The onset of the digital age has affected almost every aspect of life, and in the world of business, no market is left unscathed. The luxury market, in particular, has undergone a significant change, but that's not to say that it is on the way out. In fact, the market grew 5% last year.
While the sale of luxury goods is still a profitable business to be in, the market has been forced to make a few changes to the way that it operates. It used to be that businesses could simply lie in wait and happily rely on those seeking luxury goods to come to them, but now tastes and demands are beginning to change and the definition of ‘luxury’ must adapt to meet the expectations of the clientele.
For the modern day luxury business to thrive it is simply a matter of drawing attention to certain elements of the luxury experience and integrating itself with the digital marketplace. In short, balancing the traditional with the technological.
There are a number of factors that you must incorporate into your product in order to truly sell it as luxury. Among the most important of these factors are craftsmanship, experience, and personalization.
The detail of craftsmanship is what used to separate the luxury products from those that have been mass-produced. As fewer and fewer companies are offering the hand-made service, this is no longer the case. Those that do offer bespoke products know that this should be the aspect most prominently featured in their marketing, and this very same model should be used by those that don’t offer that hand-made touch.
Just because a product isn’t specifically tailored to a customer’s specifications doesn’t mean that it isn’t a product of worth. Companies offering luxury should emphasize the product's high level of quality, and rather than telling the story of an experienced craftsman making products to order, tell the story of a unique product from inception to realization, ending with its destined arrival in the customer’s hands.
Everyone loves a story, and you’ll always be surprised to learn how much someone is willing to pay to be a part of one. Which brings us to our next topic: personalization.
An incredible driving factor for the luxury product is its uniqueness and exclusivity. By making your customers feel like they are part of a special club, who are well looked after and are given full-attention, you both increase customer satisfaction and perpetuate this brand image of luxuriousness. By following such small practices as avoiding non-specific correspondence and providing more options for personalization on your products, you can easily further the success of your business. After all, brands that create personalized experiences are already seeing revenues increases of up to 10%.
Combining the quality guarantee of your brand with the personalization of your business-client relationship will bring you the potential for an incredible customer experience. This is what really defines success in the modern luxury market. The more immersive the customer's experience, the better. By providing something more than just a product and delivering an on-going series of correspondences through which you can connect with your clients, you can form lifelong loyal customers and will only raise levels of demand. You can even use these instances of intimate communication to incorporate bold marketing techniques, such as offering new products or services, or inquiring about potential repeat purchases. Ultimately, people will want to pay to become your friend.
While it’s important to deliver this level of personalization in the products and services that you offer, that doesn’t mean you shouldn’t reach out to as many potential customers as possible. Embracing the digital word is a must for a luxury brand, just as it is for any company.
Websites and a strong social media presence are of paramount importance, and both must be of a high quality. Your website needs to embody the luxury of your brand but it must never sacrifice function over form. After all, it is still a website and must be easy to navigate. Luckily, minimalism remains highly effective in the luxury market.
In terms of social media marketing, Facebook is the safest bet when it comes to targeting consumers with a strong ad presence, but this also limits how you present your brand. Platforms with a stronger focus on visuals, such as Instagram, allow their users the creative freedom to express their brand's image and can help perpetuate a company’s reputation as a provider of luxuriousness. Both of these sites also encourage high levels of engagement from its user base, something that you could use to your advantage.
We understand that maintaining this image of luxury and personalization can be hard work. After all, when you’ve got to regularly create intimate, unique experiences for hundreds of customers, things can get a little time-consuming. This is where embracing the convenience of technological advancement can benefit you.
Finding the balance between quality and convenience is what cultivating a successful luxury brand is all about. An online presence is certainly a must when it comes to marketing your products, but there are plenty of avenues that luxury brands can take to engage with their clients that don't sacrifice quality and personalization.
By using a service that offers the intimacy and quality of products that luxury brands are expected to deliver, alongside the ease and convenience of modern digital marketing, you can provide an unforgettable experience for your clients that will make them feel like they are part of a luxurious exclusive club. Try adding that extra personal touch to your correspondence with a handwritten letter by Scribeless.
With over 50 handwriting styles available, Scribeless can help you send personal handwritten notes without the need to write them all by hand, so it doesn’t matter how many loyalists you have! You even have the option of incorporating your own handwriting into our technology, allowing your letters to really deliver that feeling of unique hand-crafted luxury. Hundreds of your customers will be delighted to receive a handwritten letter with the exclusive penmanship of your company’s CEO, and it's as easy to deliver as it is to send an email.
Click here to send personalized handwritten letters at scale.