1. Keep Communicating
While advertising is often the first thing cut in the face of a weak economy, it can actually be devastating to silence your brand and neglect your customers for even a brief time. History shows that some of the most successful luxury brands have been built by savvy marketers who had the foresight to view an economic slowdown as an opportunity to get ahead.
While your competitors cut back, you can catch up and gain market share much more easily and inexpensively. Right now, luxury media is more reasonable than ever, placing more prominent opportunities well within your reach. With fewer advertisers, your message can make a greater impact and your brand can capture attention with limited clutter or competition.
While others disappear, you can dominate.
How? Don’t stop spending, just spend smarter.
2. Tailor Your Message
By advertising in a quieter market, your message is much more likely to be seen and heard. Since more eyes and ears will be focused on you, now is the time to listen to your customer’s needs — especially those that weren’t met by the saturated market — and make your message directly meet those needs. By making your message meaningful to consumers, they will relate and respond to your brand.
Your brand will make a significant impact by being the only voice that speaks to their needs, which will ultimately inspire loyalty in the bad times and the good. It’s important to realize that while consumers may cut down on spending, they are still spending. More than ever, they want value and authenticity for their money, not extravagance or indulgence. Emphasize these qualities in your luxury brand by expressing the inherent value found only through their experience.
Connect your brand with the customer’s needs for substantiated luxury and you’ll find that their loyalty is yours.
3. Harness Insight From Your Data
Your customers can be your greatest resource when it comes to meeting their needs because they’ve already shown you what they want. Use your client lists, sales histories and customer information to identify their interests and incentives. Then, use this information to reach them in a personalized way.
Make them feel like you know them and understand their expectations. Show them that your brand is in tune with their lifestyle. Develop a relationship so they feel that your brand is "their" brand.
By leveraging your customer data, you can create a more customized experience, which is what ultimately distinguishes a luxury brand.
4. Be Sure Your Plan Is 360 Degrees
While luxury brands have an unspoken strength that appears to transcend times and troubles, this air of assurance demands thoughtful planning and careful execution.
Strategy is everything when you’re striving to build consumer and company confidence, so you must have a strong brand strategy that is consistent and integrated from inside and out. You need to set short-term goals, long-term targets and brand-wide objectives that will keep your brand visible and viable.
Clear communication is essential and everyone associated with your brand must know the importance of implementing your strategy.
5. Manage Your Brand Online
The Internet is a worldwide forum for your luxury brand. While you have full control of your company’s website and online advertising, there are countless other review sites, message boards, blogs and social media platforms that can be discussing your luxury brand in any context, at any time.
You need to stay aware of every incidence involving your brand and monitor them accordingly. Your brand’s good name is at stake, so you must have your finger on the pulse of your Internet presence. At the same time, you can also use these forums to promote, publicize and uphold your image in a positive light.
Make the online community work to your advantage and your brand will grow organically and exponentially.
Interested in working with MDG?
At MDG Advertising, we've spent more than a decade focused on the luxury market and have helped numerous brands develop, grow and thrive. We hope our insight provides you with some assistance as you weather the current economy, and would love the opportunity to help your brand get ahead — and stay there.
Let us show you how MDG can help your luxury brand outclass the competition.
For more information about MDG Advertising, visit our website.
Or, for a private consultation, call Julia Giordano at 917-969-5370 or email us at firstname.lastname@example.org.