The global personal luxury goods market is expected to grow by 2-4 percent to €254-259 billion in 2017, as per a 2017 Bains report. Healthier local consumption in China and increased tourism and consumer confidence in Europe are believed to be the driving factors behind this promising growth.
A look at these statistics reveals that luxury never goes out of fashion. The demand for luxury products may fluctuate at times, but it bounces back. With the attractive growth prospects, luxury brands have a tough task ahead of them. The task is to win customers through successful luxury brand marketing.
In order to win customers, luxury brands need to think beyond the conventional. They have to explore. They need to create experiences and sell them. With the right groundwork, the benefits of luxury brand marketing could be huge. And there are various ways to attain those benefits.
Let’s take a look at six things to focus on, while defining a luxury brand marketing strategy.
Attach exclusivity to your brand’s origin
Humans are driven by curiosity. They need to know more about a brand. In order to create a long-lasting impression in the minds of your target customers, make sure you have a unique and credible story to tell. The idea behind the origin of your brand should make it appear larger than life. Your luxury brand should amplify itself. And that can only happen when there is exclusivity attached to it.
There are so many cars in the world. But, Ferrari and Mercedes are in a league of their own. Why? Because, creating a luxury brand means you have to think beyond the conventional products. Generate an unexpected desire amongst your audience. Make innovation your best ally. Think beyond conventions. Discover new things. Produce new experiences. And incorporate them into your brand. Have one story. But give it new dimensions from time to time. Understand that luxury buyers don’t find solace in regularity. They want more. Deliver that.
Rarity is what you need to seek when defining your brand’s marketing strategy. Don’t make your products, services or experiences easily accessible. When it comes to luxury, ensure that your offerings stay uncommon. Let customers desire them. If everyone will have what you are selling, then it won’t be a luxury. In order to give a truly luxurious product or service, make it rare.
Communicate through visuals
A true luxury brand doesn’t mean a good logo or a remarkable website. It is much more than that. Help your brand communicate through visuals. Designs, images, colours, symbols, patterns, all help in creating a visual treat. Research your target audience and identify with it. Create visuals that can make it easy for your customers to recall your brand. Sensibly choose your brand’s identity with symbols and reinforce them through planned, but limited repetition.
Don’t ignore the power of sensory branding
While communicating through visuals is important, it doesn’t mean that you should ignore the power of sensory branding. Sensory branding can do much more than visuals alone can do to define your brand. Include touch and/or aroma with your luxury brand. Capture customers through emotions. Take luxury hotels as an example. In order to lure guests many hotels make their lobbies and common rooms smell great with special scents. A rejuvenating, aromatic entry is sure to bring in more customers. That’s the power of sensory branding that luxury brands must grab.
Social media is a necessity
Luxury branding doesn’t mean that brands be afraid of social media. Your customers shouldn’t miss you on social media sites. It is important to capitalize on the trends and make your presence felt, and social media helps you do that. If used wisely, social media can prove to be a great platform for luxury brands to stay connected to their audience. Stick to your unique value propositions and spread awareness about them through your posts.
With consumers craving for luxury more than ever, it makes absolute sense to be prepared before you launch your luxury brand, or create a new marketing strategy for it. Several factors contribute to the creation of ‘luxury’. Follow the above listed steps and make your brand luxurious, unique and desirable.