When luxury brands want to target affluent shoppers they implement strategies to improve their planning and approach. A really good marketing strategy is simply applying tried and true methods. The elements of marketing mix is simplified and only takes putting some solid hard work efforts in place.
To encourage wealthy consumers to buy luxury goods and services only takes implementing creative marketing mix to influence buying patterns. Presenting a luxury offering in the right place, introducing the right luxury price point, and fitting the luxury offering in the marketplace at the right time. Sounds as easy as being in the right place at the right time? It truly can be with the correct marketing mix plan and strategy.
Photo credit Michael Kors
A luxury offering still has four marketing mix principals. When it comes to luxury there are many exclusive ways to engage affluent consumers. However, luxury goods and services should still be guided by theory and research. Marketing mix should always be centered around Product or a Services, Place, Price, and Promotion. These are known as the 4 Ps of luxury marketing.
How To Target Affluent Shoppers?
Using marketing is a solution to meet and greet affluent shoppers. When marketing to ultra wealthy consumers luxury goods must satisfy their needs first. If you fail to accomplish this you don’t have the right product or services for marketing to target affluent shoppers.
Figuring Out Where To Target Affluent Shoppers
Where luxury offerings can be found is a key element to targeting affluent shoppers to buy. You must offer luxury goods in the best place to be found by wealthy consumers to buy them. Place offering can be content marketing engagement, company website, mobile commerce, and so on.
What Will Affluent Shoppers Pay?
Luxury is a perception and price is most misunderstood when it comes to luxury offerings. Before a price tag can be associated with a luxury offering the value must be presented to affluent audiences. Just because people are rich does not mean pricing luxury goods at expensive price points makes sense. Educating luxury consumers about the value of the luxury offering creates a demand to need and want the product. Essentially making the value worth more than the price will influence to pay the price.
Where To Find Affluent Shoppers?
Marketing promotions must be targeted to affluent audiences where they can be found. The best place to target affluent consumers are platforms connected to wealthy audiences. Wealthy consumers prefer exclusive engagement and relationships. Luxury is not for the masses and affluent shoppers love exclusivity.
For assistance with luxury consulting and luxury promotions please contact Ann Lane via ann@mosnarcommunications.com or call (404) 696-4833 for more information.