The luxury retail market is exclusive and competitive, but don’t worry, this isn’t necessarily a bad thing. As of 2018 sales for luxury goods and experiences are on the rise after a sheer drop in 2015. So, businesses that are in this market are now upping their game in PR and brand marketing.
If you’re unsure what the luxury market looks like; in regular terms it’s goods or services that are sold with a luxury experience, that could include anything from cars to handbags or jewellery which is the sector we at Prohibition have plenty of experience with.
Why is it important for luxury brands to be using PR and marketing?
Luxury items appeal to a much smaller audience than regular commercial ones, so to drive sales PR campaigns and strategic specific targets are used.
Luxury PR often means dealing with clients or businesses with different requirements or objectives. Finding the brand’s target audience and who they will interact with is crucial. A mass marketing approach that appeals to everyone is not appropriate, because not everyone can afford luxury items.
When using social media to build a brand and find consumers the company will have to interact with other luxury brands, luxury influencers and luxury media to build its status. Doing this will allow the company to develop the appropriate image meaning they can sell their products at a luxury price. Luxury products are extremely individual and quite personal, therefore they need to be marketed as such in order to generate sales.
Luxury brands often need to have a global reach in order to cover their entire audience. It’s imperative to know a luxury following doesn’t just sit in one spot, they’re all over! It’s quite alarming how many luxury brands don’t trade via ecommerce. However, luxury brands are beginning to move online and sell their goods globally instead of just being in exclusive stores, everyone knows customers prefer to shop online, specially now that they can get coupon codes from websites like https://www.raise.com/coupons/walmart. These online products also need marketing and promoting online and via social media.
As well as this, a knowledge of the luxury market is key, this is something which like most things, is best learnt by working in the industry. In the past, a luxury clientele consisted mainly of individuals who were older and male, whereas now, the clientele is now becoming more diverse and younger. Keeping on top of an ever-changing target audience is difficult to do in house, which is where we come in.
How can influencer marketing help in the luxury sector?
Much like for all our clients we use our expert knowledge for media relations, creating content plans, finding influencers and creating videos for our luxury clients to promote their products. Using influencer marketing allows for a greater reach and more people viewing and sharing the product. Whilst video is a great way to showcase the stunning products on offer in a luxurious way, something which we have achieved for a number of the jewellery brands we work with. Watch some of our luxury brand and product videos here.
Using PR and marketing to tell the story behind your brand is what will really attract luxury custom. The luxury buyer is a hard customer to attract and to keep. By developing a brand identity and reinforcing that it develops reliability that a customer will keep on coming back to.
It’s easy to just assume that people will buy luxury products because they are luxury, however using PR and marketing is essential to create a buzz around a brand and find the right clients to buy the products.
At Prohibition, we help a variety of brands in the luxury sector with their PR by creating campaigns that are creative, stand out amongst the rest and deliver real results. If you’d like to find out more about how we can assist you with your luxury PR – don’t hesitate to get in touch.