10 marketing strategies for luxury brands that deliver results

Luxury marketing can no longer be confined to TV channels, billboards, and glossy magazines. It’s understandable why luxury brands have been hesitant to move online. You’ll want to make sure there’s some form of content for every key term, whether that’s a category page, a blog post, or something else entirely. For luxury brands, it’s a cardinal sin. Rather, you need to turn consumers into fiercely loyal brand advocates. In 2014, McKinsey published a report suggesting that digital now influences at least 45% of all luxury sales. It is a content marketing spectacle that takes viewers into the world of Chanel through distinct chapters. The pandemic hit department stores hard and forced luxury consumers to buy online more than before. There are 25 ways Luxury brands can make some immense profits and generate sales using Digital Marketing Strategies: Take Advantage Of Social Media Networks Using Visual Media: Photographs become one of the best ways to trigger a lot of aspirational emotions in the user’s mind when marketing luxury … Generally speaking, luxury brand websites are very stylish, but perform poorly when it comes to user experience and functionality. The quality has to match the price tag. Within 48 hours of publishing the guide, over 4,000 people had shared it – many of whom were using the guide to show off their own scotch knowledge. Well, apart from telling your brand story, I recommend using long-form content to help consumers find the right product for them. They sell luxury goods. Luxury Goods Market Study Revenue from the US luxury goods market is estimated to be between $85 and $100 billion annually, according to Euromonitor . Keep in mind; you may not have just one buyer persona. But what does it take for a brand to qualify as a luxury? Use Facebook Ads to reach luxury shoppers. 2. Have you ever seen a Facebook ad for Chanel? Most marketers are aware of traditional luxury marketing tactics. What's your phone number? 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 digital can help them get there. Detailed buyer personas help your brand understand precisely who your customers are and what they want from your brand. We want to create a plan that works within your budget Today, few people have one-off products made, but many luxury brand marketing strategies include building elements of customisation into their offer. Save my name, email, and website in this browser for the next time I comment. Exclusivity can be created online through private member groups, concierge services, or digitally-delivered loyalty perks that are reserved specifically for previous customers. 3. That’s because luxury marketing strategies don’t follow the same rules as mass-market brands. Selling to high-end consumers requires a different approach. Revenue$0 to $3 million$3 to $10 million$10 million to $50 million$50 million to $100 millionAbove $100 million Their websites are visually stunning, while very easy to use, and highly functional. The Chanel website is all about storytelling. I'm determined to make a business grow. Although this general principle is universally applicable, luxury brands are substantively different from other brands. Here’s the thing, luxury marketing isn’t synonymous with digital marketing…yet. You could, for example, target ads specifically to married 35 year old males from Paris who like the brands Prada, Gucci, and Versace. But I urge luxury brands to go beyond standard digital marketing tactics and explore more experimental channels. 6. Charities, for example, are one of the most liked categorises of pages on Facebook. Exclusivity is fundamental to luxury brand marketing as it maintains consumer desire through scarcity and rarity. Exclusivity & Attention to Details: Don’t Skip your Analytics Homework. Burberry, for instance, has launched an AR shopping tool that lets consumers see Burberry products in their surrounding environment. For the most part, you know luxury brands when you hear them. It seems that every few months Burberry are running a new online brand-awareness campaign, driving luxury shoppers into their stores. They will allow you to better communicate with your customers and focus your marketing efforts. You can also partner with influencers on social media channels. Full-page ads in premium magazines or weighty direct mail pieces are a luxury marketer’s bread and butter. Yet, they are consistently undertilized by luxury brands. 1: Get a Website Women’s Wear Daily reported that more than 1,875 fashion stores closed last year, yet according to Statista , revenue in the fashion segment is expected to increase from £360.7B in 2018 to £534.5B in 2022. Enter buyer personas. SEO is an untapped goldmine for luxury brands. Communicating the story behind your products, and explaining the values that define a luxury brand, is fundamental to effective luxury marketing. By focusing on long-form visual content, we’ve generated 10,000’s of social shares, and a huge amount of SEO traffic. This is a staggering figure, and clearly highlights the important role digital marketing now plays within a luxury purchase. Because one of the primary motivations for buying luxury goods is to display status, brands can take advantage of this by creating and publishing content that, when others share, will make them look stylish, smart, or cool to their friends. But that doesn’t mean popular digital channels are off-limits. Yet, there are plenty of affluent shoppers who can afford to splurge on … Some luxury brands had the same knee-jerk reaction: reduce expenses, reign in spending, and reduce expansion. Email marketing is extremely effective for eCommerce marketing and increasing customer loyalty, as it provides the opportunity to educate consumers and tell them about new experiences or products offered by the brand. It will include their age, demographic, job, hobbies, salary, and anything else relevant. Good doesn’t cut it in the luxury category; a brand has to be at the very top of the market. Users of Microsoft’s search engine tend to be more affluent, with 25% of users having an income in the top 25%. Or off-page factors, like building links. In recent research on digital marketing trends on Luxury brands by McKinsey reported that 80% of luxury sales are now influenced by online. Here’s how to add negative keywords to your ads. How can we get in touch with you? Let's have an one-on-one conversation The kind of consumer that clicks on those ads won’t match your buyer persona. Or they can do both, like Supreme. Luxury Marketing Strategy #2: Make Bing a Priority. The luxury strategy, invented by the brands that constitute the sector, turns classical marketing rules, as established by FMCG brands to create mass markets, on their head. Today, I’m going to show you exactly how to take your luxury brand online with the best luxury marketing strategies. Harrods do an exceptional job with their email marketing campaigns, and are well worth subscribing to for email campaign inspiration. It’s a wider distribution of the content that evokes the desire to buy luxury products. McKinsey estimates 8% of all luxury sales are made online or around €20 billion.That’s a five-fold increase from 2009. Louis Vuitton, Gucci, and BMW. Once you’ve completed a non-essential age verification page, you enter a slow loading flash site that takes about 13 seconds on a high-speed Internet connection to load. The last thing you want is for ads for your luxury brand to start showing up in searches containing “discount,” “sale,” or “free.”. Many brands consider digital marketing experimental in itself. Take Prada for instance. If you’re a fashion brand or in fashion marketing then you’ve got a tough task ahead of you. As I said above, creating new content is critical for luxury brands who want to succeed online. One of the most effective ways we’ve found to generate traffic and engagement for Qosy is create highly visual and aspirational content, such as our guide to kitchen islands. Ouch. Which marketing strategies can help bring luxury brands into the digital age, and where can premium brands find inspiration from their peers? 93 percent. With a brand value of $7.2 Billion in 2016, Chanel is one of the World’s most valuable luxury brands. Translated to the offline world, effective digital marketing is like running more advertisements on buses, or more TV ads, or having more stores in Central London. Sure, attracting consumers in the research phase of their journey is important. Supply content that appeals to people’s desire to display their status. Seeing as the luxury industry has seen continual growth in the past decade, As such, visual social networks like Pinterest represent a huge opportunity for luxury brands to raise brand awareness and advocacy. One of the trickiest and most desirable sectors to reach is the luxury consumer. Finally, work out how you’re going to measure your success. But those strategies won’t cut it in an increasingly digital world. Another way is through the quality of your marketing. Data show that high-end brands who embrace digital are winning market shares among the affluent Millennials and Generation Z consumers in Asia. Luxury brands have traditionally relied on reputation and word-of-mouth to spread brand awareness. (It’s also easier to measure sales increase.). The Chanel website is very similar in that, while the colours and visuals are nice, the design is so unintuitive that it’s almost impossible to find what you’re looking for, let alone buy anything. But for the sake of your ROI, you’re going to want to target consumers who are ready to purchase. Facebook Ads are one of the most effective forms of online advertising, thanks to the high level of segmentation and targeting that you can do. Otherwise, you won’t see results. For instance, we increase the revenue of our luxury jewelry client by 21% through SEO. Start by thinking about the channels you want to target. Buying guides put your brand front and center for consideration while providing value and establishing a relationship even before the purchase has been made. Now you understand who your customers are and what they want from your brand, you can build a marketing strategy that will drive results. Finally, luxury products have to be exclusive. Here’s a paraphrased excerpt of how apple communicate with their customers: “Everything we do, we believe in challenging the status quo. Since then, brand Chanel has been associated with class and sophistication. What’s more, the majority (almost 80%) of purchases made in-store are influenced by digital. Thus Hermés customers must have a long buying history before they are offered the opportunity to buy one of the company’s “it” bags.. At a product level, fundamentally it must satisfy the functional and utilitarian characteristic as well as deliver on its practical physical attributes – a recipe of quality or design excellence ingredients such as craftsmanship, precision, materials, high quality, unique design, extraordinary product capabilities, technology, and innovation. Sign up to our newsletter. Unsurprisingly, most of those websites also have extremely bad SEO, making it difficult for their websites to rank well in Google for search terms that would otherwise capture potential customers. This, however, is flawed logic. 4. From SEO to PPC, apps to AR, there are loads of marketing strategies to explore. If your site isn’t SEO-friendly, you’re likely to be leaving a lot of potential traffic and revenue on the table. While I appreciate the need for stylistic design, luxury brands need to invest in websites that are also intuitive and well desgined from a user experience perspective. Take advantage of visual social networks. Posted On October 3, 2019 CPP-LUXURY 0 Luxury brand marketing requires special skills. You're moments away from growing your traffic Chanel has combined offline marketing with digital marketing in a holiday popup event at The Standard in New York. of all online experiences begin with a search engine. My only question is, will it be yours? If you want my team to just do your marketing for you, click here. Burberry ended its Thomas Burberry collection. 10. Build a website that combines style, user experience, and functionality. That’s why luxury products also need to be excellent. 10 Marketing Strategies For Luxury Brands That Deliver Results By Marcus Taylor August 12th, 2020 3 Comments Disclosure: We sometimes use affiliate links which means we may earn a commission if you buy something through our links. We want to create that works for you business size Data from the Deloitte Global Powers of Luxury Report tells us that the top ten luxury power player brands make up 48.2% of luxury sales of the top 100 luxury brands. Strategies included hiring freezes, reducing the number and the size of the collections, rationalizing media spending, and reducing head-counts: Dolce & Gabana slashed prices. It is at a position where the normal market place competition does not exist and people do not haggle for price. When I search for Prada handbags, not only do I not receive a link to Prada’s handbag page (due to their poor keyword targeting, slow site, and poor on-site structure), but the results also look messy and untargeted. In the near future, talking about online and offline will be like talking about the benefits of our left leg vs. our right leg. Here are 10 tips to help you create a successful fashion marketing strategy for clothing businesses and brands. Luxury was once hand-made by craftsmen to the customer’s specifications, and was so expensive it was the preserve of only the super-wealthy. Just make sure to find influencers who already operate in the luxury space and whose audience buys the products they promote. As we’ve already alluded to, most luxury brands have pretty poor websites. What's your yearly revenue? Luxury brands can increase revenue by as much as 40 percent by using these strategies, but putting their luxury spin on each, for the most effective results. McKinsey estimates 8% of all luxury sales are made online or around €20 billion. Despite what you might think, online sales of personal luxury goods are growing, too. Some general characteristics of luxury brand marketing include:. Your competition is doing SEO, so don’t get left behind on the search engine results, and start focusing on more digital marketing strategies. Once those customers are in the stores, they’re encouraged to take pictures, share content, watch live streams, and use in-store iPads. Another strategy is to maintain the brand’s exclusivity, even to the point where it’s difficult for a customer to obtain it. In this post, I want to touch on 10 tips and lessons to help luxury brands use digital marketing effectively. A buyer persona is a detailed description of your ideal consumer. 5. Global Marketing Strategies  Think globally, act locally is a popular strategy that is becoming more and more relevant in a globalized world where there are no boundaries when it comes to movement of goods and global marketing services. Such a cross-channel marketing strategy is a great way to reach luxury consumers that require special treatment. While common in many other niches, content marketing is massively underused and enormously effective for luxury brands. Building an effective content marketing strategy for a luxury retail brand is not always easy. An AR app, which could be accessed on the Chanel website or via Snapchat, brought the popup to life. All that’s to say: digital marketing must be a key part of a luxury brand’s strategy going forward. Take Apple for example. Having created our own luxury online platform (Qosy) at Venture Harbour, which has led to helping luxury brands such as Johnnie Walker, McLaren, and Marriott with their digital presence, I’ve learnt a lot over the past twelve months around the do’s and don’ts of luxury online marketing. What do all of these brands have in common? Hence we present you with 10 tips and tactics of marketing a luxury brand. This is a strategy my team at NP Digital adopted for a prominent jewelry retailer that wanted to increase online sales. That’s a five-fold increase from 2009. Me neither. Start by targeting high-conversion keywords. Use the keywords you’ve discovered above to guide your content creation process. Discover the key trends to build up hype among the much coveted young affluent high-end consumers. Their Pinterest profile is aspirational, educational, and strikes a great balance between not being too promotional, yet still raising awareness of 77 Diamond’s products. Putting effort into your marketing strategy and thinking of creative ways to increase your sales, providing excellent customer experience at the same time, is a challenge for any brand on the market. Yet, with print and display advertising returns decreasing, and luxury shoppers spending more time online and on mobile devices, luxury brands need to not only adapt to survive in the digital universe, but to thrive also. Incorporating data about your market potential, as noted in this marketing plan example, is a key part of a luxury marketing strategy. Take the in-store experience online, and the online experience in-store. What's your marketing budget? This makes content marketing campaigns a must for luxury brands. If you’re going to use SEO to increase revenue, for instance, find out how much revenue Google and Bing are responsible for right now. Luxury brands have loyal consumers. Search engine optimization (SEO) When most consumers want to research their buying options, they start with a search engine like Google. Monthly Marketing BudgetUnder $750$750 to $1,500$1,500 to $5,000$5,000 to $10,000$10,000 to $25,000$25,000 to $50,000$50,000 to $100,000Above $100,000 Luckily for you, we set aside quite a bit of time to analyze the marketing strategies of … What should you write about exactly? Both are integral to the other. Ditto for timepieces. Or you could take things even further by integrating augmented reality features. What’s your name? Don’t worry; I’m not recommending creating a loyalty program. Focus on one or two to start with, particularly if your luxury brand is new to digital marketing. I've always found the luxury industry to be absolutely fascinating as a copywriter and marketer. Naturally, if you want to reach such a position, you have to you use tactics which are far beyond normal. As such, ensure that you're focused on marketing the visual appeal of your product through channels like Instagram, Snapchat, and Pinterest. Hey, I'm Neil Patel. If you want my team to just do your marketing for you, You're moments away from growing your traffic, We want to create a plan that works within your budget, We want to create that works for you business size, digital marketing in a holiday popup event, 25% of users having an income in the top 25%. The conversation is free, and we can explore if working together makes sense. The best engineers create luxury cars. When marketing luxury products, photographs are one of the best mediums for evoking the aspirational emotions that we connect with driving a luxury vehicle, wearing designer clothing, or experiencing something exclusive. If your site isn’t SEO-friendly, you’re likely to be leaving a lot of potential traffic and revenue on the table. 919 720 0995.. While some of this can be explained by altruism, it’s been found that the main driver for liking a charity on Facebook is to show others that you’re charitable. The more time and effort you devote to understanding and implementing SEO, the more revenue your store should generate. Create aspirational content to educate customers. A successful example of a brand that has created a high level of exclusivity through these tactics is Hermés. Search engines are massive traffic drivers for luxury brands and play an important role in both the research and purchase phase of the consumer journey. 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