How do you target luxury clients?
- 6 Tips for Attracting High End Consumers.
- Know Your Customer. Build a profile of your target client. ...
- Know Your luxury website Design trends. ...
- Develop Your Marketing Strategy. ...
- Establish Your Authority and Credibility. ...
- Get Strategic with Your Pricing. ...
- Use the Personal Touch.
Today's luxury brand target audience is 25 to 44 years old. They comprise 64 percent of this overall audience. Don't sleep on the younger generation between 16 and 24 years old, also known as Generation Z. They're another big chunk of your target market.
- Empowering employees with brand knowledge. A knowledgeable brand ambassador always impresses customers. ...
- Investing in personalised customer service. ...
- Putting empathy at the centre of your business. ...
- Keeping up with customer demand.
Luxury customers feel power from spending big and satisfaction from obtaining exclusive, rare, and quality products. Luxury shoppers demand their brands to be 'woke'. They are concerned with the environment, including social and political issues.
More specifically, Louis Vuitton targets the following two segments: wealthy middle aged women from 35 to 54 years old and affluent young fashionable female adults aged 18 to 34 years old who have disposable income and are brand aspirants.
- The Value of Space. When it comes to luxury homes, it's all about space. ...
- Entertaining Excellence. ...
- Security & Convenience. ...
- Keeping Things Exclusive.
Luxury brands live and die based on their repeat customers. Customers who develop high brand loyalty will regularly purchase new item releases, shop for others at your store during the holidays, share luxury brands on social media, and bring other customers with high brand loyalty potential on board.
- Make it about the customer. ...
- Do not ignore the value. ...
- Add-on features and suggestions should be relevant. ...
- Looks matter. ...
- Set the expectations right. ...
- Do not over expect when you are selling. ...
- Don't dwell on past errors. ...
- Be on the same page as the customer.
Emphasizing the symbolic value
The most important element of creating luxury brands is the brand's ability to create and communicate symbolic value for its customers. Brands usually offer two types of value – functional value and symbolic value.
- It's Always About the Customer. Customers, and especially those you are selling luxury products to, want to be the center of attention. ...
- Keep Suggestions Relevant. ...
- Keep the Focus on Value.
How do I sell my luxury items?
- Exceptional customer service. Exclusivity, the way a customer might experience in-store, is often perceived as impossible to translate into e-commerce. ...
- Little surprises with every purchase. ...
- An extraordinary website experience. ...
- Mobile SEO.
- Understand your buyer persona.
- Use a high-ticket sales script.
- Help them envision what success looks like.
- Figure out your competition.
- Eliminate low-quality competitors.
- Talk price only after you're in the lead.
- Ask about when low-cost choices let them down.
Your luxury mindset is your decision to make luxury a standard in your life. To justify its importance and impact on your life. Once you make this decision, then you can shift into being your most luxurious self. The curating, the attention to the details that matter, and the slowing down to enjoy your life.
For GBI, authenticity, prestige, and uniqueness appear in the top five most important drivers for all age groups (except for those aged 55+ who do not place the same value on uniqueness). However, outside of these three drivers, the GBI have different priorities when making luxury purchases.
Key identifiers of luxury brands are high quality, expensive and non-essential products and services that appear to be rare, exclusive, prestigious, and authentic and offer high levels of symbolic and emotional/hedonic values through customer experiences.
The Chanel target market includes both genders between the age of 20-80 years. The brand's targets are usually wealthy and able to afford their luxury products. However, many would argue that the primary Chanel target market is women.
Demographic Segmentation The Versace target consumer is a 25 to 44 year old woman.
Target Market and Consumer Profile Prada's primary target market consists of men and women ages 18-34, but consumers of a variety of ages are attracted to the brand. The secondary target market for Prada are children.
Luxury Goods Market Segmentation
The overall luxury goods market size is the summation of the revenues generated from luxury products, such as designer apparels & footwear, cosmetics, travel goods, fine wines/champagne, jewelry & time pieces and other luxury goods.
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Distribution of online luxury brand visitors in the United States in 2020, by age.
| Age group | Share of visitors |
|---|---|
| 18-24 | 29% |
| 25-34 | 31% |
| 35-44 | 19% |
| 45-54 | 11% |
Who is your target demographic?
What Is a Target Audience? Your target audience refers to the specific group of consumers most likely to want your product or service, and therefore, the group of people who should see your ad campaigns. Target audience may be dictated by age, gender, income, location, interests or a myriad of other factors.
Unlike mass-market goods, excellent quality, high prices, scarcity, and emotive storytelling are the main characteristics of a luxury brand.
