It starts with intelligence
The first step is to understand the market and your customers, know who they are and what they do. Luxury has two value facets– luxury for oneself and luxury for others. To sustain the latter facet, it’s essential that there should be many more people that are familiar with the brand than those who could possibly afford to buy it for themselves. They are called admirers.
In the superior goods market, if somebody is looking at somebody else and fails to recognize the brand, part of its value is lost. It is important to identify both the customers and the admirers, in order to market your superior brand correctly.
Following the rules of marketing
In 2014, McKinsey published a report suggesting that digital now influences at least 45% of all luxury sales.
It’s understandable why luxury brands have been hesitant to move online. Yet, with print and display advertising returns decreasing, and luxury shoppers spending more time online and on mobile devices, superior brands need to not only adapt to survive in the digital universe, but to thrive also.
THE 20 LAWS OF SUPERIOR MARKETING
- Forget about positioning; luxury is not comparative.
- Does your product have enough flaws to give it soul?
- Don’t follow your customers’ wishes.
- Keep non-enthusiasts out.
- Don’t respond to rising demand.
- Make it difficult for clients to buy.
- Protect clients from non-clients, the big from the small.
- The role of advertising is not to sell.
- Communicate to those whom you are not targeting.
- The presumed price should always seem higher than the actual price.
- Luxury sets the price; price does not set luxury.
- Raise your prices as time goes on, in order to increase demand.
- Keep raising the average price of the product range.
- Keep stars and celebrities out of your advertising.
- Cultivate closeness to the arts for initiate.
- Do not relocate your factories.
- Do not test, show confidence.
- Do not look for consensus.
- Do not look after group synergies.
- Do not look for cost reduction.
A superior company can't exist without a combination of digital and physical. To get the best our of your digital, we need to include elements of the physical world. And the best way to scale and accelerate the results we get, is through technology.
Elise Michel is the single destination for all your content promotion. Our team takes care of researching and analyzing your customer behavior on a daily basis, and tells them your story wherever they are.
One day more people will search for you, another day more people will read articles about your products, sometimes they want to have a visual experience on their mobile. Elise Michel takes care of the complexity of communicating with your customers on multiple point of contacts.