Trying to sell an expensive product or service, but you're having some trouble finding buyers? It might not be the price you're charging. In fact, research into Inbound Marketing for luxury products has shown that quality and value are the first things that consumers are looking for, and price increases alongside simultaneous improvements to quality have actually boosted marketing impact for brands in the past.
While we're not exactly suggesting you charge more right away, we are saying to take a closer look into the behavior and thought processes involved in the choice to purchase a luxury product or service, and tailor your digital marketing strategy to fit what works.
Here are four expert tips for marketing luxury products online:
Don't Make a Prospect Feel Crowded or Pushed
Remember that a prospect who enters your store or office isn't necessarily a prospect ready to buy right this second. Even the smallest purchase requires at least some consideration, and more expensive purchases will have a potential prospect wanting even longer to think things over.
They'll need time to do the research on the different solutions to their problem, the different companies offering those solutions, and they'll want the time to familiarize themselves with exactly what you have to offer. Tailor your content marketing strategy to use their time effectively, and you'll be top-of-mind when your prospect hits the Zero Moment of Truth.
Take a look here at the Buyer's Journey, which goes through the many stages a consumer might take from their initial Awareness of having a problem which requires a solution, to the research they do during the Consideration stage, to their final Decision... and then beyond.
You'll need your digital marketing strategy to include plans for content that covers every single stage.
- Awareness-stage content should start to provide some explanation of the problems your readers are experiencing so they can give a name to their issues and have an idea of the types of solutions they should start researching.
- Consideration-stage content might then showcase the different features of your product or service and let the prospect start getting to know you, your company, and what you have to offer.
- Decision-stage content may feature a comparison between your product and your competitors', building a picture of how your company stands apart from the crowd.
Map out your content so that helps consumers feel like they know exactly what will happen if and when they decide to make a purchase (and then surprise them when they do — scroll down to learn the best way to Delight a customer into being a loyal evangelist for your brand).
Go beyond simple text when plotting out a content marketing strategy. Pull in things like:
- Video marketing
- Interactive content (think quizzes or polls tailored to your Buyer Personas)
- Social media marketing
- and more!
Make sure that at least some content is aimed at Delighting customers and keeping them happy, loyal, and telling all their friends and family about how great you are.
Don't Rely on Discounts — Instead, Emphasize Value
A consumer interested in purchasing a luxury product isn't necessarily looking for the lowest possible price point. They're far more interested in getting the best value.
Some brands have become totally reliant on nonstop "sales" and "discounts" that lower both the cost of their products and their perceived value in the eyes of consumers. Think of clothing brands forced to push prices lower and lower to suit demands for constant sales and the way that quality and craftsmanship will rapidly begin to suffer as a result.
That kind of reliance can lead to you having to constantly lower your prices until you're no longer able to provide the high-quality product you were once known for, and your reputation will start to falter in the eyes of current customers and prospects alike.
Instead, make strategic choices on where to offer discounts and where to maintain pricing that reflects the worth and value of your product or service. A discount for signing up for the e-mail newsletter, or for signing a longer-term contract? Perfect. Occasional sales reflecting national holidays? Great! Just make sure sales and promotions are built to reflect your product's value, not devalue your product.
Encourage Research Into Your Product or Service
Lower-cost brands engaged in hard-sell tactics often rely heavily on "false scarcity:" buy right this second, or you'll lose your chance! Consumers are increasingly aware of these spammy, low-quality tactics, and you'll chase away the very informed, aware, and potentially loyal customers you're trying to attract as a result.
Empower your prospect to do their own research, knowing that your product or service offers something that your competitors simply can't beat. Make sure that when they're trying to search out information on what you have to offer, that all that info is already there, easy-to-access, and in a format that will appeal to your ideal Buyer Persona.
All this work provides the extra value of establishing a positive reputation as a brand that stands by their customer and works alongside them to make sure their choice of who to work with is targeted to what is best for them. Take that extra step to show that you don't just see an array of credit cards when a prospect walks into your onsite location or visits your website, but a whole three-dimensional person in need of a solution to a unique problem.
The vision of consumers and brands connecting on an authentic, personal level is what drives luxury brands to success and enables growth without having to sacrifice quality or integrity.
Add Delight By Offering Extra Value After a Purchase
That you charge more for a luxury product doesn't need to be a weak point in your marketing strategy. It can actually prove that you're a company who knows its value and stands by its quality when compared to lower-cost competitors who cut corners or offer a lower-quality product.
Those low-cost competitors, busy seeing dollar signs right now instead of potentially loyal clientele for years to come, tend to abandon the prospect as soon as the sale is made. A luxury brand can stand above the rest by stepping in to provide that extra above-and-beyond moment during the consumer's Second Moment of Truth... when they decide how they feel about using your product or service again in the future.
A good experience purchasing a high-quality product or service, delivered with excellent customer service and a personal touch, can turn a customer who might have just bought-and-forgot into a loyal client who returns again and again whenever they need your help. One of the best ways to take a good experience and turn it into a great one? Add a complimentary gift or upgrade after the purchase.
Don't rely on it as a selling point, or use it as part of a negotiation. The point is to provide an exciting, delightful surprise that leaves a positive lasting impression of the service, product, and experience.
It might be 10% off their next purchase from you, an accessory free with each purchase, or some other final "extra." You can switch things up to suit what your customers will be most delighted by.
What's most important isn't what delights them... it's that they walk away delighted and ready to call you again the next time they need your product or service.
Inbound Marketing for Luxury Products Can be Tricky. We Can Help.
We totally get it. In a sometimes tough economy, marketing a luxury product through Inbound Marketing can feel like a pretty big mountain to climb. We've designed an ebook just for luxury brands looking for more information on how to sell a luxury product through Inbound Marketing by utilizing that age-old concept of "the American Dream." Just click the banner below to get started.