The social media platforms have democratized fame, allowing anyone with a smartphone to instantly gain fame (or infamy) based on an entertaining video clip, some funny memes, or a controversial opinion. Major retailers have taken advantage of this by offering celebrity-endorsed clothing and accessories at affordable prices.
Other companies can promote their offerings at a fraction of the cost, while seemingly undercutting the quality perception of the premium brands. Yet, they continue to thrive. In fact, the luxury space continues to grow. So, what is happening here? How are these brands dominating? What strategies are they using to appeal to consumers?
We will look at how the companies that make up the luxury industry have been able to stay in business, and grow, in this digital age—and how words of wisdom from these brands can be leveraged and applied to any business amidst the present-day marketing landscape.
How do luxury brands know their customer?
Luxury brands are some of the most recognizable on the planet. They all hold their own individual image, and just as importantly, they all know exactly what makes their customers tick. But there is more to a luxury brand than just an image. Luxury brands know their customer inside out. They know everything from the styles that appeal to the ads that catch the eye.
Most of all, they sell an idea. Often, this takes the form of conveying sophistication, elegance and success. But for all brands, marketing success is about doing something different. In today’s market it seems everybody says something or offers something similar. So how do you break through that clutter without doing anything too outrageous? Often, this takes the form of conveying sophistication, elegance and success.
Luxury has always attracted the thrill-seeking and daring
The Luxury brands have created an experience in everything they do. They provide unique shopping experiences and special services. Luxury brands created experiences as the centerpiece of their products and have turned to become a lifestyle for their customers.
Luxury is a key part of life. Whether you’re a business or an individual, luxury has its place here because people want to feel good. The world is moving fast and places are changing rapidly. However, people need to be reminded that in the midst of transformation and movement, the best things in life remain the same and they want some good old-fashioned fancy stuff to make them feel special every now and then. That’s why most luxury marketing strategies focus on the unique selling points of a brand.
Social media is utilized by people from all sorts of backgrounds and industries. The most successful social media users, though, are luxury companies. Why? They use digital tools to achieve their goals. For a luxury brand, this means connecting with their audience and improving customer engagement to retain their current customer base while also growing through acquisition.
Social media has been an effective marketing tool for a while now, and as most brands are well aware of this, they now use social media channels to promote their content. But what separates the big players from mediocre brands is the level of quality that these channels receive and the personal touch that’s placed in each one.
The same high standards they apply to their product range apply to their web design. With many different premium products vying for a place in the viewer’s eye, luxury product designers and retailers have a great deal on their hands in order to give their product a fighting chance. It is paramount that their consumer path is as simple and inviting as possible.
I’m not saying that all shoppers of luxury goods shop online. In fact, I would be surprised if you could even try to calculate the exact number. You won’t find official stats for this anywhere.
Tell a Good Story
What do some of the most luxury brands on the planet share in common? They’re all about creating stories. Whether it is Ferrari telling a story of liberation, BMW with stories about its racing history, or Mercedes talking to us about its luxury craftsmanship, we are drawn to their stories. The problem is that most luxury brands have a hard time capturing this essence in today’s digital world.
Brands have always used stories to engage potential customers and employees alike. Nowadays, more than ever, we tend to believe in the power of a story.
Luxury brands have a large price tag. However, they do not solely rely on their diamonds, gold, or leather to entice you. Luxury marketing strategies are key to a brand’s success. Luxury marketing brand promotion is designed to generate endorsements and loyalty without cheapening the image of the brand name. Luxury marketing uses a lot of different strategies to help promote products and increase sales by drawing in new clients as well as retaining existing ones.
It’s been said that making a good first impression is important, and in the luxury marketing strategies world, this is absolutely worth keeping in mind. It’s much better to establish trust before you ask your clients to invest in your services or products.