Why Web Based Shows are Best For Reaching the Wealthy In This Market.

Focus on the best customer

Every thinking luxury brand is now obsessed with their best customers and focusing their marketing efforts on “surprising and delighting,” winning greater share of wallet, loyalty of and greater referral of customers from this elite group. 

And here’s the bottom-line reason.  This ‘best customer’ spends more, is more loyal over time, refers more IF asked and rewarded for referral, is willing to partner, wants favored/loved brands to succeed, forgives more readily IF a mistake is corrected, offers stronger word of mouth, is not PRICE but VALUE sensitive, is cheaper to keep than to find and increasingly more profitable over time.
 
This best customer, self-made, driven by middle-class values (only 10 percent of  wealth in the U.S. is celebrity or inherited) is now: more curious about what is the best of the best and wants to articulate why great things/services are worth the price; demanding high-touch, sophistication, intimacy, intelligent ‘courting’ from brands; more demanding than ever in our lifetimes (loyalty is correlated directly to intelligence and quality of service/product); seeing wealth as something to be enjoyed rather than displayed; highly cynical about advertising and demanding more targeted, personal approaches to marketing and service; hungry to understand (‘the rise of connoisseurship’) what is the best and why it justifies premium price; searching for the unique the memorable and wanting to ‘tell the story of a great experience or product,” relying more on friends’ opinions and recommendations, social networks and ‘buzz’ than on traditional advertising.

 

 

 

Greg Furman, Founder and Chairman of The Luxury Marketing Council

Comments

[Gold IRA]

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[Web Design Services UK]

Hi,
I agree with you that the customers are nowadays more curious regarding the brands and all. You have posted a good article along with the topic.