As any business person knows, there is a huge variety of customers and clients out there. While some businesses and brands want to have a large amount of people purchasing their products or services because they come at a competitive price, other brands are more interested in targeting customers who want to purchase something based on its quality or prestige and care less about the cost. These two groups require very different marketing strategies. If your business is contemplating targeting the later of these two groups, here are three marketing tips that will help your business reach those high-end customers.
Using the Luxury Strategy
When you think of the word “luxury”, what comes to mind? Is it luxury vehicles like Lincolns or clothing made from expensive fabrics? Specific brands and products come to mind when you hear the word “luxury” because they have taken the time to make their name synonymous with luxury. One effective way to do this, according to VIncent Bastien, a contributor to Entrepreneur.com, is to use the luxury strategy. Bastien says that by leveraging things that are intangible about your brand—like the time it takes to make it, that prestigious people use it and others—you’re able to make your brand appear more luxurious and of a high value to future customers.
Focus on Your Messaging
Appropriate messaging is a huge part of making your brand appeal to high-end customers. William R. Patterson, a contributor to Inc.com, shares that the perfect messaging for a luxury brand is to show their target audiences the ideal life of someone who uses their product or service. In doing this, you don’t focus on the features of your product but on the lifestyle of someone who chooses to use your product, making your messaging more about the person rather than the product.
Strike the Right Price-Quality Match
One of the most important things you need to perfect when striving for a high-end brand with a high-end clientele is to have the right price-quality match. Therefore, if you have a high quality product, most high-end customers expect a higher price. In fact, Brian Ainsley Horn, a contributor to the Huffington Post, shares that if you claim to be a luxury brand but don’t have high prices, a lot of your customers or clients won’t trust you enough to do business with you. Knowing this, it’s good to remember that your price needs to match the high quality of your products or services if you want to be taken seriously as a luxury brand.
Although marketing your business to high-end customers requires a different way of thinking than with other marketing, you could see a huge increase in your profits if you’re able to do it successfully. Use the tips mentioned above to help you accomplish this.