A customer of luxury brands seeks a connection and is looking for a brand that can improve their lives and simplify their lives too. If your site caters to this particular demographic, then you should check out Four Seasons recent report: The Luxury Consumer In the Digital World: Then & Now, 2012 Four Seasons Luxury Trend Report.
Quite a few tidbits stand out in the report that can help you market to a luxury customer.
Don’t forget about your global market. Luxury buyers aren’t just nationwide they’re worldwide. Attract visitors from overseas particularly European markets, China and Latin America. The global luxury market is expected to grow by 10% in 2013, according to consulting company Bain & Company.
According to the Affluence Collaborative, 34% of luxury buyers expect products and services to be customized to their needs. Offering cookie-cutter only products and services certainly won’t attract a large part of this demographic.
92% of Internet users read online reviews and 89% of reviews influence purchasing decisions. This is the case with the luxury buyer, so place importance on getting more reviews, responding to reviews and claiming all those profiles. New local search sites seem to pop up every day, so when they do be sure to claim your profile and ask for a few reviews.
72% of those wealthy that were polled were active on Facebook. This might not be an obvious choice, but using Facebook to market to your luxury customer can prove beneficial. If you aren’t convinced at first maybe try your hand at Facebook advertising. Test out different ads and see how they perform. If ads seem to be worthwhile it may be time to start a page, promote the page to encourage likes and update status messages regularly.
Location Based Services
Apps like Gowalla and Foursquare are perfect marketing channels for most brands. The luxury customer is utilizing these apps, since a large number own smart phones. The trend report showed large growth in this area and predicted more. Encourage check-in’s at your location, encourage reviews/tips and respond as appropriate.
As stated above, the trend report found that smart phone ownership in the luxury marketplace is high. Marketing via mobile devices – through apps, mobile advertising and SMS campaigns – is a growing trend in coming years. The cost can be expensive for some mobile marketing. Developing an app has a lot of development time involved and an SMS campaign can be expensive. Look at all options and don’t forget about mobile search advertising.
What trends stood out to you in the report? Share with us in the comments below!