29 Nov The Magic Formula For Attracting Luxury Customers
Luxury customers are an advantage to any business. Luxury customers expect to pay a higher fee per purchase in exchange for the quality they receive. Therefore, building a luxury customer base means your business doesn’t have to focus as much on generating a high volume of sales. By focusing on the luxury niche, you can take away some of the stress that comes with trying to generate that high volume. Instead, you’ll spend more time doing what you love without being on the constant hunt for an even greater number of customers. If you’re thinking about targeting this niche, here is the magic formula for attracting luxury customers.
Build Your Reputation
The first step in attracting luxury customers is to build your reputation as a luxury brand. In today’s world, this means stepping up your online presence. Make sure that your website, portfolio, and social media feeds reflect the niche and clientele you’re looking to target. This means staying on top of trends in the luxury industry and sharing content that focuses on high-end brands.
If you’re a photographer, borrow as many luxury products you can and photograph them for your portfolio. Some luxury brands may lend products out to photographers for the exposure they get, but you may also need to canvas your friends and family to let you borrow some of their pieces. In addition, look for opportunities to get media accreditation for your city’s fashion week or local luxury pop up events. This will give you the opportunity to photograph those luxury items for your portfolio, plus it offers the chance for you to network with potential clients in your target niche.
Target Broad Demographics
Luxury customers are different from some other target markets because they span broad demographics. A granddaughter is just as likely to purchase Chanel perfume as both her mother and grandmother. To succeed in the luxury market, you need to target a wide range of clientele. Since luxury customers are a comparatively small niche, this broad targeting is particularly important. To make sure you don’t leave out any potential customer, your branding and marketing must be timeless and classic enough to appeal to a wide range of ages and customer types. The luxury brands that really succeed and endure for decades are the ones that have managed to capture that multi-generational market.
Consider Influencer Endorsements
Testimonials and endorsements are a great way to build your reputation in the luxury niche and to introduce your brand to potential new clients. There are countless bloggers and YouTubers out there with millions of followers who focus specifically on the luxury market. These trusted influencers have a lot of sway with their followers and are known for their discerning taste when it comes to luxury purchases. Getting a recommendation from one of these luxury gurus can skyrocket both your reputation and your online exposure.
To collaborate with a luxury influencer, consider offering them a free service or product sample so that they can speak to their followers with genuine authority on your business. Most influencers won’t consider working with a brand unless they can honestly endorse a product or service with the confidence of personal experience.
Offer Loyalty Rewards
Luxury customers want to feel that they are part of something unique or exclusive. Part of what makes luxury products so attractive to customers is their relative scarcity. The exclusive feeling of owning a rare or difficult to obtain product can extend to other aspects of your business to keep those customers feeling special. Offer a loyalty program or special members-only perks to make those luxury customers feel they are getting an exclusive experience when they bring you their business.
Building a solid customer base in the luxury nice can take time, but once you do, you’ll find that these are some of the most loyal customers around. Targeting luxury clients allows you to bring in more revenue per sale and can help you avoid the hustle of chasing down high volume sales.