The fact remains the economic downtime is hurting luxury markets and companies. Many smaller luxury marketers are finding that they can no longer afford to spend money on luxury ads. Most companies have to cut back on staff, as well as marketing and advertising budgets for survival.
If you can afford to increase advertising during economic downtimes do it! Double advertising, marketing, and PR budgets! However, not all luxury marketers can actually do this; the truth is only the big brands can. Brands like Tiffany, Gucci, Chanel and Louis Vuitton, remain strong because they are able to double their advertising budgets. According to Nielsen Media Research top luxury big name brands have actually increased their adverting spending.
What about the little guys who carter to the luxury market? You know the luxury real estate agents, luxury franchise owners, luxury salons, luxury storefronts, etc. These businesses are often the backbone of many communities and their survival to thrive is what grows the economy.
A resource to help these small to mid sized luxury marketers is luxury public relations. PR, also known as public relations is communications with the public. The public is your target audience, those who will purchase goods, services, products, etc. Additionally, your target audience can also refer, recommend, promote your goods, services, products, etc.
According to Milton Pedraza, CEO of the Luxury Institute it is necessary during economic downtimes to leverage your PR, not you’re advertising. He cites “especially in challenging economic times, every pound sterling counts. Public relations is a far more effective and credible vehicle for persuasion of key constituents than is advertising. Give your agency the opportunity to communicate the authenticity, the rich history of your brand, your brand icon, your brand integrity, your brand’s corporate citizenship, your knowledge of the category via your internal data, and most importantly, your breakthrough innovations.”
To develop a successful luxury PR campaign you need a strategic plan and approach to communicate a clear message to your target audience.
Contact Mosnar Communications, Inc for luxury PR services: https://www.mosnarcommunications.com .