How to attract high-end clients to your business – the Luxury Brand Marketing Guide

Luxury Brand Strategies Explained

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What is luxury? It means different things to different people however the feeling of extravagance, beauty and glamour is inescapable with a luxury product or experience. The price tag matches the outlandish beauty of a luxury product. Attracting clients or customers who fall into the luxury segment is difficult however it is not impossible if you craft a marketing strategy that works.

  1. Create a brand that permeates with glamour, elegance and style

Whether you are selling watches, jewellery or handbags, your brand should feel special and elegant. One brand that achieves this is Goyard. Founded in the 1850s, the Paris-based leather goods maker is one of the most coveted brands in fashion with a unique pattern that covers all of their products.

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Why is Goyard successful at luxury marketing?

Goyard succeeds because it doesn’t try to generate sales with aggressive sales and marketing techniques. While everyone is still obsessed with millennials and what they want, Goyard is relatively aloof, it doesn’t pay influencers to promote products and it has recently opened a new boutique in Monte Carlo. The choice to open in Monte Carlo instead of a millennial-rich city like London or Paris proves that the brand is sticking with elegance instead of trying to be cool and trendy.

It’s a tough thing to achieve and not every luxury brand can afford to keep advertising low. Other brands such as Louis Vuitton and Gucci do aggressive advertising and they achieve similar results.

I love the aloof marketing strategy that Goyard has instead of being too aggressive. This might work for your business if you are in the services industry such as concierge services or hotels.

  1. Understand what products people consider luxury

You can’t just say your business is targeting luxury clients if it isn’t based in a luxury niche. Waste management products are not luxury and they aren’t glamorous. Watches on the other hand are. Take a look below at the markets that are firmly in the luxury segment:

  • Watches
  • Fine Jewellery
  • Handbags
  • Leather Goods
  • Fashion Clothing
  • Hotels
  • Experiences such as travel
  • Luxury Cars

Where does your business fit in these segments? If you are running a B2B business, you can attract target clients if you think hard about where they fit within your luxury marketing strategy. For example, if you are an accountant or financial advisor, you can focus on wealthy clients who are ready to pay a premium for your financial management services.

In every sector and market, there are luxury clients who need to be serviced. Someone is going to service them so it might as well be you because you are going to use the same effort to target someone with $1 and someone with $10,000.

  1. Find out where luxury customers hang out and congregate

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Finding luxury clients is not difficult however it requires thinking outside of the box. For the B2C businesses, I have assembled a list of places and environments below that you can find and connect with high end clients. The list isn’t exhaustive however it is meant to give you an idea of how to get started:

  • Private Jet Terminals – This is a wonderful place to target people with a high net worth. Connect with charter jet companies and broker deals where you can share your brochures inside their jets. Ask the companies that run terminals and hangars if each client can be given your branded corporate magazine, for example.
  • Galas & Charity Events – Potential luxury clients for your business like to look ‘generous’ which is why many go to diamond encrusted charity events where they pay thousands to buy a seat at the table.
  • Private Banking Lounges – Any person who has a private banking account is someone who can be targeted in your luxury brand marketing campaigns. It’s a good idea to also get your own private banking account for your business so you can connect with other owners of private banking accounts.
  • Private Members-Only Clubs – These clubs are popular in big cities such as Paris, New York and London. They can be difficult to get into however it is possible if you have an angle.

You can think of other places to meet luxury clients in your market and sector depending on what you are selling. Targeting these customers has to be authentic and remember the lesson you learned from my Goyard example? Don’t be aggressive or desperate to connect with luxury customers. Be engaged but keep your distance to build credibility to sell your products and services to luxury clients.

  1. Create an email newsletter just for luxury and high end clients

The best way to maintain your relationship with high end clients is to create an email newsletter that reaches them daily or weekly. Social media is fickle and you don’t own or control the platforms. You have more control over your own email newsletter. You can make a general newsletter for your standard clients, then an exclusive one for VIPs with content that is published for them.

You shouldn’t use the hard sell in these email newsletter but you can apply gentle pressure to encourage sales or call backs. I like the call back method more because it creates a path to discuss topics with your clients.

  1. For B2B brands, look for the 5%-10% of your customer base who can become upmarket clients

You need to find the 5%-10% of your customer base who you can convince to purchase more expensive, luxury driven services or products. For example, if you have 1,000 email subscribers for your B2B businesses, it is time to get to work to identify the 50-100 people from this list who can form part of your luxury client market.

Whether you are selling financial services or equipment hire, there will be a segment of people who can afford to pay more for luxury packages that suit their B2B requirements. Start thinking outside of the box of how you can find out who your luxury B2B customers are without being forward by asking.

  1. For B2B companies, luxury helps business executives feel relaxed and stress-free

B2B businesses have a different challenge because most people associate luxury with watches, diamonds and other consumer businesses that look special. In the B2B sector, there are a few markets that I think can transform themselves if they target more upmarket clients. These sectors include:

  • Financial Services
  • Business Travel
  • Business Accommodation

Let’s face it – whether a corporate marketing manager is reading your company website or an entrepreneur with 2 businesses, they will need the following without fail:

  • Someone they can trust to manage their money and expensives
  • Someone to create a travel itinerary if they are busy travellers for work
  • Somewhere comfortable to rest and sleep

If you can create a B2B business that can cater to these needs, you will be able to consistently attract luxury clients who want the best of the best when it comes to business.

  1. Understand who your luxury customers are

In my previous feature about the growth of VIP concert tickets in the music industry, I touched on what type of person would be driven to buy a VIP concert ticket. I want to stress the point that different luxury clients want different things so we can’t put all of them into a box. That said, there are key differentiators that make high-end clients stick out for different markets. Let’s get into understanding luxury buyer personas:

Who is the type of person who would buy a $2,000 Gucci handbag?

  • Someone who wants to ‘self-gift’ themselves as a treat
  • A person who is passionate about Gucci’s aesthetic
  • Someone who likes European-made goods
  • A man buying a handbag as a gift for a girlfriend or wife
  • A social media influencer who wants the bag to gain new followers or attention from brands
  • Someone who is saving up for the bag because they believe it will make them feel better
  • A passionate fashionista who collects handbags

As you can see from these buyer personas that I have summarised, there are different people who like Gucci and who want to purchase a Gucci bag. By buying an expensive handbag, this shopper is making a bold statement that they love luxury products and that they have spent a considerable sum of money to attain this level of luxury. In an almost tribal way, it marks them as a luxury spender in an unapologetic manner which is becoming even more popular in the age of social media.

Who is the type of person who would purchase a night in a presidential suite at a luxury hotel at the St.Regis or Mandarin Oriental?

  • Someone who values an experience over a physical product
  • A person who likes to be pampered
  • Someone who likes the sensuality of over-indulgent extravagance that you find in 5 star hotels
  • Someone who doesn’t mind spending money to be away from their own home

Presidential suites in luxury hotels target successful entrepreneurs, royalty, rockstars and government officials. The type of person who would buy a night or two in a presidential or penthouse suite is someone who wants the best of the best, and doesn’t feel like ‘saving’ money on accommodation because they want to be comfortable. As you can see from this example, a presidential suite client will probably like experiential products and services such as helicopter trips, yacht rental and luxury travel in remote areas.

From these 2 buyer personas, you can see the nuances and differences between luxury clients. Someone who loves buying glamorous handbags might see the presidential suites as a waste of money. However, this penthouse suite client might view handbags as a similar waste because it is just a physical product.

By understanding the shades of high-end customers, you can create the ideal profile of the luxury clients that you want to attract for your business and you can also understand the built in luxury audience that is already flocking to you.

  1. Treat luxury and high-end customers well – you never know who they truly are

One of the biggest mistakes companies make when dealing with upmarket clients is not keeping service at a consistent pace. Some clients get treated better depending on race, gender, class or appearance. This is totally and patently unacceptable – if you are going to target luxury clients, treat them the same whether they are wearing trainers and a t-shirt in your store or a ball gown, as you can never truly know who they and who they know.

Restaurants, hotels and luxury stores are the three culprits that are always being destroyed in online reviews based on how they treat customers. Don’t be one of these idiotic companies that doesn’t recognise that luxury clients come in different hues, shades and sizes.

  1. Invest in media and content assets to reach luxury clients

You can’t rely on basic blogs and articles to find luxury clients for your business. You need to go above and beyond once you have figured out who your client is. Here are the types of media you should have to reach high end customers:

  • Printed Catalogues (for watches, jewellery and luxury fashion)
  • Email Newsletter
  • Instagram Images
  • Guides (luxury explainers, how to keep your fine jewellery clean)
  • Shopping Suggestions
  • Videos
  • Live Events

You need to have a curated luxury brand strategy before you invest in media. For example, if you are selling jewellery, printed catalogues and videos make more sense for you to invest in compared to live events. If you work in the art world, you should be spending more time launching live events to promote your art as opposed to videos.

  1. Stick to one market or theme

This idea is controversial because some people think it minimises your ability to reach as many people as possible. That’s not the same when you have a luxury client segment. If you are a jeweller, only have a selection of exclusive gems and jewellery instead of including cheaper costume jewellery examples. This will turn off high-end customers in the jewellery market. By concentrating on one market for your luxury clients, you will be able to create an immersive experience for luxury clients. What happens from here is they refer you to their friends, who then spread the word and eventually you will get word-of-mouth business.

I hope this guide unveils some of what needs to be done to target high-end clients. Luxury in any market is about not being desperate which goes against what many of us are taught in business. If your financial success depends on dependable cashflow right now, creating a subsidiary for luxury clients right now might not be a good idea because it takes a while to find them, and you can’t be desperate (!) if you want to land a real whale. However, if you can invest 6 months of your time, create a content marketing strategy to build your luxury client base, you will reap serious rewards when it is time to sell them a product or service.

TLDR – Create value, don’t be thirsty for sales and be 100% passionate about being the best at what you do if you want to attract luxury clients to your business.

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Feel free to contact me to discuss luxury brand marketing or if you need help to reach your goals to attract luxury clients.

 

 

 

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