As bonus season rolls around on Wall Street, manufacturers of luxury goods are gearing up for increased business. As part of this, marketing professionals must determine the best ways to target their potential customers. In the world of luxury goods, successful marketing is a two part equation. One part is promoting products on platforms used commonly by the wealthiest of consumers. The other is creating a company and product image that will appeal to these high-dollar customers.
Advertising Luxury Goods
Advertising the wealthiest of consumers can be a difficult feat. It requires finding promotion platforms that are likely to be viewed by the extremely rich. Obviously it is ineffective to advertise more broadly, as most consumers would be unable to afford high end luxury products. Properly targeting a customer is the basis of all successful advertising, and this fact is no less true in the world of luxury products. Many companies that offer such products by promoting their goods in publications that are already geared only to the financial elite. A quick browse through The Wall Street Journal, The Economist, The New Yorker, or Forbes will quickly turn up any number of luxury goods advertisements.
This is an extremely useful method to employ, as these publications have already done the work of catering to the same people who are likely to buy these products. Advertisers are therefore spared much of the hassle that would otherwise come with directly targeting such consumers among the masses. This is an excellent way to streamline promotional targeting. It is also effective to employ such tactics by advertising on the digital versions of these types of publications.
Creating The Right Public Image
When marketing luxury goods, it is also critical to build the image of both the product and the company that makes it. A well constructed image for such a company will be one of exclusivity. When the ultra-wealthy make luxury purchases, they want to feel as if they are purchasing something that is made specially for them. For this reason, it can become extremely useful to build an image that could be described as somewhat pretentious. While in other markets this would be a very poor marketing strategy, it can be a great boon in the world of high dollar luxury commodities.
This image should also appeal to the sense of fun or leisure. A look at advertisements for high end goods will commonly show this type of image portrayed. Often, the advertisement will feature a person who is obviously of considerable means using or enjoying the product in an exotic locale or in a large party environment. Much like any other consumer, the ultra rich enjoy their leisure time and wish it to be separated from the work they do. As such, luxury goods must be made to appeal to them more as an addition to their leisure life than to their business life.
Successful marketing of luxury products is dependent upon successfully targeting and appealing to the consumer. Advertisements on platforms already designed for use by this highest level of customer will help with the former, and the creation of a public image that is a mixture of exclusiveness and adventurousness will help with the latter. Ultimately, like any other product, luxury goods must be presented to the customer in the right manner in order to be marketed effectively. The only difference is that, in marketing these products, marketing and public relations professionals must present the product to the wealthiest and most exclusive of consumers.
Ronn Torossian 5WPR CEO and founder of the Ronn Torossian Foundation is a regular contributor to top publications such as Business Insider, Huffington Post, New York Observer, Everything PR and more. Torossian is also the author of the best selling PR Book ‘For Immediate Release’