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.
Are your ads wasting your money or making you money? At Riley & You, we work with several premium appliance dealers. We have found that in this industry, in particular, many dealers invest a lot of money in advertising that doesn’t create growth. They waste their advertising dollars on media buys that don’t deliver results. However, they continue to follow this industry investment trend.
All advertising costs money. But in this digital age, we have the ability to track your ROI better than ever. At Riley & You, we help our clients take a deeper dive into advertising and promotion and consider where they are in their Market Brand-Awareness Cycle. When we look at the numbers related to your advertising, we can give you an accurate picture of which ads are a good investment and which ads are wasting your money. When we find out that your ad money is poorly invested, we help you find better places for your marketing dollars.
Our bottom line is that media buys are only valuable when you know how and when to use them.
Here are 4 ways we help our clients eliminate ad waste:
- We aim for a targeted audience. Traditional media like television and print hit very broad audiences, and it’s difficult to track how effective they are. This is part of the reason appliance dealers continue to use them: they can’t prove they are working, but they can’t prove that they aren’t. However, their overall annual growth tells them it’s not working. At Riley & You, when we use traditional media buys, we make sure we target your specific audience and that we can track the results.
- We look for customers who are ready to buy. Television and print media buys are sent to everyone, even people who just bought a new fridge last week. We use digital marketing strategies to put your brand in front of customers who are looking to buy. The ad for your store pops up in online searches with keywords that can turn browsers into buyers.
- We make ROBO possible. It’s very uncommon in this industry to order a new stove online, but it is very common for people to research the product online before they walk into your store to buy it. At Riley & You, we use the online version of your store to get people to walk into your actual store. Research shows a new trend in consumers called ROBO, research online, buy offline. Consumers still want to come in and look at their new appliance before it shows up on their doorstep. We can help you do that for your clients.
- We initiate engagement through ad content. When your customer sees something they want online, they need to know what to do in order to get it. We make sure that all your online ads and web pages have clear “next steps” for your customers. We also help our clients create content that is engaging, interesting and worth sharing. And we use dynamic landing pages to target different sections of your audience.
Our bottom line is that media buys are only valuable when you know how and when to use them. Partnering with Riley & You gives you access to our marketing experts who will place a premium on your company’s growth and profitability. We can create a marketing plan that delivers notable growth and eliminates waste. Trust us, your bottom line will thank you.
As we close out the year, this is the time to reevaluate each and every relationship while manufacturers are reworking budgets and commitments to independents. Each year there can be major shifts in support, points won or lost within new pricing structures, co-op fund percentage reductions, and so on. While manufacturers in the appliance industry are positioning for a big start in January of each year, independent dealers need to be reassessing these relationships.
Consider these steps in your process of evaluation:
- What effort does your rep take to give you up-to-date information on unique rebates, special inventory buys and market advantages you can take to grow your business?
- How much support are you receiving beyond your rep from the manufacturer? Are they timely in reimbursements and accurate on the profit margins you should gain on their product lines?
- How does the manufacturer follow through with online protection from predatory pricing? Do they have teeth in their policies when other independents violate online pricing?
- What type of training do reps offer your sales team on a consistent basis? Are they order takers, or do they strive to keep you on the cutting edge of product upgrades, model changes, and selling smarter?
- Is it a hassle to sell the product lines you have on your floor, and is it affecting your reputation? While you may hit some of your profit targets, are you selling products which actually underperform for the customer or create headaches over and over again for your team?
Your reputation is everything, and your profits are at risk every year. The reps and manufacturer relationships will define your success, so take the time now to consider how your year needs to begin. Align your business with the types of manufacturers and reps who take a sincere interest in the profits and success of your business.
Success is dependent on healthy relationships. Our marketing experts understand your business and can help you maximize your manufacturer relationships.
Appliance Gallery is a locally owned dealer serving homeowners, designers, and builders from the same location for over 25 years. Their history, combined with their knowledgeable staff, premium product lines, and commitment to customer service puts them in a prime position to experience significant growth.
We kicked off our relationship with Appliance Gallery by giving their logo and branding a fresh look. Once that was in place, we turned our attention to an integrated marketing strategy to take them well into 2019. Using proven tools customized for their brand and their audience, we’ve helped them map a path towards more business, greater profit margins, and greater market share.
Step One: Branding
We created a refreshed version of their logo by updating fonts, styles, and colors to better reflect both the client and their audience. From there, we updated their existing website and social media with their rebranded look and added a Resource Library to their website for articles and additional resources.
Step Two: Promotion
With a strong foundation built, we created a new marketing plan to promote Appliance Gallery. Key elements include a custom booklet targeted to builders, interior designers, and homeowners, Brand Positioning Cards™ designed to be used in the showroom, interior and exterior showroom signage, and integrated Sales Campaigns featuring a targeted Lifestyle Mailer™, email and online marketing.
We understand the world of the premium appliance dealer, and we’ve enjoyed using our expertise for Appliance Gallery. Contact Riley & You to learn more about the services we offer and how we help premium appliance dealers experience growth.
Dealers who focus on premium appliances don’t always realize how much data they have access to. Or what kind of information can be uncovered from that data, if they only know where to look.
Our team has had the privilege of working with multiple dealers over the years, providing solutions in both traditional and digital media. We spend time looking at lots of reports – some more complex than others. And sometimes we discover something that seems fairly simple, but makes a big impact.
Data Driven Decisions
Many dealers overlook the continuing power of email marketing. Email marketing is the least expensive platform with one of the highest ROIs for our clients. Our email marketing reports give us a direct window into the preferences of premium buyers, and a perfect example of how uncovering a seemingly small piece of data turned into big results.
In the course of a routine review of client reports, our team noticed that a single word seemed to be positively impacting the open rates of emails. So we started digging. We analyzed two years of email marketing results from multiple appliance clients – over 100 email marketing campaigns sent to thousands of homeowners in several cities. And our research confirmed what we’d first noticed in that routine review.
Acting on this simple observation led directly to the sale of thousands of premium dishwashers for our clients – and to new loyal customers and potential future premium appliance sales.
When dishwashers were mentioned in key areas of the email marketing campaign, open rates for those emails were on average 5% higher than emails not mentioning dishwashers. For some clients, this meant an additional 500 people opened and read those particular emails.
So did that information change how we did email marketing on behalf of our clients? Absolutely! Acting on this simple observation led directly to the sale of thousands of premium dishwashers for our clients – and to new loyal customers and potential future premium appliance sales. And the increase in sales showed our clients the value of reviewing data and making adjustments based on that information.
Our team has a deep understanding of how to transform dealer marketing and how to grow business with the premium buyer. We’d be glad to put our experience to work for you, and help you uncover even more opportunities to reach premium buyers in your market.