Here at www.theanswercentre.co.uk we pick up a lot of useful marketing information from our list of dedicated clients. We work with a very diverse range of people who specialise in many industries, including luxury goods marketing.
For those wanting to branch out in this area, we have put together these useful marketing tips that work well in this business sector. We hope you can make good use of them!
What can a company do to build up a successful brand and market their luxury goods? There is no ‘one-size-fits-all’ answer to this, and marketing managers across the world still grapple with this, event today. Sometimes it can take decades to build a recognised brand, but all of those iconic brands had to start somewhere, right? It all started with one single step – and a lot of hard work.
1: Identify your niche
No matter what luxury brand you produce or sell, you need to identify what niche your product falls into. This will help you to target your marketing efforts towards the exact demographic that makes up your desired market.
2: Position your product based on your brand experience
High-end luxury items are characterized by their desirability and customer loyalty. Making your brand distinct from others and offering a symbolic value to your customers that is different to what they can experience with other brands will raise your brand higher.
3: Push your symbolic brand value
One of the most effective ways of raising your profile and getting your luxury brand recognised is by effectively communicating the symbolic value and unique luxury of your goods. Most brand names offer a good combination of two values – a functional value as well as a symbolic value – think about a Gucci handbag for example. As long as you can back up your luxury product with trust and reliability, then you can allow your brand name to carry your status symbol upwards.
4: Create an air of exclusivity or rarity
A luxury brand is something that is built on its desirability, symbolic value and scarcity. This can give your luxury goods a perception of exclusivity, which raises desire for it even higher. This can be achieved by restricting the release of your luxury goods to limited geographic areas, or restricting the number of units issued, thus creating a barrier to possessing your goods that will drive its desire.
5: Deliver an outstanding service and brand promise
You need to keep up the perception of quality and luxury right through the whole process of marketing, purchasing, dispatch and delivery of your luxury goods. You need to deliver not only an outstanding product, but your customer experience needs to be second to none. Right down to how you package, deliver and present your goods to your customers, you will want to ensure you project a feeling of consistency, care and attention that makes your customer feel very important long after they have received their goods. This will involve following up with good customer care services going into the future. This in turn can encourage your customer to return and make a repeat purchase, or to buy new luxury products from you.