By David Finley
While luxury brands are in an elevated category of their own, advisors can learn a lot from their marketing strategies.
A luxury brand is able to connect with its customers by being the top of its class and bringing out their best qualities. By delivering high-quality and exclusive experiences, customers of luxury brands feel special and understood, a member of a connected community. Ultimately for luxury players, it’s not about the product or service offerings, but the mindset and experience they provide.
For many years, I have advised senior-level wealth management advisors on how to differentiate themselves in the marketplace. I take many lessons from luxury brand marketing as their approach provides the top-quality, personalized type of experience that financial services clients are looking for.
Below are five excellent articles on luxury marketing that will give you a good understanding of luxury strategies, so you can apply some techniques to your own businesses.
Customer engagement encourages consumers to interact and share experiences designed by your brand. When advisors adopt a luxury brand approach to engage customers, it makes their clients feel like the offerings are top-notch and the experience is uniquely tailored to their needs. To deliver this, consider the three components of a luxury brand strategy – exclusivity, local nuance and brand immersion – that should be included in your customer engagement plan.
Luxury marketing is being transformed into a consumer-to-consumer journey, with the customer being central to sales. Luxury consumers are extremely engaged online and their personal social media feeds can become micro-marketing channels. With advisory clients increasingly researching you online, asking for recommendations and sharing reviews, your customer journey is following a similar path. Here is an excellent article on how luxury players are changing their customer experience to thrive in the digital era.
This interview by Robert Reiss offer insight into the latest thinking by four female luxury leaders on the most current developments and predictions in the industry.
"To me luxury today is all about options to do what one wants, when they want it and in the manner in which they want it..." Edie Rodriguez
Luxury branding strategies differ from traditional marketing as they focus on cultivating feelings of intimacy and exclusivity. Instead of marketing your business in the traditional way, imagine the difference your clients would feel if they saw you as providing a luxury experience. This article provides you with five critical tips to keep in mind when building out your luxury approach.
With Generation Z estimated by Forbes to account for 40% of all consumers by 2020, you need to understand how to communicate with them. Studies show that this up and coming generation is increasingly staying away from some social media channels, like Facebook, and is becoming immune to traditional marketing. This generation favours experience over hard selling and, while this article suggests that luxury brands take this into consideration, financial advisory businesses need to take note of this as well.