Over the past decade, digital marketing has been instrumental in growing the luxury brands sector; this is true for both well-established brands, like Louis Vuitton and Rolex, as well as relatively new and up-and-coming brands, like Michael Kors and Tesla. Both are now dominating the online world and generating sales and customer loyalty beyond compare. Recent research data shows that roughly 80% of luxury sales are ‘digitally influenced’, whereby consumers interact with at least one digital touchpoint in their luxury-shopping journey. However, in a crowded online luxury goods market, it can be challenging to distinguish your brand from the pack. One of the best and most cost-effective ways marketers can do this is with digital marketing.
In today’s rapidly advancing digital landscape, businesses have many marketing tools at their disposal. By utilising digital marketing, savvy brands can attract long-term customers and grow brand awareness. To do this, they need to invest time and effort to identify your target base of potential buyers. An experienced luxury product marketing agency can help by providing data to your marketing team. This data identifies similar items offered by your competition and tells you who is buying them, where they are buying them, and how they are buying them.
With the market for luxury goods estimated to be over one trillion dollars USD annually across the globe, establishing an effective luxury brand marketing strategy is well worth the effort if you sell within this sector. But, it’s not always that simple. For a digital strategy in the luxury brand sector to work, a brand first needs to address the fundamentals of marketing. It can do this by evaluating its existing marketing strategy and identifying new marketing goals; researching and understanding its target audience; developing an online marketing plan; preparing to execute a marketing plan by setting up an integrated CRM; finding a core narrative; developing a sense of exclusivity; not shying away from innovation; and building a story for all touchpoints. Phew, sounds like a lot, right? Don’t worry, it’s fully manageable, especially if you break it down into the following channels.
Just some of the luxury products marketing channels available to promote your product or service and cover all the above strategy points are as follows:
In our opinion, the following key complimentary services should be part of your online marketing luxury product strategy: creative content, conversion rate optimisation, digital competitive analysis, lean recovery and retargeting, paid search, pay-per-click (PPC) advertising, Facebook ads for luxury brands and general and local Search Engine Optimisation (SEO). If you correctly get all these critical components in place, you’ll be able to benefit from increased brand engagement, sales, long-term loyalty and increased online-to-offline store visits.
If you’re trying to come up with innovative ways to increase your market dominance, you’re better off partnering with an experienced high-end brand digital agency that has the necessary marketing know-how to get the job done. This will allow you to apply your knowledge and experience to your products, brand and services, and focus on your overall marketing strategy. Primal is the leading luxury brand digital agency in Thailand. We have a long history of successfully partnering with luxury goods manufacturers and distributors across the region. We have increased both our client’s brand recognition and sales conversions. We do this by taking their marketing strategy and converting it into a bespoke online digital campaign that work.
While trying to create brand awareness is valuable in the world of high-end goods, it’s not a guarantee of sales by itself. Particularly if your brand is new in the market, you need to take a double-barrelled approach that promotes your brand as well as your products. We can recommend strong marketing techniques that will help accomplish both goals and give you a solid return on investment (ROI). For more information about how we can help your brand succeed in the luxury goods market, contact Primal today.