Wondering how to market luxury goods or services? This page will help. We dive deep into the realm of luxury brands and what the industry leaders are doing to reach their target audience. Apply these concepts and watch your sales grow!
Creating a sense of luxury is more than just raising the price of an item. The secrets of luxury goods marketing lies in five key areas. We'll quote some leading marketing companies, Veritas Inc, Blitz Inc, and DMA Portland to bring you all their secrets of marketing luxury goods!
On this page, you will find marketing tips for luxury brands, goods, and services. You can't market your luxury goods the same way that other marketers bring their products to market. Find out what it takes to get your products viewed as luxury and have the customers knocking down your door!
Luxury marketing: The marketing of luxury goods or services to a higher-earning target market.
Marketing has its own challenges, but the selling and advertising of luxury services or merchandise presents a unique challenge. High-end brands do not create commercials for the average consumer to view. Luxury goods are not tweeted about or liked on social media sites…well at least by the people who actually BUY them. So how do you market a luxury item, whether it be merchandise or a service?
Workers in India and other emerging countries that are outsourced with work from the states tend to earn more than the average person in that country. India’s outsourced worker who lives at home is free from a lot of overhead and additional expenses and has become a prime target to luxury brands marketing their products. Also, farmers who have recently sold their land and have come into ‘new’ money are prime targets.
In India alone, the industry of luxury goods has shown a 22% growth over the last ten years. Luxury services has risen 15% while luxury assets has risen 9.4%. The emerging markets are booming with opportunity for marketers selling luxury goods, assets or services.
Marketing luxury brands and goods isn't done through commercials or other forms of mass media, at least not directly. For instance, you may not see an ad for Cartier products on television, but you probably WILL see a picture of a celebrity wearing a Cartier watch on the gossip ‘news’ programs. So what are the major sources of marketing luxury items? P.R., targeted magazine ads, events, sponsorships, and word of mouth.
I’m sure you can get the picture here. These brands don’t TRY to sell their products, people just want to buy them due to their engrained psychology of wanting to be a part of the ‘elite.’ This all starts with the brand’s image. To understand more about the psychology of marketing, check out http://blitzinc.weebly.com/blitz-inc-bellevue.html. On the Marketing Blitz blog out of Bellevue, WA, you can gain a ton more insight on this. In fact, here is a review of that blog from Blitz Inc: http://increviews.livejournal.com/878.html. Be sure to check it out after you have read through this page!
Luxury brands distinguish themselves from ordinary a variety of ways. Price is always important. In order for an item to be marketed as ‘luxury,’ it has to be priced out of the reach of average earners. In other words, not everyone should be able to afford it. In fact, very few should.
Luxury items and services are always the highest quality on the market. In order for an item or service to be marketed as ‘luxury,’ it has to be of such high quality that consumers are willing to repair it vs replace it. Luxury products are top of the line and coveted as such. It also has to LOOK quality. Items that are sleeker and sexier tend to be viewed as having a higher quality as well. For additional information on what makes a brand appear sleeker, check out the philosophy of DMA Portland at http://www.linkedin.com/company/dma-portland regarding the subject.
If a product or service is to be considered ‘luxury,’ it can’t be readily available. Many successful luxury brands produce limited quantities of products. They are not mass-producing these items. Just the thought of mass production turns off the elite buyer.
Furthermore, luxury items or services have to have status. This also increases their appeal. People want to be part of the elite. Why? Because the elite is distinguished, stylish, yet dignified. Luxury brands hold this status due to celebrity endorsements and the effect of “keeping up with the Jones.” For more information on the psychology of consumer behavior that pertains to all facets of marketing and advertising, be sure to check out https://twitter.com/Veritas_Inc. You will find much more information from Veritas Inc Atlanta regarding different marketing methods, tips, and tricks that get people to BUY your products and not just THINK about them.
If you look at any of these above qualities, you will see that companies like Louis Vuitton, Gucci, Hermes, Prada, Tiffany & Co., Burberry, and the like all meet these requirements. In fact, these brands are so coveted that other manufacturers attempt to copy these brands’ products with similar styles and fashions.
If you have a luxury product and are not sure how to market it, you should check out the following marketing companies who provide catered marketing campaigns to fit your needs. On the west coast, there is Blitz Inc in Bellevue, WA or DMA Portland Oregon in Tigard, OR. Both of these companies cater to large corporations’ marketing and advertising needs and are great at producing results that you can track. They do not make empty promises and have proven themselves time and time again.
You can visit some of their content at DMA's profile on Careerbuilder http://www.careerbuilder.com/Jobs/Company/C8D6ZF6RWF7DJZY4LVH/DMA-Portland/ or at Blitz Inc's blog http://blitz-inc.blogspot.com/.
If your needs are in the Southeast region, there is a similar company that I will refer you to. Veritas Inc Atlanta specializes in B2B and B2C campaigns and services many different companies. They have expanded into over 75 markets throughout the United States and have proven their reliability with some of the largest brands and manufacturers in the world. You can see what they have to offer at https://www.facebook.com/veritasinc or http://www.youtube.com/user/VeritasIncatlanta.
If you are competent in marketing, advertising, sales, etc. and are willing to do the work yourself or with your in-house team of marketers, this is my advice...know your buyers, find them, and keep them. Just like anything in the world of marketing, luxury goods are no different in these goals. You just have to go about it a little bit differently. If you insist on doing all of the marketing yourself, you should subscribe to this marketing site.
If you have a luxury product, the best thing that you can do immediately is to get it into a well-known retail space. These areas include Rodeo Drive in Beverly Hills, CA, Fifth Avenue in New York ,NY, and Bond Street in London, UK. These have proven to be breeding grounds for up and coming luxury brands and merchandise. Your target market is already shopping there, so you should get there as well.
Luxury Marketing Inc | THE Agency for Selling Goods and Brands © 2013 | All Rights Reserved