Successful luxury brands excel at creating exceptional experiences that make shoppers feel special and inclined to pay more. Another key focus for luxury brands is developing loyal, long-term customers. For these consumers, “it’s not about price and product, but the great experience they had, why they like the luxury item they just purchased, and why they think the higher price was worth it,” stated Jan-Patrick Schmitz, President and CEO of Montblanc North America. Montblanc markets high-end writing instruments, some priced close to $800,000, as well as watches, jewelry and leather accessories of the same high quality. “For luxury brands like ours, it’s not about the one transaction customers made today, but the next 20 or 30 they will make over the next three years.”