Premium retail brands don’t happen overnight or by accident. They are often carefully crafted to fit the markets they are trying to reach. Affluent consumers comprise 20% of U.S. shoppers but account for 40% of consumer spending. These affluent shoppers are making purchases online, and 59% of the traffic to luxury retail sites comes from mobile users. If your brand is ready to step into these markets, we have some secrets that can help your product find its own space as a premium retail brand.
First, you need to have premium branding to reflect a premium product. This probably means you are not trying to do your own graphic design or hiring your nephew who likes to draw. The good news is that because of the advent of social media and email marketing, you don’t have to spend most of your budget on getting the marketing campaign in front of the consumer through expensive direct mail campaigns or buying television time. Instead, you can focus those dollars on creating high-quality and premium branding. Consumers want products that look and feel luxurious, and that starts with branding.
Secondly, you must always remember that you are marketing a lifestyle, not just a specific product. Consumers want to know that your product will help them achieve their best life, which is reflected in the images, copy and slogans you use in your marketing campaigns. Marketing has shifted from inspiration – being inspired to purchase a product because of a celebrity endorsement – to aspiration – creating the idea that a luxury lifestyle is attainable by anyone who aspires to achieve it.
Finally, brand loyalty remains important. You want consumers to buy into your brand and find a piece of the lifestyle they are looking for at their price point in your store. The research shows that affluent customers justify their purchases by passing over pricier options because it makes them feel like they are being responsible. The luxury items in your store window or center stage in your online video tell the consumer that your brand can deliver the lifestyle are looking for, and when you can deliver a great product, you become part of their new lifestyle.
Our team of experts at Riley & You has the experience you need to take your brand to the next level. We know how to brand your business, so it is positioned as a luxury brand. We also have a team that can create the photos, videos and online marketing tools you need to give your consumers something to aspire to. Let us help you tap into the brand loyalty of your market so that they will keep coming back and grow your business by spreading the word about your product.