How to implement a digital marketing strategy for luxury goods
There is no question that, in our world today, a big percentage of marketing strategy has gone digital. The potential and non-potential consumers for many businesses are mostly online chatting with friends and family or engaging in e-commerce.
The dream of every business is to get the confidence of these customers in their favor and enhance trading so as to make a profit. To be able to achieve this, digital marketing is the only way to stay ahead.
But when growing a business, there is always enough to do which involves how to create, fine-tune, and maintain a digital marketing strategy. This is often due to the various obstacles for patronizing online e-commerce platform in the country which involves the likes of cost and high-cost delivery, internet connectivity, lack of purchase and payment options, lack of security as well as late delivery.
In order to implement a digital marketing strategy for luxury goods, there are many factors to consider for effective implementation. But, before examining these factors, let’s take a look at what exactly is digital marketing, and what are luxury goods for a clearer understanding.
What does a digital marketing strategy entail?
Digital marketing strategy is the combination of different plans, impressions and ideas that are going to help in achieving a set of goals by using online marketing.
What are luxury goods?
Luxury goods are products that are not essential but are highly desired; they are often associated with wealthy people and are bought for several reasons like to support self-worth and status. In economics, a luxury good is one for which the demand is often higher than the availability.
How to market luxury goods online
Having explained the necessary terms, it is now vital to take a look at the building blocks that will aid with the effective implementation of a digital marketing plan for a luxury good. They include the following:
Audience Analysis
When setting an online marketing strategy, the general public should be the target so as to increase market share against competitors and possibly make a profit. Keeping your clients engaged will promote the business and increase referrals. Staying first in the mind of your clients will pay huge dividends in the end. Regardless of the fact that wealthy people mostly consume luxury goods, provision should also be made for the average class.
Luxury goods are income elastic and price inelastic and as such, the average income of the customers should be put into consideration when determining the cost per good. This is done so as to maintain market share because their income level will determine how much of the good that will be purchased. When obtained, effort must be made to keep the price stable because an increase in price will lead to a drop-in demand (price inelastic) which might lead to losing customers to competitors.
Omnichannel advertising
Advertising is said to be an audio or visual form of marketing communication that employs an openly sponsored, non-personal message so as to promote or sell a product, service or idea. The method of advertising should not be focused on just a channel but should create room for other channels to help effective communication with customers.
Convinced customers are mostly involved with your product through various marketing channels such as digital media, television, radio, prints and others as their desire to purchase will span across different devices. It will be an advantage if the brand performs well on mobile devices because most of the targeted customers are on Facebook, Twitter, Instagram and others. But how much the other medium of advertisement is been utilized will help to communicate a consistent message and progressively build-up a personalized relationship with the customers wherever they are.
Web Design
When making plans on how to implement digital marketing strategy for a luxury good, the design, functionality and accessibility of the website should be put into consideration so as to boost the customer’s confidence for the product. Most websites for luxury goods are stylish in terms of design, however most times they tend to have poor accessibility. This thereby delays browsing through the website for the available products for purchase and payments; this might lead to a drop-in demand for the brand, loss of relationships, loss of profits, delay in cash flow, inefficiency, and loss of reputation. The use of a reputable web design agency will help.
On time delivery
On time delivery is also a significant challenge for today’s e-commerce business. Just as the name implies, on-time delivery is the ability of a company to meet the customers’ requirements and deliver the products to the potential customer on time. Most customers want every order to be delivered at their own convenience and this is what should be considered when implementing a digital marketing strategy.
If a company is not able to deliver to a customer, the goods they have purchased at the agreed date and time. This can be seen as a question of the company’s competence and integrity. For a successful digital marketing strategy, functionality and on time delivery should be considered. Nevertheless, time is one of the most important issues customers are concerned about and companies that do not value time in their delivery tends not to succeed.
Implementing on-time delivery can be done effectively by minimizing the supply chain in between the customers and business by directly selling the products at distribution centers, retail outlet and company outlets.
Conclusion
In conclusion, the term digital marketing is most closely identified with marketing products and services on the internet. However, before implementing a digital marketing strategy for a luxury goods brand, the above points must be considered but not limited to them; it is more advisable to consider the income and price in elasticity of the luxury goods when fixing prices. Also making certain policies so as not to lose potential customers to rival competitors via other channels of advertisement should be considered.