Luxury products have a major market share across the world. There are almost 350 million customer base which means there is an enormous revenue opportunity for luxury brands. The market of luxury products is crowded than ever which means an average customer can easily find previously unattainable luxury products.
There is a major shift in the market and the way luxury products are consumed which has forced brands to up their game to stand out. Luxury items were once the industry of a few selected companies with exclusive access to exceptional and unusual supplies. This is no longer the case; however there are several complex reasons for the increasing availability of luxury products, and now all the mainstream brands are giving their products a luxury touch.
This is why a balance needs to be struck so that the luxury credentials of the products are emphasised while avoiding creating the impression that these items are only suitable for individuals who are wealthy or upper class. So, if the marketing strategy goes too far the other way, then there's a risk of isolating a large chunk of the potential customer base. Below we have given how you can market any luxury products:
Customization and Uniqueness
Customization is a very powerful sales tool. By allowing the customer to customise the product according to their need gives a personalised touch and makes your product unique. This will make the customer feel special and also means you can charge a higher rate for the product. Despite of any product you are selling, customization can be your biggest sales weapon.
Another reason why customization is so effective is that all the luxury items are made by skilled craftsmen, according to customer's satisfaction. The skill required to craft these luxury goods is traditionally where their high price tags have come from. Today, however, obtaining what was once scarce materials have become much easier and advances in manufacturing have meant that producing luxury products on a larger scale is now possible.
Some luxury goods are still crafted by hand today and these can demand the same high price tags that they did in the past. If a product is handmade, this should form a significant part of its marketing as an item that is crafted by hand is still recognised as being more luxurious than one mass-produced by machines.
Take Advantage of All the Senses
While marketing any luxury item, it is important that you not just highlight only one sense of the product like if you are running an ad campaign for perfume brand then it should not just be about smell. Effective advertising appeals to as many senses as possible to give potential customers the impression that your product is fulfilling multiple roles in their lives.
For example, When a Rolls Royce rolls off the production line; the company infuses the interior with a scent designed specifically for the task. This scent is meant to capture the feeling and experience of being in a handcrafted luxury car. It is done by blending the smells of wood, leather, and oil so that when someone is inside the car, they feel that they can identify specific materials involved in its construction. Good memorable background music can also do the trick for you.
Cultivate Mass Appeal
To sell a luxury product to the average consumer, you need to make sure that they don't feel frightened by it. Consider, for example, luxury alcohol; a consumer may well be able to afford an expensive bottle of wine or whiskey, but they may well feel intimidated by the price tag. They know that the expensive wine is good, but they don't have enough specialist knowledge about the product to be able to evaluate their purchase.
Apple's iPhone is a great example of what a company can achieve when they take a luxury product to the masses. Before iPhone Smartphone were only considered by rich and higher class people. They were not at all user-friendly and were marketed almost exclusively to business people and those with high powered jobs. The marketing of the devices reflected this attitude and consequently, the average consumer was deterred from investing in one.
Apple marketing showed that a device which was just as capable, than the competition, but which was designed to be easier to use for the masses. Therefore iPhone is considered as a revolutionary smartphone.
Don't Underestimate the Value of Brand Ethos
Consumers today are much more concerned than they used to be with the supply chains that they support when buying products. They also care about the green credentials of the companies that they give their money to.
Rather than trying to keep customers from asking certain questions about your company, you should instead put your ethos at the very heart of what you do. Customers will admire your company for displaying confidence in your ethos and if they can easily see that your company is one that cares about its customers and the wider world, it will go a long way to cultivating trust and loyalty, two of the most powerful marketing tools in existence.
If you feel that any part of your supply chain would detract from your brand's image if it was put in front of your customer base, this is an indication that you need to change up your process. It is much better to absorb the extra costs of doing things ethically than risk the losses you will incur if your customer base finds a reason to shift. In fact, by neglecting your company's ethos you will only be helping your competitors.
The market for luxury products has changed dramatically over the last half a century. More companies than ever before are jostling for pole position in this increasingly crowded marketplace. Effective marketing is the key to surviving and thriving, in this new ecosystem.