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I'm RICH! $$$$ Take my money! [Marketing to the Affluent]

Discussion in 'Advertising, Marketing, Social Media' started by AllenCrawley, Feb 4, 2014.

  1. Bigguns50
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    A lot of interesting information.

    This is interesting. I'm wondering 'why'. Is it the personal service ? Does the shopper need or desire to feel and touch the products they are shopping for ? Or...is it regarded as more of a social thing to do...something they simply enjoy ? And if so...can on-line shopping experiences more closely mimic this experience ?

    I've been reading and looking at websites that are very engaging for the consumer. Apparently a trend. I know I enjoy the experience of such websites.

    Thanks again Allen. Love this stuff !
     
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  2. AllenCrawley
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    60pc of affluent Baby Boomers inclined to use social media: report
    By Joe McCarthy
    May 23, 2014
    [​IMG]
    The BMW i3 Experience test-drives

    Generational distances regarding social media use are not as wide as commonly thought, according to a report from the Luxury Institute.

    Eighty-five percent of millennials surveyed for the report said they were inclined to use social media, compared to 73 percent of Generation X’ers and 60 percent of Baby Boomers. As luddites become further marginalized, brands must adopt a marketing approach that prioritizes individuals over segments and personas.

    “The surprising part for me is that Boomers, Gen X’ers and millennials are all consuming all of these media at some level,” said Milton Pedraza, CEO of The Luxury Institute, New York. “It’s not as if they’re getting left behind. These are all affluent people, and tech savvy.

    “Life stage matters tremendously but because of the new age of data, analytics and one to one marketing, we can look beyond the segments to the individuals and market to them,” he said.

    The Luxury Institute surveyed 1,200 consumers 21 and older with an annual household income of at least $150,000.

    Less boundaries

    T
    he report aims to get marketers to reconsider media consumption in general. The dynamic of how consumers “consume” is messier than the laser-drawn segments of millennials, Gen X’ers and Baby Boomers suggests.

    Age provides broad indications of consumer behavior, but individual behavior is more granular, rife with the unexpected.

    Baby Boomers do watch more television, with respondents averaging seven hours per week, but millennials are also flipping through channels, with these respondents averaging four hours per week. About 70 percent of all segments surveyed watch previously recorded programs on DVR.

    [​IMG]
    Bang & Olufsen’s newest television

    Similarly, while two-thirds of affluent millennial respondents listen to online radio sites such as Pandora and Spotify, 41 percent of baby boomers do as well.

    Online video is watched by 82 percent of millennial respondents, 65 percent of Gen X’ers and 53 percent of Baby Boomers.

    [​IMG]Video still from LVMH-owned Nowness’ “Mine All Mine”

    Baby Boomers spend 2.87 hours per week reading newspapers and magazines, compared to 1.12 hours by Millennials and 1.58 by Gen X’ers.

    Although there is a clear hierarchy of preference and habit for each segment, consumers regularly travel between media depending on the circumstance.

    Rather than use a blanket-approach to address the habits of different age groups, brands must enact a granular system.

    As Ed Brill from IBM recently wrote, “Transactions, multichannel interactions, social media and syndicated data from loyalty cards and other customer-related information have increased the ability for retailers to create a consolidated, constantly updated view of customer behavior and preferences.”

    The abundance of touch points gives marketers insights on a person-to-person basis, allowing them to devise customizable interactions for each consumer.

    “Marketers need to go beyond stereotypes and propensities, and start doing real one-to-one marketing now,” Mr. Pedraza said in a press release. “The data and analytical firepower are there to build relationships, and wealthy consumers, especially millennials, demand it.”

    Specifics

    Granularity has become a buzzword recently, with commentators encouraging brands to discard generic personas and replicable stores.

    Boston Consulting Group’s “Shock of the New Chic: Dealing with New Complexity in the Business of Luxury” report asserts that consumer interests are fragmented along far too many lines for a brand to have identical stores in different locations. Also, the nomadic nature of luxury consumers forces brands to reassess the nature what each store should achieve (see story).

    Forrester recently argued in its “Digital Customer Experience” report that 2014 will be a year of major innovation. Most prominently, brands everywhere will develop user-centric designs and experiences or face the consequences of a consumer exodus (see story).

    “We have to look at individual needs, lifestyles and life stages and combine something that’s optimal for each person,” Mr. Pedraza said.

    Final Take

    Joe McCarthy, editorial assistant on Luxury Daily, New York






    Source: http://www.luxurydaily.com/60pc-of-affluent-baby-boomers-inclined-to-use-social-media-report/
     
  3. Bigguns50
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    Exciting information !
    I wonder if it's more challenging for the big players to adjust to this new way of marketing.

    I shop at Kroeger grocery store. They have a LOT of organics, great employees, and a well organized, clean store.

    They also have a rewards type card I use for discounts. One a month I receive coupons for many of the items I already bu along with competing products. They also include coupons for free products. Good marketing. We in-win.
     
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  4. AllenCrawley
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    AllenCrawley Legendary Contributor Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    6 luxury marketing trends to watch

    By Marko Muellner

    For luxury marketers, 2014 is predicted to be the year that tips the scales, with more than half of affluent shoppers discovering, actively browsing and shopping for luxury items via digital channels. This evolution is spurred by shoppers who are online to save time, yet remain likely to finish the purchase in-store.

    According to an April 2013 Luxury Institute study on the multichannel purchasing habits of United States Internet users with incomes of at least $150,000, 48 percent of respondents sourced information about luxury fashion online via a computer. Yet only about a quarter actually completed the purchase online.

    Also, eMarketer found that a whopping 74 percent of purchases researched on mobile devices are completed in-store.

    Which brings me to the first trend to watch:

    Mobile
    We tend to think of mobile consumers as similar to desktop consumers, but on different devices. This is just not true.

    Most mobile time, is, well, mobile. Digital marketers have always struggled to predictably drive offline traffic to retail, but data suggests this is changing.

    With more than 70 percent of daily Facebook and Twitter users on a mobile device, digital marketers must think mobile-first.

    For luxury marketers this is particularly challenging as device constraints and consumer expectations limit the richness of the experience.

    But with skill and creativity, many luxury marketers are embracing the constraints without compromising brand promise.

    Understanding the purchase intent journey
    We have been trying to figure out what makes people buy as long as we have been selling, but it is a fragmented challenge and capturing the data at every step has been impossible.

    We have made a lot of progress thanks to companies such as Datalogix and others and, as a result, luxury marketers are on the verge of the next evolution, having almost completely wired the journey.

    The key, like most things in our modern world, is the smartphone.

    In this next phase of digital marketing, understanding how and why consumers buy will be essential to attracting the next generation of affluent shoppers.

    Omnichannel continues to gain momentum
    Luxury marketers’ ability to reach any given consumer across devices will emerge and quickly mature. This will enable marketers to better understand the customer journey and the patterns likely to drive discovery, exploration and consideration.

    With more than half of U.S. affluent consumers soon discovering new luxury products online, it is imperative that luxury marketers understand how these trends converge.

    Making connections between channels will be essential as well. Can I schedule a consultation from my phone? Can I easily share what I have liked on the Web site with an associate?

    Social + mobile + storefront = Magic
    Mobile applications are the key bridge from digital to the store. Look for major innovation in a few categories that will extend this magic, specifically apps that enable shoppers to feel connected to the luxury experience, such as Tourneau’s virtual watch tray that allows online research with pick-up in-store or social shopping apps that enable consumers to “like” and manage products through Pinterest, Wanelo, Polyvore and ShopKick.

    Luxury marketers should also watch and learn from mass-market retailers’ innovation and use of digital wallets such as Apple’s Passbook and Google Wallet that can store gift cards as well as brand-specific apps that enable shoppers to manage and receive in-store redeemable mobile offers from anywhere.

    The last mile
    Vicinity-based mobile notifications that pull information from the app categories above are closing the last mile between the retailer and the consumer.

    This year, Apple’s iBeacon (Bluetooth SMART), NFC and other location-based technology will finally begin to take hold.

    Leading luxury marketers know that getting someone into the store is 90 percent of the challenge.

    Once there, it is a matter of experience, discovery and driving toward high-value products.

    With Apple’s deployment of iBeacons, marketers can now communicate with consumers and track everything from how many got close to the store, entered the store, and which products they browsed and bought.

    For digital marketers, the long awaited online to offline closed loop reporting will finally be a reality.

    Be everywhere
    While luxury marketers are notoriously skilled at creating rich experiences from fashion shows to print ads, they have been slow to go deep on digital.

    Content is currently the fuel that drives digital marketing. As Burberry has so deftly shown, reaching new affluent consumers requires broad content creation and distribution strategies.

    From Instagram and Vine videos to maintaining a Tumblr, luxury marketers must find key audiences and engage in their worlds, adhering to their rules.

    While luxury marketers should never be seen as jumping on the bandwagon, being early adopters of new social mobile technology can give them credibility – watch, learn and be ready to jump-in.

    But content strategies are hard to form overnight, so luxury marketers must work now to see how they can apply their essence and promise across emerging platforms. They should do it now so they can be more nimble in the future.

    SOCIAL MOBILE convergence and luxury’s traditional focus on building experiences that drive loyalty is great for marketers ready to take advantage of the ability to tell a cohesive brand story across channels.

    Brands that are able to personalize the experience throughout the customer journey, up to and including the last mile, will see that the dividends drive serious business value, which will only accelerate as millennials grow in their purchasing power and share of affluent luxury consumers.


    Source: http://www.luxurydaily.com/6-luxury-marketing-trends-to-watch/
     
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  5. Bigguns50
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    Interesting.

    Just putting thoughts off the top of my head out here.. :wideyed:

    So, putting myself in the affluent buyer's seat....I'm shopping on-line and see something I really like. I research it....drive to the store to talk with a real live person and touch (maybe) the product I want to buy. Then I buy it. It just seems we can make this better.

    If the reason I go to the store is to talk to a real live person....why not offer a Skype call ? Someone who actually works for the company, like a Sales Assistant. Have a virtual face-to-face on the mobile.

    Still can't touch the product though. No way to do this over Skype. What if this Sales Assistant worked in a store that had all the product but it's only for the assistants and the customers who Skype with them ? Not an 'open to the public' store.

    Or what if the store had a virtual store on-line ? hmmm...not sure if this would work on mobile. There is a 'virtual world'...forget the name. The sales assistant could walk through with the customer until the sale is made.

    That's all I've got. Prolly :cookoo:
     
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  6. AllenCrawley
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    Affluent consumers disappointed by in-store experiences: report
    By Nancy Buckley
    July 22, 2014
    [​IMG]
    Affluent Consumers

    The United States’ wealthiest consumers primarily spend their shopping dollars in-store, but only a quarter of these consumers enjoy the experience of in-person shopping, according to a new survey by Time Inc. and YouGov.

    “The Q2 Survey of Affluence and Wealth,” published by Time Inc. and YouGov, seeks to answer the question about United States consumers’ shopping experiences and whether they face enjoyment or disappointment when shopping. The results of the study will likely inform brands of how to positively change in-store and online experiences to appeal more highly to affluent consumers.

    “I think the luxury brands need to understand that the people are in charge of their own purchases and it is hard to market to them,” said Jim Taylor, vice chairman of YouGov, Waterbury, CT.

    “There was time where marketing was a creation of things that never existed and we used marketing to promote and persuade, but people have no real want for everything that can be produced, it is need based,” he said.

    “Consumers don’t give the word luxury as being evenly applied to all things that are stated as being luxurious, the word luxury does not have a fixed meaning.”

    The Q2 Survey of Affluence and Wealthsurveyed 941 of the participants from the Q1 report. The annual household incomes of those surveyed were $125,000 and above.

    Online vs in-storeThe survey compared the view of luxury items and in-store experiences across the top one percent of consumers, the upper middle class and the core affluent group.

    [​IMG]
    Dior sales person

    Seven out of 10 affluent consumers are disappointed by the sales and service staff and believe that they do not make positive personal connections during shopping experiences. Affluent consumers have reported that, if possible, they prefer purchasing items online to avoid the in-store staff.

    Another impact of shopping for the affluent consumer is the perception of luxury. Many of these individuals have stated that numerous luxury products do not appeal to them and that the definition of luxury is too often unclear.

    Seventy-one percent of the surveyed consumers stated that most new products that are considered luxury are not what they would define as luxurious.

    The ability to adapt to the wishes of affluent consumers can increase a brand’s sales and overall reputation.

    Reaching consumersThe habits and opinions of luxury consumers, borne out by research, can guide how brands sell products.

    Targeting and attracting the business of affluent consumers is fundamental to a retailer’s economic success, according to a survey conducted by Unity Marketing.

    Understanding the retail trends and the competition among the affluent consumers is vital to staying competitive. Gaining this knowledge will help brands, both luxury and mass market, correctly target advertising campaigns and online and in-store promotions to accommodate the wishes of affluents (see story).

    Affluent consumers are vital to luxury brands, but brands have to gain a better understanding of these individuals and create products they desire.

    “People are concerned about preserving quality,” Mr. Taylor said. “The desire for extraordinary quality products is not going away, people do want the best in the category.

    “Brands need to understand what their core market place values are and stick to it,” he said. “The perception of brands of the general component of the market is going downhill, a brand does not necessarily speak a specific value.”



    Source: http://www.luxurydaily.com/affluent-consumers-disappointed-by-in-store-experiences-report/
     
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  7. AllenCrawley
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    Dolce & Gabbana presents multichannel campaign for new skincare collection
    By Nancy Buckley
    August 28, 2014
    [​IMG]
    Dolce & Gabbana Aurealux collection

    Dolce & Gabbana is embodying the its Latin roots in a new line of facial products that aim to enhance a woman’s natural beauty.

    The new beauty collection translates to “gold” and “light” and reflects the natural aura of women. The campaign is being brought to the attention of consumers through a Web page that presents Dolce & Gabbana as likely trying to accommodate to a digital consulting platform that may allow consumers greater interaction with the brand outside physical store locations.

    “The main goal of this page is to educate consumers by engaging them with the various touch points on the single Web page,” said Amanda Rue, senior strategist at Carrot Creative, New York.

    “The quiz adds an interactive and personalized element to the site,” she said.

    “Skin care varies from person to person and this element creates a level of personalization and customization that is unique to an individual. The customized skincare regime creates a seamless way to promote multiple products in a way that tailored to the individual. Because it appears to be unique for the individual, it is likely that this will drive sales of complementary products.”

    Ms. Rue is not affiliated with Dolce & Gabbana, but agreed to comment as an industry expert.

    Dolce & Gabbana was unable to comment by press deadline.

    Golden glow
    Dolce & Gabbana has created a platform for Aurealux that has several different features. These include two videos, a quiz, graphs and detailed information about the products.

    The Web page begins with a description of Aurealux as an advanced skincare ritual with concentrated Gold Flavo-Silk Tricomplex. This ingredient is crafted from gold silk cocoons and combined with Italian olive oil extract and Vitamin B3. The formula demonstrates the ability to promote and preserve the skin’s beauty through complexion, moisture and the skin’s elasticity.

    [​IMG]
    Aurealux collection

    Gold Flavo-Silk Tricomplex is found in all the Aurealux products. The formula was introduced to consumers through a video that tells a story about the Sicilian products.

    The gold silk cocoon is a rare, but the life fostering qualities have been removed from the cocoon for Dolce & Gabbana products. The video discusses the combination of the products to form Aurealux.


    Gold Flavo-Silk Tricomplex video

    Another video was formed to promote the Aurealux collection. This video features each product.

    The Web page also presents a quiz for consumers to discover their skin care ritual. This is based on skin type, what the consumer is looking to enhance, how they cleanse their face and what products are currently used in their skincare ritual.

    At the completion of the quiz consumers are given a suggested skincare ritual based on the Aurealux products.

    [​IMG]
    Skincare quiz

    Other features of the Web page include graphs that show the percentage of people who have used the products and their opinion on the immediate effects and the four weeks later results.

    The five products aim to bring the aura of a woman out through natural beauty of her face.

    New introductions:

    Promoting a new collection can be done in several different campaigns. Some brands opt for a video, others turn to celebrities, while others create informational digital pages.

    For instance, Italian fashion label Giorgio Armani highlighted its Frames of Life eyewear collection with a narrative story told through text and a video.

    Consumers were first introduced to a scrollable shoppable narrative before viewing a campaign video, both of which follow a man and woman while they try to run into each other again after “The Encounter.” Through this campaign, Armani showed that eyeglasses are more than just accessories, but a part of life, affecting how consumers see the world (see story).

    Also, menswear label John Varvatos released a video for the fall/winter 2014 collection that corresponds with a broader social effort to raise money for the Ringo Starr Peace & Love Fund.

    The social video featured Ringo Starr with several other celebrities playing drums, and a microsite explained his foundation along with the photo campaign featuring the hashtag [HASHTAG]#PeaceRocks[/HASHTAG]. The combination of Ringo, his foundation and the hashtag campaign blended with the John Varvatos brand generated awareness of the fall/winter 2014 collection (see story).

    Presenting a new collection to consumers can be difficult, but with a multichannel campaign a brand can bring attention to a new product through several facets.

    “The Web page creates an environment for visitors to learn more about the new product line, Aurealux,” Ms. Rue said.

    “Visitors can explore the new product line, supporting video, product benefits and receive a customized skincare routine,” she said. “This approach encourages visitors to engage with the site to learn more about the new products, while also leading visitors further down the purchase funnel.”
    Final TakeNancy Buckley, editorial assistant on Luxury Daily, New York, NY






    Source: http://www.luxurydaily.com/dolce-gabbana-present-multichannel-campaign-for-new-skincare-collection/
     
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  8. Bigguns50
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    Wow...quite a website ! Interesting campaign. Thanks !
     
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    @AllenCrawley

    Sir, do you have any tips on selling a Luxury branded product on Amazon/Ebay? These platforms seem like a race to the bottom as far as quality and price. How does a company with half of a reputation emerge from the margin-less mayhem of people selling similar products? Is the brand alone enough to charge a premium on Amazon/Ebay?
     
  10. AllenCrawley
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    AllenCrawley Legendary Contributor Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    An incredible article over at Luxury Daily on what content marketing looks like for luxury brands. The article includes some great examples of what a few luxury brands are doing around content creation and delivery.

    From Snapchat to Youtube to Long Form Video Series to City Guide Apps to Shopable Videos to Personalized Content.

    Do take the 5 minutes to read and brainstorm how you can do the same for your brand.



    Why and how content marketing works for luxury

    By Tammy Smulders

    Content marketing is a buzzword in the marketing world, but what does that actually mean and what is its role for luxury brands?

    Content marketing, or branded content, is brand-related content with which consumers, or in our case, luxury consumers, actually choose to engage. It has value for the audience first – whether entertainment, information or other value – and the brand second.

    Content can live in marketing and media channels, but is not a channel itself. Content can be a spoke or a hub: it can be distributed through media, or part of a destination.

    Importantly, content is a means of engagement with current and prospective customers, and gives the luxury brand its own voice.

    For luxury brands, the chief value of content marketing lies in its ability to reel in, persuade and evangelize the most discerning audience in a language and elevated aesthetic that is particular to luxury...

    Continue reading the full article at:
    http://www.luxurydaily.com/why-and-how-content-marketing-works-for-luxury/
     
    Last edited: Apr 19, 2016
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    Dwight Schrute Ludicrous Speed Read Millionaire Fastlane Speedway Pass

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    Wow wow wow, what a goldmine of information!

    Thanks Allen!!

    Bookmarked + Repped
     
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    Bump.
     
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    Facebook top channel for ad recall among millionaires

    "Other channels in which the wealthy had a higher portion of recall than all consumers include Pinterest, digital newspapers, Google+, Tumblr, sports stadiums, elevators, office lobbies, inside gyms and on transportation such as airplanes, buses and subway cars."

    "According to a study conducted by Facebook, approximately 20 percent of Americans’ time on mobile is spent on Facebook and Instagram, evidencing their marketing potential. For those who use both equally, Facebook satiates desire for empowerment and connection, while Instagram satisfies the want of fun, relaxation and discovery.

    Interaction on both platforms is tilted most heavily in favor of close friends and family, but celebrities and brands are higher priorities for Instagram users. However, Facebook is bigger for person-to-person interactions, presenting brands with the conundrum of visibility and engagement on Instagram, but better viral opportunities on Facebook (see story)."


    https://www.luxurydaily.com/facebook-top-channel-for-ad-recall-among-millionaires-report/
     
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    b u m p
     
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    One of my long term clients is an ecommerce store selling skin care to the affluent (mainly older women). I kind of help run it at this point.

    This skin care ranges from $49 to $8,000. The 4 figure stuff doesn't sell every day.

    No group of people "likes what they like" more than the people who can afford it. Price to them doesn't matter as much as the experience they get from it. That's why Hermes can sell what they sell for the prices they sell them for. Part of it is buying the brand name, but so much of it is just buying the experience. Not only do you feel good carrying a Hermes bag, you feel good using it. You feel good looking at yourself carrying it. You feel good talking about it. Every part of the experience makes you feel good. As long as you have that bag, there's some sense of pride, enjoyment, utility, and looking good. Same with the skin care my client sells.

    Price does matter, but not as much as the experience.

    People who can't afford things like this tend to make fun of it. Thing is, them making fun of it rarely matters anyway. If it hits the ears of the affluent, though, they might be curious enough to give it a go (depending on how you sell it).

    Another thing about affluent customers is that they seem to put a great deal of trust in a given brand. If you want to market to the affluent, you need to REALLY build that trust. Affluent customers can afford to buy things that WOW them, and will generally tend to choose the best thing they know about (if they value that product category, that is)

    This thread is excellent and I hope you keep updating it. These articles are really eye opening.
     
  17. BrooklynHustle
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    BrooklynHustle Gold Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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