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The latest findings from the Survey of Affluence and Wealth, published by Time Inc. and YouGov, show 61% of affluent and wealthy Americans identified a favorite fashion brand, down 8% from 2007/2008. Luxury consumers are more resourceful than ever before, relying on their own research, peer reviews and their own lifestyle to influence the products and brands they buy.
The good news is that this is a huge opportunity for companies that are willing to take a deep dive into what’s being said by their customers, from social media to market research to how consumers experience your brand at retail and online. Once you understand how these audiences communicate with each other — and how they like to be communicated to — brands can create an impactful content platform that will cut through the clutter.
Engage in storytelling
We know content is king, but without a clear content strategy, your brand’s message will be lost. Now that you’ve taken the time to listen to your customers and understand the way they want to communicate, the next step is to weave a brand narrative that resonates.
For luxury brands and services that typically come at a premium price point, it’s imperative that the story of quality, craftsmanship and provenance are part of every communication. If you’re selling a piece of clothing that is handcrafted with traditional detailing that harkens back 180 years into the history of British haberdashery, it’s a major point of distinction that should be shared. Alternatively, if you are a leading cosmetic brand that is using cutting edge technology like 3-D printing to create innovative packaging that gives your organic products a longer shelf life, your customers are going to want to know, and new customers may select products based on this type of information.
The affluent and the aspirational luxury customer is willing to spend money on goods and services that they see have value — both in terms of efficacy and the way in which it helps enhance their own personal brand. For marketing and PR professionals targeting this audience, it means creating a comprehensive plan to tell these stories of distinction in detail across every platform. The content you put out must consistently hit upon these key differentiators and do so in a way that allows these messages to have lasting power.
Think beyond social
When creating an integrated marketing and communications content strategy for our luxury lifestyle clients, we often hear them say, “My customers just aren’t on social media.” The truth is that in some cases they’re right — but luxury consumers are almost all online, and the impact of social media on searchability cannot be understated. These buyers are relying more than ever before on their own research as well as recommendations from friends and peer reviews. Therefore, having a strong online presence through regular updates on social media platforms, blogs and other forms of thought leadership is critical for organic search.
If your client still isn’t buying in, show them a simple Google search between their brand and a competitor who is actively engaging across these platforms — they’re likely to change their tune.
Aim to surprise and delight
Not only are luxury consumers looking for experiences that money can’t buy, they are also looking to be surprised and delighted by the products and services they engage with.
One way for luxury beauty, fashion and lifestyle brands to stand out from the crowd is to show up in unexpected places. This could mean something as simple as placing a thought leadership piece from a travel expert on a fashion blog, talking about the best shopping available in Berlin or Prague. It could also be as involved as a partnership between a luxury skincare line and a leading women’s business conference, offering treatments on-site through a pop-up shop. By connecting your brand with an industry or organization that feels fresh and unexpected, luxury consumers are more likely to take notice.
Deliver on your brand promise
Yes, this seems like a very basic concept — but the truth is, if you’ve been in this business for a few years there’s been at least one product or service you’ve launched that simply didn’t deliver on its promise.
No matter how brilliant the program, if the quality, craftsmanship and level of service for a luxury brand don’t surpass expectations, consumers will not only away but will also tell their friends. This is an opportunity for marketing professionals to challenge the status quo and come to the table with some solutions on how to bridge the gap between the promise and the experience. To do so, listening is critical, or better yet, ask the CEO or CMO to experience the brand as a consumer.
The bottom line is that today’s luxury consumer holds more power than ever before. When it comes to engaging with them, brands need to recognize this sea change and understand that their customer is in the driver’s seat.
Lauren Banyar Reich is a Director at Peppercomm and helps lead the luxury, lifestyle and non-profit specialty team.
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