July 21, 2024

Marketing To a High-End Consumer, Applying Luxury Strategy …

Marketing To a High-End Consumer, Applying Luxury Strategy

Photo Credit: Getty Images

Forty years ago, a small group of famous European luxury brands decided to use globalization to grow significantly. To achieve this aim, they knew that they needed to implement more than the usual marketing strategies. Therefore, they performed a new business strategy known as Luxury Strategy that help gives them unstoppable success to their brand. This article focus on the marketing aspect of the new strategy. Thus, we named “the anti-laws of marketing.”

Reaching Your Consumers

The first step you should know about this marketing strategy is that there are three strategies, which are fashion, luxury, and premium. There is a massive difference between these three strategies. However, in the eye of the consumers, there is no difference. For instance, if you intend to use fashion or premium strategy, then the traditional marketing works perfectly. However, if you want to use the strategy. Then, you have to consider all aspects of marketing management.

The strategy originated from a broadly defined market, and in today market, it is the most efficient strategy. Four-out-of-24 anti-laws were analyzed in depth.

  • Anti-Law #1: Forget About The Position Because The Strategy Is Not Comparative

At the heart of each brand in this strategy in consumer marketing, there is a concept of positioning, of the unique and convincing competitive advantage (UCCA) and the unique selling proposition (USP). Where brands specify their positioning and convey it via their price, their products, their services, their communication, and distribution. Positioning creates a difference of preference for a brand over the other that is the reason why it is the source of new business, and the business tries to win its clients over.

However, for luxury, all that count is that it is a unique strategy that has no comparison with any competitor. This strategy is the expression of taste, creative identity. Hence, identity gives a brand a powerful feeling of timelessness, uniqueness, and the required authenticity that gives it an impressive permanence. Thus, chance has an identity but does not have a positioning. Finally, the strategy is not comparative but superlative, and it implies that it prefers to be faithful to identity rather than be conscious of what position it is in among other competitors.

  • Anti-Law #3: Do Not Pander To Your Clients’ Wishes

This anti-law of marketing seems heresy to the theory of traditional marketing. Thus, isn’t the credo of most well-managed companies to be consumer-oriented? Should you start a marketing plan by summarizing your consumer’s voice? Yes, but it applies to brands that do not follow this marketing strategy. The function of this strategy brand is to create dreams and not to solve needs and problems.

Photo Credit: Getty Images

  • Anti-Law #10

The strategy has two value facets that is one for oneself and the second for others. To sustain the second facet, the population of people that are familiar with the brand must be more than those that can afford to buy it. In traditional marketing, the investment return is the keyword. That is the reason that while advertising the brand, the media focus on nothing more than the target consumers. Thus, every other person, apart from the target person, is a waste of money invested.

In this strategy, if you were looking at another person and neglected the brand. Then, some value has been lost. Finally, it is essential to spread awareness of the brand beyond the target.

  • Anti-Law #16: Be Cautious Of Celebrities.

In this strategy, you have to use celebrities with caution. They should not be used as selling agents to convince new customers to buy the product.

Photo Credit: Getty Images

Implement the Strategy Beyond the Luxury Market

If you apply those anti-laws, you will discover that they define an original marketing strategy. The above-discussed marketing strategy can be implanted in every market.