Marketing to A High-End Consumer, Using the Luxury Strategy
Carving out a high-end luxury brand is no easy feat. You have to create for your brand premium, exclusive and only the very best quality products or services which will make people crave to own them. What you are offering must be absolutely worth every single penny your customer pays. But all that is simply not enough to draw high value customers towards your brand. In order to attract the attention of premium clientele, you have to go all the way to give them something that gives them the value they deserve.
In order to reach out to high end clients you need to go beyond the standard marketing techniques because these are not the people who would fall for gimmicks. Here are some of the special things that you can work on, to reach out to premium clients.
Everyone knows that contacts are all that is needed to build up an empire. You need to spread out your tentacles. From high end parties to all the events of the Tinsel town to the business world, lark around and build contacts. Be it stars or business Moghuls or sportspeople or celebrities, this is your best chance. Scope out on how you can spread the word about your brand. You have to go out of your way to reach out to people, and create a good impression.
Once people get their hands on a product and like it, they would often want to get more of it. Therefore, if you are in the process of establishing your brand value, it is important to invest in some sampling. Events, parties, occasions etc. where socialites, celebrities, high profile clients visit are some of the places you should showcase your products. Once it hits the right nerve, you will never look back again.
Word of mouth
When it comes to elite market, worth of mouth advertisement is the best bet for you. Once you get hold of a few prestigious clients, get them to advertise and talk about your service or product. For example, luxury clothing and accessories brands often sponsor the outfits of a star at certain events or TV appearances in order to get him or her to show case their collection which goes a long way in spreading a word about the brand.
Along with reaching out to people, it is also important to develop a marketing strategy to hold on to the interest that you have peaked. This can be achieved by a three-prong marketing strategy which is commonly used by majority of the luxury brands in the market.
Three-pronged marketing strategy
If you want to reach out to the crème de la crème of the client base, you need to adopt a marketing strategy to give them what they want. If you want to milk your products to create a high-end brand value, you need to adopt a milking stool and like its three legs here is the three-pronged strategy, which will help you establish your name in the industry. This is what you need to start building immediately.
The luxury strategy
The luxury strategy aims to create an unmatched brand value as well as pricing power by invoking the elements of luxury and class. It tells their clients that their products are unique and better than the common. To do so, they leverage certain intangible elements which offer singularity, like country of origin, heritage, time, crafted by hand, limited value, craftsmanship, prestigious clients, etc. The main target of this marketing strategy is to establish to the client that the products or services they are about to pick are nothing short of the finest. It takes hard work and maximum effort to craft it for them, which in turn, makes your products so special. For example, when it comes to buying a rare Macallan scotch, a customer chooses to pay a handsome sum of money, only to own the beautiful bottle of expensive scotch, simply because of its brand value which has been created over the years by its delicately crafted balance, years of aging, its rarity and its rich heritage of prestigious scotch lovers who swear by it.
The premium strategy
This strategy works to give the customer a feel of not only being special and amazing, but also unique and sophisticated than everyone else. Basically, it entails the creation of a premium range of product which has special features over the regular products. As you build a set of loyal clients, they will automatically be willing to spend the little extra for the special treatment. It can basically be summarized as ‘pay more, get more.’ The primary aim of this strategy is to point it out to your clients that they are not only getting the best value for their money, but are also special to you and this can be done via comparisons and benchmarking. Quality to price ratio should be the motto of this marketing technique. But the key to success lies in its exclusivity. For example, luxury cosmetics brand MAC often launches special edition lipsticks which are launched only on special occasions. These are highly sought by their loyal customers not only because of the new colours but also because of the exclusivity of the range which is not available beyond the limited stocks.
The fashion strategy
The fashion strategy relies on the ephemeral nature of fashion. It conveys to the client how fast fashion is changing and instills in them an urge to own a timeless piece in this mayhem. The crave to lay their hands on the piece of beauty which is unique, crafted for a luxurious and fashionable client who absolutely needs this for his or her sake. It is meant to instill an urgency, a deep desire, an intense lust which will drive your clients to swipe that card. It should not be something common or readily available and yet it should be something which is in sync with the latest fashion trends. The product or service has to be something which makes them feel special. Fashion needs to define the client. For example, when you are buying yourself an exclusive piece of jewellery you invariably log in to a website like Beyond4Cs to know about the carat, clarity, cut etc of the diamond. But what sets an exclusive piece of jewellery apart is how special it makes the owner feel.
Reaching out to a high-end clientele is all about the special touches and some well-planned marketing strategy. Work in the right direction and you will be able to carve yourself a niche in no time!
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