I had a meeting with a friend/associate today and we spoke about marketing luxury products (exotic cars, planes, estates, etc.) in a rocky economy. Our opinions slightly differed, and my perspective is based on a very e-centric (web-related) approach whereas his angle applies direct marketing tactics. This article will focus on my approach and analysis of marketing high-end products while competing with a struggling economy.
First and foremost, I have noticed that many high-end products being sold, especially in big cities like Los Angeles and New York, are not for locals (or what we would consider locals). For example, a large number of estates/mansions are being sold to wealthy foreigners looking to invest in real estate within the United States. Since they (foreigners) haven’t experienced the housing market crash like us locals have, jumping in and investing in bargains is a no-brainer and sweet deals can be had. Also, for investors in other states (I live in California), the current prices of luxury homes in Beverly Hills, Bel Air, Malibu, etc. are much lower than what they were in 2006, so purchasing a property now, when the market is still down, is quite appealing. The point is, when marketing an estate, the internet is truly your best friend. With proper web presence, people from around the world will be viewing your website/listing/advertisement for the property, so think smart and put your best foot forward. Gaining online exposure is a key part of closing a quick deal. And, for a high-ticket item, a few months can mean lost interest/opportunities.
Secondly, pertaining to marketing high-end goods such as jewelry, planes, exotic cars and boats among other things, ranking well in search in engines is very important. If someone is located in Florida and is looking to buy a Ferrari in Los Angeles, how will they find it? The odds are via the web. Either a Ferrari forum like Ferrari Chat (www.ferrarichat.com), through search engines (e.g. Google), Craigslist or other mediums. Again, online exposure is crucial.
For businesses selling luxury products or representing products through a company website, Search Engine Optimization (SEO) is truly your best friend. Let’s say your company is the leading installer of home theaters and you want to target customers within 250 miles, SEO is absolutely the best way to do this. Potential customers will simply search for terms like “Custom Home Theater Beverly Hills” and the goal is to have your company website listed on the first page of search engine results. High ranking = high traffic = high revenue.
In conclusion, the point of this article is to demonstrate the fact that local downturns can be counteracted by broadening one’s customer base. If people in Los Angeles are not biting on luxury products, then market your product to Hong Kong, Singapore, London and other regions. Via the internet, and a targeted online campaign, successfully marketing luxury goods in a rocky economy can be a reality.
I hope this article has been helpful and good luck!
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