10 Mar Learn The 5 Pillars of Luxury Marketing
(This article was originally developed for my company’s website: The Luxury Makers I am sharing it here as it is my own work, with a few technical changes).
Marketing a luxury brand is so different from marketing a brand that’s aimed towards the masses or the middle class in general. Luxury brands usually target people belonging to a certain income bracket and economic class. Besides the targeting specifics, some luxury brands also filter their customers by profile and prefer to associate with certain profiles over others.
This is why, designing a marketing strategy for a new luxury brand requires deep knowledge of the luxury industry and mastery of luxury marketing techniques combining the classics of high end PR along with the modern tactics of the digital marketing world.
Below are the 5 pillars of modern luxury marketing for high end brands targeting the elite:
1- High Quality Content:
Developing high quality content comes hand in hand with luxury marketing campaigns, as the marketing content needs to reflect the luxury level of the brand. Videos, TVCs, photography, storytelling, social media content and any content attached to the brand needs to be of the highest quality possible as the target audience will be inferring the brand value from them, and basing a lot of the purchase decision on them.
2- Accurate Targeting:
People who can afford luxuries, especially extreme luxuries, constitute about 3-5% of the total population on average; which makes any type of mass marketing irrelevant and a total waste of money and effort. This is why it is best to scan and identify the best channels followed by HNWIs (high net worth individuals), and deploy luxury content there. These channels are usually industry specific and very high end professional channels; they’re naturally very expensive as well but also efficient.
3- Concentrated Marketing Dollar:
Following from point 2, it is best for a luxury marketing campaign to be deployed through high end channels which are usually way more expensive than the average. In this respect, it’s better to concentrate the brand’s marketing dollar on a few channels that directly target HNWIs instead of spending it left and right. Staying consistent and high end with deployment shows higher return on the marketing dollar, than being frivolous and going with mass advertising.
4- Private Events:
Nothing intrigues people more than an event to which they weren’t invited. We’ll leave it at that because it’s our job to create this market curiosity.
5- Private PR Shots:
Each society has its well recognized elite, which is also the consumer base of luxuries and extreme luxuries. Conducting private PR shots with the elite is a great marketing strategy to further brand awareness as well as direct sales of high end brands. We’ll leave the tactics out as well, they’re some privately guarded secrets of the trade.
At my company, we provide both luxury marketing consultancy and execution.