Luxury brands are now trying to gain more audiences than ever. The reason behind this change is the increase in the spending power of consumers. With the latest digital marketing trends and affordable luxury products, it has gained more traction. Luxury goods are not limited to apparels and exotic accessories anymore. There are luxury goods in every category of products today.
The global revenues for luxury goods are set to cross $331,306 million in 2020. It will grow by a compound annual growth rate of 2.7% for the forecast period of 2020-2023.
There is no denying the fact that the luxury goods market is vast. And it needs some excellent digital marketing to keep its hold on the consumers through engagement. Let’s discover some ways in which you can use digital marketing for luxury brands.
Personalisation of Content:
Personalisation is the key to any luxury brand’s success in today’s market. The idea of owning something unique drives consumers to spend more than usual. Customisation needs more significant research on luxury brands. To offer unique products to your consumers, you need to have a grasp on their preferences.
A digital marketing agency can help your business with insights into consumer preferences. You can also design campaigns to promote personalisation of products.
According to Infosys, 59% of consumers prefer personalisation during a purchase. It is the reason why most luxury brands have adopted this strategy. Take an example of Nike that offered personalised sneakers at their conventional stores.
An omnichannel presence means a seamless experience. Luxury brands need to be vigilant on their customer relations. An omnichannel presence can be achieved through the integration of all the internal and external channels of communications. A digital marketing agency with effective CRM(Customer Relationship Management) tools can help you achieve it.
Engaging users to make the consumers more associative to brands is necessary. Here, a social media marketing strategy can make a huge difference. Social media is said to be a more active platform attracting 90.4% of millennials. This is where luxury brands need to target the millennial.
The reason for targeting millennials for luxury brands is simple. Millennials are predicted to be the generation of shopper that will grow from 32% to 50% of the personal luxury market by 2025.
There will be a rapid growth of over 130% in revenues from millennials during the period of 2018-2025. Luxury brands need to capitalise on millennials as a market. For the same, they need effective user engagement strategies through digital marketing.
Luxury is all about quality over quantity. But, in today’s diverse market, where there are intimidating fake personas, quantity needs identification. As a luxury brand, you need to grow your consumer’s awareness.
Brand awareness can help your customers understand the difference between an authentic brand and a fake one. It is the sole reason why you need to have the right digital marketing strategy in place.
So, if you are a luxury brand looking to achieve more consumers and better branding, you need the best digital marketing agency to do it. Stay tuned with us to find out the best digital marketing agencies leveraging best branding strategy.