Price is never a concern when it comes to selling luxury goods. Yet why are so many luxury brands now using “incentives” to get ultra wealthy consumers to buy luxury goods? This type of marketing can also backfire for luxury brands if they don’t focus on quality over discounting…. Luxury goods should not be promoted using discount incentives. Such tactics take away from the value for why luxury goods are superior.
To target wealthy U.S. consumers luxury car brands have elected to give tons of discount incentives. This new approach is being used by major luxury car brands from BMW to Audi. The problem with this new luxury marketing strategy is that these luxury car brands are not building loyal fans for sustainability. Luxury is a perception and discount incentives “will not win lifetime fans” for these luxury car brands. So in the long run who really wins? Actually, using this approach is almost similar to when retail luxury brands spend more on advertising campaigns in hopes of winning consumers to buy luxury brands.
Incentives Good or Bad Idea
Now all incentives are not bad it just takes knowing how to co-brand exclusive offerings. For example if you buy an BMW in a specified color, you can also receive an iWatch incentive, etc. This type of incentive can easily win loyal wealthy consumers as lifetime fans. Luxury is not for the masses and incentives must be something of high value to the consumer as well as the rest of the world. Not everyone should have access to the offering and discounts create an environment that will subject luxury goods being for the masses.
As the demand for luxury in the United States increases it will be essential to create more content marketing strategies. As more luxury brands start to evaluate the importance of telling their brand story, content marketing will become the best way to educate consumers.
If you would like assistance with growing a luxury brand please express interest in confidence to firstname.lastname@example.org .