Today’s marketing climate includes savvy social media, a command of content, and a deep understanding of analytics. While this holds true regardless of the sector, luxury brands looking to establish a specific exclusive customer base need to go even further. Here are four essentials below for luxury marketing:
- Sell the Dream. The best way to sell luxury is to relate to people’s emotions. Luxury is not about meeting a specific function, it is not rational: a Hermes scarf doesn’t keep you warmer than any other scarf. Coco Chanel said, “Luxury is the necessity that begins where necessity ends”. It’s about creating a vision and dream behind your product that remains aspirational for the customer.
- Educate the Consumer. Consumers must understand the quality and craftsmanship behind the product. For example, every single element in a Vacheron Constantin watch has been made in Switzerland, with individuals polishing and cleaning the elements by hand. Jaeger-LeCoultre boasted during its 85th anniversary, that each watch goes through 85 experts. If a wealthy watch enthusiast can appreciate this craftsmanship and dedication, they are more likely to pay the high price tag.
- Create Community. When you are buying and investing in luxury, you are not just buying a product: you are joining a community. People, especially millennials, want to belong and connect to others, and through everything from vibrant user generated social channels to in-store retail experiences, brands can create connective moments for consumers to feel a specific status attached to their product. This inspired Burberry’s iconic Art of the Trench campaign where fans shared images in Burberry trench coats for a new microsite and then shared via social channels. People want to have social cache and integrating campaigns with product purchases helps them achieve this.
- Be Personal. People who invest in luxury products want you to remember their name, preferences, and needs. A simple hand written thank you card delivered to you after a purchase can make all the difference. One of the easiest ways to do this is by customizing the e-commerce user path so that consumers can quickly re-order favorite products, have new relevant suggestions to choose from, and feel as if they are special to the brand. Part of the luxury experience to consumers includes updates on accessories they may enjoy, and early access to products for valued customers.
80% of the wealthiest Americans grew up middle class, and made their money from successful business careers. By selling a dream, educating, creating community, and being personal with them, luxury marketers can gain their attention and loyalty.