Do you own a successful business already but want a fresh challenge? Maybe you’re looking for a great opportunity for a startup? Luxury products could be what you’re looking for. Many manufacturers and retailers of luxury goods and services reported growth recently. How did they do it when so many businesses have struggled to survive?
It’s important to remember that luxury products and services cost far less to manufacture or provide than the retail price. Customers or clients are paying for the brand, the esthetic appeal, the feeling that product gives them. Regardless of the practicality of the item, the customer’s sense of status is what counts. High quality is expected for the price tag, but the perception of value will always go beyond this.
Marketing is very important. You need to provide beautiful imagery depicting the lifestyle your customer wants. Your customers aren’t getting a diamond ring. They’re getting a lifetime of happiness with the added benefit of making all their girlfriends jealous! The next thing to consider is the placement of your marketing materials. High-end products often appear in expensive fashion and lifestyle glossy magazines.
As a retailer, you have the benefit of very little outlay. The stock is not necessary as you can order the product for the customer. You might need a showroom or store. Many manufacturers provide showroom models or samples for free. It’s worth considering how you decorate your store. What does your customer expect from an outlet like this? If you’re selling online, your website should also reflect the quality and lifestyle your customer is expecting.
Luxury goods are expensive, and transaction fraud of this value could cost you your business. It is possible your customers can perform traditionally high-risk transactions with identity verification service providers online. This means you can transact without having to wait for paperwork to come through the post. You don’t have to meet your customer at all if this is easier. Most importantly, identification verification prevents your business falling foul of fraud.
Did you know that many sales of luxury goods originate from a word-of-mouth source? This means that your customer tells a friend or colleague about their purchase. That friend then comes to you for a sale. It’s important you promote this word-of-mouth marketing strategy. You can use social media, but sometimes a secret can be spread much better! Exclusivity is one of the most powerful tools you can use to marketing your business. You might choose to find the influencers of today that revel in the sharing of ‘secrets.’
The purchasing experience is a huge part of the perceived value of the goods we buy. The more it costs, the more we feel a need to trust the seller. Building trust starts from the very first post you blog or the first business card you hand out. You should be consistent in tone, and always follow up any sale with good customer service. Go above and beyond expectation to ensure your customer is more than satisfied with their purchase experience. Make shopping with you fun!