Have you considered marketing your business and don’t know where to start? Do you have a high-end product or service, such as jewelry, exotic cars, investments, etc.? Looking to minimize costs and improve your return on investment? Well, if you answered yes to any of these questions, read on my friends…
Marketing to the high-end, luxury crowd is difficult and, to be quite honest, typically very unconventional. The old, cheap, environmentally unfriendly flyers and ineffective email campaigns you’re used to need to be tossed out the window — simply said. Focus on thoughtful, unique, and sometimes more costly forms of marketing and networking, which will ultimately pay off in the long run. Buy a client or potential client a gift basket, offer a free sample of your product or service, invite a prospect to lunch or dinner, etc.
Be sure to keep in mind that the marketing for a product or service should be up to par, if not better, than the product itself. In other words, don’t run a pizza delivery marketing campaign for a nice, classy Italian restaurant. This, unfortunately, is something I’ve seen many times in the past and, once corrected, sales went through the roof. I have dissected many marketing plans in the past and have to say that most have a distinct resemblance to Swiss cheese — they’re full of loopholes. If you’re curious about the effectiveness of your current marketing barrage I suggest creating a list that highlights your efforts and the results you’ve received from each medium. If you notice one element of the mix is not producing a good ROI, ask yourself what can be improved. Is it the marketing medium? Possibly a small thing like the name of the product itself? Maybe you went with a feminine color scheme and your marketing has been geared towards men, thus producing a low conversion rate. These things need to be fixed now or you’re doomed [voice: Luke I am your Father!!].
Another very key aspect of marketing high-end, costly products or services is the actual approach. Being pushy and trying to “strong-arm” a customer into a sale will prove to be very ineffective and will also leave a very bad impression. You need to:
1) Present the benefits of what you have to offer then
2) Explain the costs; and finally
3) Let the deal marinate like a nice piece of steak. Do not spend too much time “beating a dead horse” and move on to the next customer if you see no interest.
Last but definitely not least, you need to build a strong, coherent, timeless, world-class brand if you want to compete. Period. Branding is extremely important in the marketing world and is especially important when trying to market expensive products. Ask yourself this: why the heck should my cat [Shrimpy] spend $10,000 on a diamond collar [she wishes] from your company when Tiffany & Co. on Rodeo Drive in Beverly Hills has a similar one for the same price? Build your brand and identify the benefits of what you or your products have to offer over the competitor. This is essential to brand growth.
I hope this article is helpful and there will surely be more to come.