Competing for The Luxury Customer: It’s Who You Know
May 3, 2018
Penetrating Social Networks Is Key to Luxury Marketing Success
At Bond Moroch, we work with luxury brands across categories, from retailers and restaurants, to automotive and hotels. In our considerable experience, we’ve found that many marketers mistakenly use consumer marketing strategies for promoting luxury brands.
Part of marketing luxury is leveraging rarity and mystique, so making a brand too accessible, too familiar, can dilute brand equity. At the same time, luxury audiences often are not swayed by marketing messages, and tune out attempts to be directly reached by marketers.
In our experience, luxury audiences turn to their friends, colleagues, family members and others in their social networks for recommendations and validations. These people are the true influencers.
Our primary marketing recommendations for luxury brands include:
- Experiential marketing – For luxury, you must actually touch your audiences. This drives discussion and engagement among social networks.
- Breakthrough storytelling – Simply posting visually stimulating images is not enough. Stories with resonant narratives allow audiences to transpose themselves into those stories. We recommend an avatar development strategy. Social networks, particularly women, engage passionately when it comes to sharing stories.
- Uniqueness – Developing an asset that stands apart from other brands can be instrumental in creating lasting preference. An example of this is Tiffany & Co.’s iconic and legendary Blue Box. Burberry’s distinctive plaid is another. Uniqueness can and should be a major part of a story narrative.
When luxury consumers purchase a luxury product, they often tell the members of their social networks about the purchase as part of a larger story – a story that they want to share. This purchase is something that they celebrate, as an event that enriches their lives. This type of sharing is what influences others in their networks.
Are you the owner or marketing director of a luxury brand? Are you looking to make your brand stand out to discerning customers in a competitive marketplace? Give us a call.
Jordan Friedman is a Partner at Bond Moroch