality improvement and reduction in time-to-market, it is useful to adopt Frugal Luxury as the product/ service strategy.

Frugal Luxury as a theme can influence creation of products & services that will be novel, fit for purpose with a value for money approach but provide the best user experience and loyalty. This will also make the company offering this product / service innovate a lot more rapidly, be efficient and care for the eco-system!

This can also help shift the operational focus of companies from cost, quality and time pressures to growth, profitability and business sustainability priorities.

Be it  TATA NANO, HLL’s Frugal Innovation, HUL’s  Pureit, or  A Little World  the theme is simple – Frugal Luxury! The objective is preserving luxury of user experience at no extra cost than required! This benefited the customer and more than that the company itself! A true Win-Win!

Indulging in Frugality helps in immediate, short, medium and long run!

Focusing on Frugal Luxury while proposing, pursuing and promoting sustainable product/service strategy will soon be a necessity irrespective of the target – be it the always   emerging markets or currently struggling developed nations!

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