Strategies used on regular consumers don’t always work with high-end clients. Here’s how you can appeal to your audience in a luxury market.
Luxury markets can be intimidating. High risks are rewarded, but taking those initial steps towards a higher-end clientele are enough to make any successful entrepreneur sweat. Though seemingly challenging to break into, the luxury market offers the opportunity to earn incredible profit margins on your services and products. When you make a sale in such a market, you inevitably make more on each one.
The reality is that even during tough financial times, luxury markets tend to stay stable. Even during the Great Recession, many luxury brands watched their profits climb as other businesses shuttered. Understanding and showing off your brand’s value can help insulate it against economic factors.
So you know why you should appeal to high-end customers, but the question remains: how? The same strategies you use on regular consumers won’t necessarily work in a luxury market. By following this guide, you can gain the confidence you need to appeal to the big fish of your industry.
The price of a service or product always matters, but this is less true in the luxury market. With cash to burn, high-end customers are looking for value, not the lowest price. Should they believe in your offerings and feel the product is worth the price, they’ll be willing to pay whatever you might have in mind.
This doesn’t mean, of course, that you should look to your competitors and engage in a price war. Instead, run your own race. Develop products and services that are demonstrably valuable and stand out from the competition in other ways. By emphasizing quality and not price, you send a message that you’re not willing to compromise on your products, and neither should your customers. Create a brand that oozes luxury, and your clientele will have no problem meeting your price point.
They say high school never really ends, and that’s especially true in the luxury market. Just as the popular kids set the trends in your high school, high-end clientele set the bar for luxury products, too. In both circumstances, the exclusivity associated with the product is what drives trends, not necessarily the quality.
High-end brands have one thing that the other guys don’t: exclusivity. Half the appeal of fancy hotels, expensive cars, and private jets is the social status they convey. Unafraid to alienate consumers, such luxury brands are successful because they’re honest about their status.
So what does this look like in your line of business? When it comes to services and products that not everyone can afford, don’t back down. Consider limiting your sales to create a sense of scarcity and exclusivity. While this may seem counterintuitive to your bottom line, the value of your offerings will skyrocket.
Meet Customers Where They Are
To make a sale in a luxury market, you’ll need to meet your clientele more than halfway. Those with plenty of money to spend aren’t necessarily tuning into the same commercials or clicking through the same banner ads that every other consumer sees. Rather than focusing on a blanket marketing campaign, targeting your ads through luxury magazines and finance websites is an excellent way to get eyes on your brand.
When it comes time for your prospective client to pursue your offerings, it’s important to be available on demand. While it might seem initially unnecessary to offer round-the-clock service for your business, the luxury market never sleeps. No matter who you’re targeting, potential customers who get sent to your voicemail will end the call without leaving a message and dial competitor that is available to meet their requirements instead. By offering the amenity of assistance over the phone 24 hours a day, you can ensure you’re never missing your big opportunity.
A personal touch isn’t required of most business transactions, but in the high-end market, they make all the difference. An old-fashioned thank you note for their patronage can go a long way to stand out and stick in a customer’s mind. After all, you’re not just trading goods for money; you’re creating a relationship. In a perfectly likely scenario, a personal thank you can establish a lifelong sense of loyalty to your company and even result in wildly valuable referral business.
Of course, thanking someone for their business is just the beginning. Also consider offering small welcome gifts, high-end snacks or a nice bottle of wine for their visit. You’d be surprised at how much value you can derive by just adding on a few luxurious touches.
No matter how you court high-end customers, doing so with confidence and ease is the key to success. With the right set of administrative tools, you’ll find that winning over luxury clients isn’t any more difficult than marketing to any other section of the market. Whether you opt for an air of exclusivity or focus more on building relationships, you’re sure to be successful with MAP Communications live receptionist services on your side.