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8 tips to Market Luxury Products

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Balkhi


Marketing luxury goods is an art form that requires a special set of skills and techniques. It’s about creating an exclusive, aspirational experience to capture the attention of high-end consumers who are looking for something more than just the ordinary.

Unlike traditional marketing, which focuses on features and benefits, luxury marketing relies heavily on storytelling and emotional connections.

By understanding how to market luxury goods effectively, brands can create an unforgettable customer experience that will lead to lasting loyalty and brand recognition.

From crafting captivating visuals to engaging in influencer collaborations, companies can promote their luxurious products with finesse in many ways.

In this guide, we’ll cover some practical strategies for marketing luxury goods so you can maximize your success in this competitive space.

1. Have a clear customer persona

The first step in any successful marketing campaign is to know your target audience.

To effectively promote luxury goods, you need to have a clear picture of who your customers are so that you can tailor your message and reach them with the right methods.

And to do this you need to do extensive market research.

This involves researching your existing customers, as well as potential new ones, to develop a detailed customer persona that outlines their interests, preferences, and values.

I recommend working with a research agency or building lead-generation roles in your business to find and target

By understanding who you’re targeting, you can craft messages that resonate with them and tailor your marketing campaigns accordingly.

2. Develop a brand story

In order to capture the attention of luxury consumers, you need to have a compelling story that sets your brand apart.

Because when high-ticket customers are considering an investment, they want to be sure that their money is going towards something special.

Creating a strong story reflective of your values as well as what makes your product luxurious.

A good story can include the origin of your brand, the design process behind your products, and why they are worth investing in.

By telling a story that resonates with luxury shoppers, you can create an emotional connection that will be hard to forget.

3. Use High-Quality Visuals and Packaging

While luxury is something that you have to experience, visuals and packaging are necessary to create an initial impression.

Having high-quality visuals that showcase your product in creative ways is essential for any luxury marketing strategy.

Videos, images, and animations should all be used to tell a story and evoke the feeling of exclusivity associated with luxury goods.

Additionally, packaging is key when marketing high-end products.

It should be carefully designed to reflect the brand’s values and create an elevated experience for shoppers.

From custom boxes to luxurious gift wrap, think about how you can go above and beyond to make your products stand out. It’s worth hiring a professional and reputed graphic designer to make you look more professional.

4. Showcase your product features in elevated terms

When describing and promoting your product features, look for ways to elevate them so they appear more luxurious.

Rather than simply listing out the specs, find creative ways to explain the features in a way that is aspirational.

For example, check out the image above showcasing how Creme de la Mer highlights its products features and ingredients.

The company uses words like ‘miracle’ and ‘exclusive’ and ‘unique’ to drive home the point that their products are something special.

By putting a more luxurious spin on your product features, you can create an overall sense of exclusivity that will help you stand out from competitors.

5. Focus on delivering experiences

When it comes to luxury, the customer experience really matters.

From how they are served in your store or website to how they receive their product, luxury shoppers are looking for experiences that reflect the quality of your products.

For example, if you’re selling jewelry, consider offering a custom engraving service with the purchase.

Or if you’re selling luxury skincare, treat customers to complimentary samples and personalized skin consultations.

Another way to create a luxury experience is to host events that give customers the opportunity to interact with your brand. For example, you could host a networking event or a pop-up shop where people can learn more about your product.

These are the types of experiences that luxury shoppers expect and you should strive to deliver them.

6. Use Luxury Terms in Your Copy

When you’re writing copy for your luxury products, use words and phrases that evoke a sense of exclusivity and elevation.

For example, consider these descriptive words:

  • Luxurious
  • Exquisite
  • Elegant
  • Premium
  • Exclusive
  • Refined
  • Sumptuous
  • Opulent

Using these types of words can help capture the attention of luxury shoppers and provide more clarity about why your product is worth investing in.

These words can also be used to create an overall sense of luxury that permeates any marketing material or product description.

7. Partner with influencers and experts

While traditional marketing techniques still have their place, luxury brands need to think beyond

Influencer collaborations are among the best ways to get your product in front of luxury consumers.

For marketing luxury goods, however, you need to work with influencers and experts who truly understand the luxury market. And not only that, they have to have a profile, aesthetic, and personal brand that reflects a ‘luxe’ status.

Meaning that your influencer marketing strategy becomes more expensive out of necessity.

You have to collaborate to create high-quality content and promote a lifestyle rather than a run-of-the-mill product.

Look for people who reflect your brand values and have a large, engaged following on social media or other platforms.

These strategic partnerships can be especially effective when it comes to boosting brand awareness among affluent shoppers.

Additionally, influencer collaborations can help you reach new audiences and strengthen relationships with your existing customers.

By investing in strategic influencer partnerships and creating experiences, you can successfully promote luxury goods to a wider audience.

8. Provide Exceptional Customer Service

Exceptional customer service is an integral component of marketing luxury goods, that no successful business can afford to overlook.

As customers demand higher levels of personalization, marketers of luxury goods need to ensure their customer service offerings reflect the same level of sophistication and attention to detail as the products themselves.

Having the right tools in place, such as comprehensive customer relationship management systems (CRM), will enable quality sales and client support teams to properly manage all operational processes.

As a result, they can provide a high level of personalized customer service.

Consequently, luxury goods businesses can be assured that they are receiving the maximum return on their investment when it comes to providing quality customer service experiences.

Final Thoughts

By using the strategies outlined above, you can create an effective luxury marketing strategy that resonates with high-end shoppers and stands out from the competition.

Focus on creating experiences, investing in influencer partnerships, and providing exceptional customer service to ensure that your luxury products are seen and purchased by the right audience.

By doing so you will be able to successfully promote your luxury goods and experience long-term success in the luxury market.

Remember, while luxury shoppers may have different expectations than other consumers, they are still looking for a good overall experience.

By accommodating their needs and surpassing their expectations with your luxury product or service, you can ensure that you stand out from the competition.

 

Syed Balkhi

Syed Balkhi is the founder of WPBeginner, the largest free WordPress resource site. With over 10 years of experience, he’s the leading WordPress expert in the industry.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

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Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

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Politics

Fortune 500’s race for generative AI breakthroughs

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Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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Politics

UK seizes web3 opportunity simplifying crypto regulations

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Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

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