The only constant in marketing is change. Even the best-performing marketing campaigns may lose their luster if they’re left alone for too long, suffering from overexposure or failing to adjust for changing trends. The only way to sustain success in your high end marketing…
The only constant in marketing is change.
Even the best-performing marketing campaigns may lose their luster if they’re left alone for too long, suffering from overexposure or failing to adjust for changing trends. The only way to sustain success in your high end marketing strategies is to adjust it over time.
Of course, that process can be easier said than done. It’s tempting to lean back and rest on your laurels after the implementation of a comprehensive marketing strategy.
In reality, your work is just getting started.
These 5 steps will help you measure, adjust, and improve your luxury marketing strategy on a consistent basis.
1) Find the Metrics to Track
How do you define marketing success? It’s a seemingly simple question with a surprisingly complex answer. You have to be able to translate abstract goals into specific key performance indicators (KPIs) that you can actually track within your digital efforts.
Don’t fall into the ‘vanity’ metrics trap. It’s tempting to get excited about the amount of people your post has reached, or how many of them actually like it.
In reality though, and especially in high end marketing, those metrics hardly ever translate into actual sales.
Instead, you have to get specific. Focus on KPIs like:
Total web visitor to lead conversions
Web visitor to lead conversion rates
Lead to customer conversions and rate
Ad spend, spend per click, and spend per conversion
These types of metrics are easier to attached directly to your marketing goals, and help you remain accountable in all your efforts.
2) Set Regular Internal and External Benchmarks
The above are crucial metrics to track for any high end marketing effort. They’re also useless without the proper context.
In isolation, a 6 percent conversion rate sounds great. But what if everyone else in your industry actually converts their lead at a 20 percent rate? Chances are you’ll want to make adjustments.
Enter the importance of both internal and external benchmarks. Start externally, researching KPIs like average conversion rates in your industry. Then, compare these averages to your own previous efforts to set a baseline.
Establish exactly what your campaign needs to reach on a regular basis to be considered successful.
Your campaign time frame is just as important. Establish the exact times at which you evaluate your campaign, and stick to that timeline. For example, you might track more specific KPIs (such as web conversion rate) on a weekly basis, but only track customer conversions (which are more infrequent) monthly.
That way, you’ll not just now how to evaluate success, but also when.
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3) Research New Trends in Your Audience and Media
As your campaign is running, don’t rest on your laurels.
If you do, you risk sticking with a strategy that has proven to work in the past while the rest of the marketing world moves forward. Especially in the digital world, it’s impossible to succeed by embracing the status quo. Change is not just inevitable, but should be embraced.
Researching new trends, therefore, is key to success. That, in turn, consists of two parts:
Understand your audience. Pay close attention to web and social media analytics to determine if you still attract the same audience, or whether it’s changing. Then, research media consumption and preference trends specific to your audience.
Consider the changing medium. Pay attention to new ad types, newsfeed algorithms, and more. When Facebook rolls out augmented reality ads, think about how you can transfer that option into marketing success for your luxury good or service.
4) Refresh Your Luxury Marketing Content Continuously
Never assume that the same content that worked yesterday will still be effective tomorrow. After a time, audiences tend to go tired of the same image or text, regardless of how impressive it once seemed.
They crave change, and your marketing messaging should give it to them.
Most experts recommend refreshing your creative at least every four to six weeks. The same is true for all types of content, from web traffic to testimonials. And of course, publishing a new blog post at least once per week can significantly aid your efforts.
You don’t have to start from scratch.
Evaluate your old content, and think about ways to expand on the concepts. Look at engagement statistics to determine which pieces have performed especially well, and build on that momentum.
That way, you can continuously refresh your content without having to undertake a massive effort.
5) Build a Listening Component Into Your Marketing Plan
The final, but perhaps most import step is to build a plan to listen to your audience into your larger strategy. Digital marketing, especially in high end industries, is not a one-way street. It has to consider feedback and comments from customers who were happy or unhappy with their experience and want to talk about it.
You can build your social listening strategy on a number of levels:
Spend a dedicated portion each day reading and responding to comments, messages, and replies on your various digital platforms.
Set up a Google alert to monitor brand mentions in both media outlets and digital forums.
Leverage a dedicated listening platform to monitor brand mentions on outlets like Twitter, Facebook, and Instagram.
Consumers now prefer social media to all other types of communication for customer service. In a high-touch luxury environment, being prepared for these interactions is absolute key. Build a listening component into your plan to get your audience’s pulse and adjust your marketing strategy accordingly.
Embracing a Marketing Strategy Designed for Improvement
Through the above five steps, you can effectively gauge just how your marketing plan is performing, and where you can make the necessary improvements to increase success over time.
Of course, you also have to take care of the improvement itself.
You can take a number of approaches to make that happen. One is to build out extra content at the beginning, and roll it out over time. Of course, that doesn’t account for audience trends that you might discover in the duration of the campaign.
The better path is to embrace a marketing strategy with built-in improvements and adjustments. Keep an agile marketing mindset to move quickly when changes are needed, and keep your campaign at the forefront of success.
The industry is full of big players vying for your audience’s attention and money. How do you stand out? Only a comprehensive strategy, coupled with a detailed plan to execute a variety of tactics, can help you succeed…
INTRODUCTION TO DIGITAL LUXURY MARKETING
How do you market your luxury goods and services?
It’s a seemingly simple question with an exceedingly complex answer.
The industry is full of big players vying for your audience’s attention and money. How do you stand out? Only a comprehensive strategy, coupled with a detailed plan to execute a variety of tactics, can help you succeed.
1. BUILDING A DIGITAL STRATEGY TAILORED TO THE LUXURY CONSUMER
No marketing initiative can be successful without a strategy in place.
In fact, According to the 2018 CMO survey conducted by Deloitte and the American Marketing Association, almost every major reason why digital marketing fails on a large scale is connected to a strategic failure.
If you know where you’re going, you will be able to determine how to get there. It sounds like a proverb, but is actually a fundamental truth of marketing. Every strategy, whether you’re marketing luxury or convenience goods, has to start with your goals in mind.
Depending on your brand, market position, and organizational maturity, these goals might look very different.
A luxury watch startup might be aiming for brand awareness above all, seeking to become a name to recognize in a crowded field. Meanwhile, a mature realtor will likely look for market dominance in a limited geographic area.
Your marketing goals can range from macro (increasing overall revenue) to micro (increasing newsletter sign up). But they should always be measurable, realistic, and clear. Set them first, and build everything else within your strategy within that context.
2. Understand Your Target Audience
The second basic pillar of any luxury brand marketing strategy is defining your target audience.
In as much detail as possible, you should understand exactly who your current and your ideal customers are. Be careful: they might not be identical. Identifying both gives you a better idea of who to go after when reaching for your marketing goals.
Define your customers not just by their demographics, but also by their interests, behaviors, and pain points. The more comprehensive the profile becomes, the more accurately you can market to them down the road in both messaging and tactics.
3. Evaluate Your Existing Marketing Strategy
Unless you are building a new brand from the ground up, your next step should include understanding exactly what you have been putting in the market.
Evaluating your existing marketing strategy helps you understand your current brand perceptions, and find elements to build on for future efforts.
Audit all of your communications, including:
Your current and previous web presence
Automated and manual email communication
Past organic social media posts
Mentions of your brand by others online
Then, evaluate each effort both on its own and in connection to each other. What should emerge is a picture of your brand as it stand right now, which may or may not need some adjusting.
4. Develop a Marketing Plan
All of the background research is complete. Now, it’s time to develop a comprehensive marketing plan.
It’s the written document that outlines all of the above in detail.
The plan also needs to include timelines of launch and execution for each tactics and the strategy as a whole, as well as the various checkmarks and benchmarks against which you will measure your goals.
5. Prepare to Execute Your Marketing Plan
The document is complete, and all relevant stakeholders throughout your organization have provided their buy-in. Now, it’s time to go to market. Develop a launch plan, including elements such as:
The creative assets needed for launch
Any tactics (such as PR) that might accelerate initial buzz
Internal launch communication to leave no one within your business in the dark
A timeline of the launch with responsibilities for everyone involved
These steps are the foundation of any successful comprehensive marketing efforts. Once they are in place, you’ve found the baseline to start telling your story.
2. DEVELOPING YOUR BRAND STORY THROUGH CONTENT MARKETING
The best kind of marketing tells a story.
Consumers don’t buy luxury goods because they rationally need them. They buy them for wish fulfillment, out of aspiration, and other emotional reasons.
The right brand story connects to these emotions and builds a bond with your audience.
Find Your Core Narrative
Any story starts with a core. Within a page or two, write down what makes your luxury brand unique within its field.
Focus on the elements that differentiate your product from its competition, on both an emotional and rational level.
This narrative will exist for internal consumption only. It gives you a guiding document to base all of your marketing and storytelling on. Spend enough time on it to make it worthy of being such a foundational piece, but don’t overthink it in favor of actual, outside-facing tactics.
Develop a Sense of Exclusivity
With your narrative in place, it’s time to build the surrounding story. Within the luxury industry, exclusivity is absolute key to success.
There’s nothing better for your audience than feeling special, thanks to your product. They want to stand out, and your brand story can help them get there. Build a content strategy that tells the story of your brand in ways that directly connects to their individuality.
Don’t Be Afraid to Innovate
A story focused on exclusivity can be told through a variety of channels. Yes, that means carrying it through your website, blog, and social media channels. But you don’t have to stop there. Don’t be afraid to innovate, driving new tactics and new ways to tell story.
That might mean building VR experiences for your customers. It might mean live video from exclusive events for select members of your audience. Check out how Chanel tells its story through its website in a way that’s entirely interactive, and defies traditional web design rules.
Build a Story For All Touchpoints
Finally, make sure that your story carries through every way in which you interact with your audience. You don’t have to retell it everytime you send an email. But at the very least, every email should pick up on the same threads, and build on the same narrative, as your other tactics.
Chances are you will communicate with your audience through anything from your website to social media, digital ads, video content, and more. Evaluate each of these channels individually and together to make sure they are consistent not just in format or design, but the story they tell your potential and current customers.
3. BUILDING A LUXURY WEBSITE DESIGNED TO STAND OUT
Digital marketing for luxury brands can’t be complete without a website.
It’s the centerpiece of your efforts, the place where you can showcase your goods while also drawing your audience into the buyer’s journey and converting them along the way.
That means a special emphasis placed on your owned online presence as you build a larger marketing plan for your brand. Learn about the importance of UX and search engine optimization. Then, gather some inspiration from other brands using their websites to attract, convince, and convert their audience.
The Importance of User Experience for Luxury Websites
Digital marketing can only get you so far.
As you grow your brand presence and awareness, you have to make sure that your website delivers on its promise. That means putting a special focus on user experience.
Through mobile optimization, you can ensure a consistent experience throughout the funnel.
How to Build Your Luxury Website with SEO in Mind
A large percentage of users will find your luxury brand through a Google search.
To make sure you appear in relevant results, search engine optimization (SEO) has to become a major focal point.
These SEO tips for your luxury website can help you get started. From keyword research to technical backend optimizations, some of these strategies can lead to quick improvements. But ultimately, SEO is a long-term strategy, requiring months of work and optimization to realize sustainable results.
5 Luxury Brands that Stand Out Through Exceptional Websites
Luxury websites have to be exclusive, but also easy to use. They need to seem natural, while standing out from the pack. These types of paradoxes can be difficult to visualize.
To jump start your imagination, check out how these luxury websites are leading the way.
4. ENHANCING YOUR LUXURY EMAIL STRATEGY FOR LONG-TERM SUCCESS
The right website, coupled with the right content, ensures that plenty of leads enter your sales funnel. Now, you have to guide them through it on their way to becoming customers. Enter email marketing.
If you sell yourself through exclusivity, you have to be able to convey that through outreach and nurturing messages at every funnel stage.
The right list helps you grow your brand, track results, and better target your audience.
Of course, the list itself is only the start. Messages matter just as much. Write messages that speak directly to your audience’s pain points and desires, keep them short and to the point, and design them in a way that stands out in a crowded inbox.
5. BUILDING VIDEO CONTENT FOR THE LUXURY CONSUMER
The importance of video in modern digital marketing for luxury brands is well-established. But you might not realize just how much that importance is magnified within luxury categories.
The Importance of Real Content
Video might just be your most powerful storytelling outlet. It helps you convey the emotions and feelings necessary to convince potential consumers that yours is the right brand for them.
But it can only do so if your content is authentic.
They show off their high production value, but not without subtly hinting at a close relationship with the customer. Their authenticity communicates the fact that while the brand benefits are desirable and exclusive, they’re also attainable for the right audience.
How Videos Can Support Your Entire Luxury Marketing Strategy
Produce the right video, and the brand benefits can be immense. This is one of the few channels that you can leverage successfully throughout your channel. In fact, every one of the tactics in this guide can benefit from some video component.
On social media, videos contribute to brand awareness. Embedded in ads, they to your website. On that site, they enhance your user experience and drive conversions. In emails, they nurture audiences closer to the sale. Throughout the process, they tell your brand story in visually compelling ways.
6. INTEGRATING SOCIAL MEDIA INTO YOUR LUXURY BRAND DIGITAL MARKETING
Finding the Right Social Media Channels for Your Brand
Even the best strategy, timing, and messaging matters little if you don’t speak to the right audience. Finding the right social media channel means understanding exactly who your potential customers are, and where they like to spend their time.
Find one to three channels that best match your brand type and audience, and focus your efforts there.
The Nuances and Benefits of Luxury Influencer Marketing
Luxury influencer marketing is among the most potential-rich opportunities available to most brands.
Done right, it brings a level of authenticity and social validation to your product or service that messages from yourself simply cannot match.
To get to that point, strategy is absolute key. You need to find the right influencers, and understand just how to engage with them. Build messages with them that are more than just another promotion from a unique source.
Get it right, and your marketing opportunities expand significantly.
7. LEVERAGING THE POWER OF PAID ADVERTISING
No marketing strategy can be complete without a paid component. Luxury brands spend up to 50% of their marketing budgets on digital ads alone. Considering this component is absolutely essential for a sustainable and success-driven plan.
Best Practices in Paid Luxury Advertising
As with any marketing tactic, simply spending money is not enough. You have to make sure that the money is spent wisely, with constant opportunities for adjustments and improvements. These best practices can help you get there.
Use a multi-channel approach, spreading your messaging to channels from Instagram to Facebook
Engage in nuanced targeting, including options such as behavioral factors, geo-fencing, and retargeting
Build multiple A/B tests, testing elements such as your copy, headlines, and images used
Carry a consistent message from the ad to the website, and ultimately the product experience
Track your ads through to conversion, finding the true ROI of each dollar spent in digital advertising
Within your larger paid strategy, Google search and display should take a particularly prominent role.
The former helps you build your brand presence on the world’s most popular website. Through expanded ads and snippets, your brand can present itself fully to potential customers searching for relevant terms.
Display ads, meanwhile, tend to be more general.
They seek to convey a feeling and more subtle brand message, making them a perfect fit for the luxury industry. Display ads also lend themselves to retargeting, following your recent web visitors around the web to keep your brand top of mind for them.
8. OPTIMIZING YOUR MOBILE AND MOBILE APP MARKETING
Modern consumers use mobile devices.
Luxury consumers do so on an even more significant scale. Reaching them means building your entire digital marketing strategy with mobile not just in mind, but at its heart.
51% of luxury shoppers expect brands to have a mobile website
49% expect a mobile app
43% expect to make purchases through either.
Of course, a clear 100% use their device regularly to browse for products or simply spend their time.
How to Maximize Your Mobile Marketing Opportunity
Start with responsive design.
Your website should work on every screen size, from phone to desktop. Responsive design extends to content, which should be easily digestible in small chunks and with clear, engaging visuals.
Local optimization also matters.
Especially if your marketing efforts include a physical location, that location needs to be easy to find and integrate with your digital messaging. The key is simple: adjust your strategy to your audience’s mobile preferences, and you can maximize your opportunities.
The Power of Mobile Apps in Luxury Marketing
The existence of a responsive mobile web presence is great, but might not be enough. Increasingly, luxury consumers are looking for in-depth, native app experiences.
Building a mobile app comes with a range of benefits:
More opportunity for owned media and controllable content, which can be more in-depth than a website
Offline functionality, minimizing downtime and maximizing usability for your audience
Unique content options, such as virtual reality and gamification opportunities
9. BUILDING AND IMPROVING YOUR CRM SYSTEM
As prospects enter your sales funnel, they need and expect personalized messaging designed for their needs and pain points. That cannot be possible without a strategy and platform that emphasizes Customer Relationship Management (CRM).
CRM systems offer a variety of opportunities to luxury brands across industries, including:
Tracking audience interactions with your website and messaging
Sending automated email flows that are designed to tell your brand story and nurture your leads
Offering opportunities for direct outreach from prospects to your company’s representatives
Keeping your email and prospect lists clean to minimize spam and unwanted messages
Implementing referral programs that bring new customers to your brand on a more organic level
Gaining insights about your audience that help you improve your targeting for future initiatives
Done right, your CRM system and strategy can help you accomplish a core goal of digital luxury marketing: the personal connection with your brand that is so essential for long-term relationships with your customers.
10. MEASURING AND ADJUSTING YOUR LUXURY MARKETING STRATEGY OVER TIME
All of the above combine into a comprehensive strategy that can take weeks and even months to plan and implement. But even once every ad is running, your videos play on social media, and your leads are rolling in, the work is only beginning.
The Importance of Monitoring Results
From the moment your tactics begin to run, you should know how they are performing. That means building in a variety of benchmarks for each channel, based on KPIs that make the most sense for that tactic. Common digital marketing KPIs include:
Reach and Impressions
Total Click-Throughs and Click-Through Rate
Total Conversions and Conversion Rate
Total Web Visits
Bounce Rate, Time on Page, Pages Visited, and Other Website KPIs
Ad Spend, Spend per Click, and Spend per Conversion
Continuous Improvement to Revise Your Strategy
Once you begin to monitor KPIs like the above, you can make adjustments. You must measure, adjust, and improve your high end marketing strategies over time.
The best digital marketing strategies embrace a philosophy of continuous improvement, always revising strategy, channels, and messaging for optimum results.
The above-mentioned A/B testing plays into that equation. So do more comprehensive tests, both on your website and within the individual channels.
Always bring your improvement back to your KPIs to make sure you stay on track and meet your marketing goals.
Creating New Content to Keep the Marketing Fresh
Over time, you will need to make more than just adjustments.
You also have to ensure that audiences who have already seen your videos and other content continue to be engaged with your brand.
Regular content refreshers are key to making that happen. Take old content, and see how you can build on it. Create new content that fits into your larger brand story. Even as you make improvements, always continue to work towards the future.
Building a Listening Component Into Your Plan
Finally, as you implement and adjust to your strategy, never forget about your audience. Your luxury marketing won’t be successful if you build new content based on hunches. The better approach is a conscious effort to listen to your audience.
Daily social listening is key in luxury marketing.
It helps you find problem areas, pain points, and preferences. From reading comments to setting up Google alerts and more comprehensive listening activities, put your current and potential customers at the center of your efforts.
11. NEXT STEPS: BUILDING YOUR LUXURY MARKETING PLAN
For luxury brands, digital marketing has to be a core consideration that is closely connected to larger business objectives. But where do you start? A comprehensive plan has to be your first step.
To make that happen, you might need a partner. Consider these factors, then hire a luxury brand digital marketing agency that aligns with your vision and priorities. With a strategic partner at your side, you can tackle the above channels and efforts in a way that drives your business forward.