Best Luxury Brand Marketing Strategies
We are all aware about the fact that luxury brands do not advertise their products or services on tv because of they believe that those people who can afford their brand won’t have the time to spend watching tv. They don’t follow the mass market brands and hence we don’t see them advertising on tv.
It is observed that selling to high end brands requires a different approach which we’ll teach you below.
What Qualifies as a Luxury Brand?
Brands like Gucci, Louis Vuitton, Prada, Rolex, Armani are some of the renowned Luxury brands. You are much likely to realise if it is luxury just when you hear its name. It takes the 3 E’s for a luxury brand to maintain its luxuriate Expensive, Excellent, and Exclusive.
Talking about the first E i.e. Expensive, the most common indicator of a product being luxury is its price but this can be misleading. Sometimes this can also be a misleading factor as being expensive doesn’t mean it’s luxury as it has to be accompanied by other factors as well such as being excellent . The quality has to match the price tag. Good doesn’t cut it in the luxury category, a brand has to be at the very top of the market. The third E stands for being exclusive. It means the product has to maintain its exclusivity so in this case only a given amount of products are produced so that everyone doesn’t have them as it isn’t luxury if everyone has it.
Luxury Marketing Trends
According to Statistics, it has been observed that the global luxury goods market will increase from $285.1 billion in 2020 to $388 billion in 2025. The online sales of personal luxury products are growing as well. According to McKinsey it is estimated that 8% of all luxury sales are made online which is a five fold increase in purchase as compared to 2009. The majority of the purchases made in the store are influenced by the digital. Going digital for Luxury brands will be a key to meeting today’s new luxury consumers and those of tomorrow.
Luxury Brand Marketing Strategies
Until now the luxury brands have been able to rely on full-page ads in premium magazines, billboards in duty-free stores, and high-end, high budget TV ads. However it must be understood that for them to strive better, they need to take help from Digital Marketing to keep up with the growing trends. To survive in the increasingly competitive luxury space and attract new customers, luxury brands must understand what the luxury consumer wants from a brand and how the digital world can help them get there.
Understanding the Luxury Customer
Creating buyer personas is a great way to understand your buyers. A buyer persona is a detailed description of your ideal consumer. It will include their age, demographic, job, hobbies, salary, and anything else relevant. The more detail you can include, the better. You may not have just one buyer persona. If different groups of people buy your products, you’ll need to develop a buyer persona for each of them. Detailed buyer personas help your brand understand precisely who your customers are and what they want from your brand.
Develop your Digital Luxury Marketing strategy
Start by choosing a domain which you wish to target like Social media, Google or a custom app for yours. Focus on one or two to start with, particularly if your luxury brand is new to digital marketing. Next, define your goals. This may be increasing brand awareness, but a better and more measurable goal is an increase in sales.
Role of Loyalty in Luxury Marketing
Loyalty of customers is important for a luxury brand because the more loyal your customers are, the less marketing you have to do. You need to turn consumers into fiercely loyal brand advocates. One way to do that is through the quality of your products. Another way is through the quality of your marketing.
You can also partner up with luxury brand influencers as it is really cost-effective and gives the best results. Make sure that the audience of the chosen influencer buys such products.
Develop a Targeted Luxury Marketing Keyword Strategy
Start by targeting high-conversion keywords as attracting consumers in the research phase of their journey is important. But for the sake of your ROI, you’re going to want to target consumers who are ready to purchase.
If you want to see a return on your investment, focusing on high-intent keywords is essential. You’ll also need to make careful use of your negative keyword list. Unless you’re using negative keywords, you aren’t really in control over what terms your brand will appear. The last thing you want is for ads for your luxury brand to start showing up in searches containing “discount,” “sale,” or “free.” as the customer that will reach you from that source is not your target audience and they won’t match your persona.
Luxury Marketing Content Campaigns
It is important to be good at storytelling as the buyers need a story behind their purchase. Whether it’s the history of your brand or the craftsmanship of your products, you surely need to convey it to the audience so that they develop feelings which will give them a reason to purchase. It shows that content marketing is a must for luxury brands.
Now what is to be conveyed exactly? Well, apart from telling your brand story, It is recommended using long-form content to help consumers find the right product for them. Your content can continue to add value for customers even after purchase. Detailed guides on using and caring for luxury products make for excellent blog posts that can increase customer loyalty.
SEO for Luxury Brands
Search Engines are very helpful for Luxury brands in driving the right traffic towards your brand. They play an important role in both the research and purchase phase of the consumer journey. The more time and effort you devote to understanding and implementing SEO, the more revenue your store would generate.
So, it can be said that luxury marketing today can’t be confined to the conventional marketing trends. As we need to adapt to the changing trends that’s why every Luxury brand needs to go for Digital Marketing without being hesitant as it is the only way today, by which you can keep up with the world.