Luxury brands are associated with opulence, exclusivity, and luxury itself- think of gold, diamonds, gems, rare art, massive estates, etc. Having said that, in recent times, the term has taken different forms.
Currently, it refers to something you can’t purchase, i.e., experiences, access, inspiration.
The face of luxury marketing will continue to alter under the heavy influence of western society. An individual or company in the UK looking to engage in the luxury niche seeking to offload or purchase merchandise, having the right luxury marketing agency working with you could be rewarding.
Just as what is referred to as luxury keeps on altering, tactics used in reaching discerning clients keep on taking different faces as well. Luxury market agencies have the necessary tools and experience to ensure that your product gets ahead of the pack.
Below are a few tactics they employ in their quest to deliver your product(s) to millions of potential clients:
- Social Media
With an estimated 3.6 billion users online, social media has become a goldmine for countless industries. If you or your product is to be successful in the luxury industry, you can’t overlook its potential.
Social media offers you a platform to not only showcase your product but build up interpersonal relationships with the clients. Integrating your website with platforms such as Facebook, Twitter, TikTok, and Pinterest will help drive traffic to your site.
A great marketing agency is aware of this and will formulate a plan on how to tap into the power of social media.
Today’s marketing scene is filled with influencers- these are individuals who have hundreds of thousands to millions of followers on social media platforms. It’s an affordable yet highly effective means of marketing.
The way this works is that you pay the influencer or an agency with a sizable number of followers to show-cast your product. It has the advantage of having a higher ROI (return on investment) than other luxury marketing strategies.
Luxury marketing agencies match your product with influencers who have the desired taste, thereby providing a higher conversion rate.
In the world of marketing, content is king. From luxury cars, clothes, jewelry, homes, and art, luxury items tend to attract most, but very few can afford them. Content created to cater to luxury goods need to be crafted with the right amount of finesse to attract the right clients.
This means using the correct wording, music, video, and photos while sharing informative yet entertaining posts on blogs, websites, publications, and social media platforms. Unlike other content meant to promote regular products, this kind of content needs to be designed to laser precision.
The content needs to bring out the “just for me” feeling in the consumer. Make them feel that irrespective of the price, they can receive precisely what they wish and desire- this is where photos come into play.
Steadily but surely, the death of retail stores is gaining steam due to stiff competition from online stores. Hence even luxury brands need to evolve or face going out of business.
As wealth transfer gets handed down from the baby boomers to the millennials- who can’t imagine life without the internet, the internet is suddenly experiencing an overabundance of old money looking for luxurious items.
Luxury brands have started selling their products exclusively online. Buyers in this niche tend to be particular about their keywords and search patterns. Correctly executed SEO catapults your business to the top of search engines making conversion of traffic into cash easier.
A firm understanding of reputation building, social media, building backlinks, and content creation forms the foundation of effective SEO.
- Paid Targeting
This involves dividing your market into several segments, followed by concentrated marketing efforts on elements containing clients that match your product. The luxury brand targeted audience might be easy to identify; reaching them isn’t.
To get a hold of them requires someone who understands the preferences of high net-worth individuals. To target them, you will need a profile tailored to demographics unique to them.
Paid target marketing has the advantage of being so precise about your segment, makes the pricing and distribution of your products simpler and lighter on your wallet. Clients also get to enjoy higher ROI due to its direct approach.
The world is continuing to be internet driven and dependent on each day. With numerous ripening communities of potential luxury clients ready for conversions. Aligning yourself with a reputable luxury marketing agency will make it easier for you to run a profitable luxury business.