Show me you know me. Luxury marketing has evolved in three key as brands learn the importance of data in connecting consumers with their products.
Engaging Experiences Drive Purchase : No matter the industry, consumers have high expectations for very personalized interactions with brands. Consumers are looking for a two-way, long-term relationship from brands, rather than a quick transaction. Brands can no longer sell just a product, they have to provide a unique experience. For example, the Four Seasons is taking its product beyond the hotel room, and giving consumers the opportunity to travel around the world on a luxury jet. For this classy experience, customers are offered distinct amenities as well as custom activities that allow travelers to follow their passion. The experience offers a win-win where customers spend money with the brand, while they are able sharing unique experience to friends. Understand your audience’s passions and explore what is possible with your brand.
Be Brave : With audience understanding, you can go beyond the status quo and be bold, while still staying true to brand values. Stray from the ordinary to stand out among the competition. A few years ago, the diamond industry realized that independent women were looking to celebrate their own life events with a jewelry–or diamond–purchase, rather than waiting for a man to buy it for them. Brands like Tiffany & Co. began offering a Celebration Collection to encourage women to buy themselves a right hand ring. A successful campaign, Tiffany & Co. still offers pieces from the collection today. This campaign tapped into an existing audience behavior and therefore could be bold – and successful. The key to such bolder, braver marketing is knowing the key interests and demographics of your audience.
Segment to Customize : The Editor in Chief at Luxury Daily, Mickey Alam Khan, reminded attendees at the Luxury Daily 2015 conference that “you can’t be all things to all people.” The key to personalizing marketing efforts is to be specific and target distinct audience segments. This type of personalization adds a competitive advantage in the market. Alberto Milani, the CEO of Buccellati, shared at the same event that the Buccellati segments their audience into various personas to personalize marketing to each audiences. For example, the brand has identified Connoisseurs as a highly selective and knowledgeable group who values quality and history when making a luxury purchase. In knowing that this individual exists and by knowing what interests them, Buccellati is able to tailor messaging around the quality and history of each Buccellati piece in a way that keeps the Connoisseur interested. Keep in mind, personalized communication leads to stronger brand loyalty.
Empower your marketing through unique, bold experiences. The ability to craft marketing campaigns around your brand’s specific audience will is essential to acquiring and retaining high-value audiences. Go beyond demographics and request an audience insights demo below to deeply understand your discerning consumer.
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