Posts filed under 'Luxury Marketing'
September 18-20, 2008 The Women’s eCommerce Association is hosting the Grow a Million Dollar Business Summit - a virtual inspirational, educational networking event featuring 15 experts on building wealth and prosperity in all aspects of our lives.
Sessions include:
How to Make Money on the Internet Sitting on Your Butt
How to GROW a Million Dollar Business with a Wealth Mentor
The Mindset, Making & Marketing Of The Million Dollar Expert
How to Market to the Affluent
and more!
Some of the experts include Tom Antion, Andrea Nierenberg, Loral Langemeier, Annie Jennings, Nicola Cairncross and MORE!
To learn more about How to Grow Your Million Dollar Business, visit: Where Women Prosper.
You can also make money when you sign up for our WECAI Dollars Affiliate Program ~ Invite your friends, family and colleagues to attend and earn CASH.
August 7th, 2008
To read the rest of the article visit Alf Nucifora at http://www.nucifora.com/art_272.html
How are you influencing your current customers and growing your business? And would it make sense to tap into or better communicate with the affluent market? If you’d like to learn more about how to tap into the Luxury Market here are two really good resources I discovered:
Winsperinc.com has a free White Paper – “The 6P’s of Luxury Marketing,” A New Model for Considering Consumers’ Buying Behavior for Luxury Brands. (http://www.winsperinc.com/6Ps/) which I highly recommend you read. Those six P’s include:
People buy from People, The Six Key Characteristics of Product, Passion (Connoisseurship shared in real and virtual communities), Pleasure (Luxury is experiential), Purpose (Luxury may have an element of superfluity but it can also be practical), and Price (the rise of fractional ownership).
Read the World Wealth Report by Merrill Lynch/Capgemini
Download Jessica Kisorek’s 11 page special report called “The Distinct Role of Online Video in the Marketing Mix”
And finally, read the Highlights of the Spring 2008 Affluent Market Tracking Study #13 that was conducted by Affluence Research.
BTW, the Luxury Marketing Council event I mentioned on the 17th was held at the fabulous Four Seasons Hotel in Miami. They are the masters at luxury marketing! From the moment I pulled into the valet, walked through the lobby and found the meeting room, it was an experience. There is such pride in the hotel staff, in fact it is more than pride. Each person I came in contact with made me understand why Four Seasons is a world class luxury hotel. As I walked through the lobby (apparently looking lost) the lady behind the valet desk asked if I needed assistance and gave me perfect directions to the meeting.
Once in the meeting room, servers pleasantly held out their trays for us to partake of coconut shrimp and more. I asked one server if I really wanted some shrimp but that I needed to put my things down. She waited a moment for me to get settled and showed up with the tray in hand! And then Ricardo Acevedo, GM of the Four Seasons addressed the group and I realized that great service really does start at the top.
All the best in your marketing endeavors! If you are looking for a marketing coach to help you plan a campaign or work WEB 2.0 strategies into your marketing mix, give me a call!
July 19th, 2008
Want to tap the Luxury Market? Then you gotta know where they hang out! And btw, you don’t have to be rich or famous to attend these events as long as you have the entry fee!
Here are a few places to start:
Non-profit organizations the affluent support financially AND emotionally (I call this “cause-related networking”)
Churches, Temples and Places of Worship
Exclusive Resorts and Country Clubs
Skyboxes at Sports Stadiums
High-end Restaurants
Social Clubs
ClubCorp Clubs – aka Tower Clubs in some cities
Yacht Clubs
The Arts such as Opera, Ballet, Museums, Art Galleries
Read the calendar of events listing in your local papers and online to find out what’s happening in your community. If you have local celebrities, start watching the local magazines and newspapers to find out what organizations they support.
Ask your own circle who they that you could be introduced to.
Create a “hit” list, get an invitation, mark your calendars, and network!
July 17th, 2008
Luxury Marketing and WEB 2.0
Recently I had the opportunity to attend a meeting of the Luxury Marketing Council of South Florida (Miami Chapter) run by Christopher Ramey, Chairman. To say it was a great experience and worthwhile would be an understatement. My good friend Jessica Kizorek of Two Parrot Productions and the author of “Show Me: Marketing with Video on the Internet” was the keynote speaker and she talked about Luxury Marketing and WEB 2.0. For those who know me, you know that I am always interested in learning more about WEB 2.0 and finding out more about where MY potential customer hangs out was a bonus!
Let me begin by saying Jessica was amazing! She did a superb job of telling the “story” and helping her audience fully understand the future of Luxury Marketing online. She shared many examples of how the luxury market is engaging in WEB 2.0 including Bacardi’s BLive Campaign, How Chanel has introduced video on their site in a way their clients can relate, Virgin Atlantic’s “Love From Above” mobile marketing campaign, Ferrari’s all encompassing marketing strategies including YouTube videos (seehow they brand Ferrari on YouTube), Ferrari ecards and more.
Each example told a story of how the people with the money market to people with the money which got me thinking I really need to tap into this market on a grander scale. With the current economic situation in the world, I know that I need to better identify and market to consumers who can afford what I sell (flowers and consulting) and who consider both luxuries. It also made me realize that I am not fully leveraging technology to captivate and retain my current customers, let alone new ones. So I started to do further research and here are a few resources I found.
According to The American Affluence Research Center “The wealthiest 10% of U.S. households, as defined by net worth in the most recent Federal Reserve Board study, have an average annual income of $256,000. They earn 36% of the income earned by all American households and control 70% of the total net worth of all US households. Their average net worth is $3.1 million. The average value of their financial assets is $1.3 million. As a group, these 11.2 million households hold 89% of the value of all publicly traded stock and stock mutual funds in the U.S.”
Pamela Danziger, author of Let Them Eat Cake: Marketing Luxury to the Masses – as well as the Classes, says “Luxury is no longer something ‘out there,’ restricted by income levels, personal wealth, or spending budgets,” Danziger says. “It’s an experience everyone wants and believes they deserve. Today, everyone is part of the luxury market.”
And in an Interview with Greg Furman, Founder of the Luxury Marketing Council he talked about “Why The Luxury Market Continues To Roa.r” Furman says “In the last decade it (luxury) has been the most robust market of perhaps any business sector. If you look at the regular retail mass market, its gross revenue growth over time, the increases have been in the range of 4%-6% annually. For the last decade, the luxury category has grown anywhere from 20% – 32%. In the U.S. alone, luxury is a $400 billion market. Authorities estimate that it will grow at a rate of 15% a year and will become a $1 trillion market by 2010. On the consumer side the numbers for the U.S. are staggering. There are 1.2 million households with a net worth of over $5 million, up from 300,000 in 1983. Real household income for the top 20% of households is up 70% in the last 20 years. 215 million people will be over 50 by 2010. As a result, $12 trillion in inheritance will change hands in the next 20 years. The top 5% are richer. In the early 1980s they accounted for 16% of the income earned. Today they account for 27%. The rich are definitely getting richer.”
He goes on to say the 2.7 million (in the US alone) with liquid portfolios of $1 million or more are changing in a number of ways:
1. They are demanding more high-touch.
2. They want sophisticated one-to-one marketing
3. One-to-one, personalized, high-touch, highly customized marketing which demonstrates understanding of their needs, wants and values
4. In addition to the search for the memorable, the unique and services that have high value, is what I call the rise of connoisseurship and the hunger to know
To read the rest of the article visit Alf Nucifora at http://www.nucifora.com/art_272.html
July 17th, 2008
