Despite what you hear those who have money are still spending an abundance of it. And those who wish to keep up with the Joneses are still finding money to do so. So what on earth could you be doing wrong you wonder? Well, very few luxury brands are figuring out how to survive the recession. Actually, many luxury brands and even established luxury brands are dying with the recession.
Recently I had the opportunity to write a guest blog post over at Problogger’s Twitip “Tweet Cloud for Luxury Brands – Using Twitter for Exposure”. For luxury brands to survive the recession they must become creative and embrace social media. However, most luxury brands are not using social media effectively to make a real impact for their brand awareness.
1. How do you attract those with money to spend on high-end products and services?
My advice would be to examine who you perceive your target audience to be. How much extensive research has really went into addressing how you will reach your primary target audience. If big spenders can’t find you then they can’t spend money.
2. Does your luxury brand receive free publicity?
The most powerful thing about free publicity is the credibility factor it carries. A feature in a top luxury blog about your products or services can really help to build credibility as well as brand awareness. The best way to receive free publicity for your luxury brand is to incorporate luxury PR. Typically, PR (Public Relations) firms that concentrate on luxury PR have a better understanding of creating publicity for luxury brands.
3. Have you defined the perception of your luxury brand?
Establishing what position your luxury brand holds in the marketplace is most critical and especially during a recession. What is the perception of your luxury brand that you would like to communicate? Make sure that you properly educate about the concept, features, benefits, etc.
Making your luxury brand standout in the crowd is the easiest solution to attract big spenders. Those luxury brands who build brand awareness and value will be able to sustain the economic downtime.
Need some help with promoting a luxury brand? Please send request in confidence for review consideration to: postmaster @ mosnarcommunications.com .