Attributes of Luxury buyer and their characteristics: Affluent buyer is someone that has not only one million on bank account but also has a million dollar attitude.
Being demanding Self assured, Confident, Dynamic and Quick Minded, Competitive and Ambitious He Needs to be impressed
Need it Right Now and Receive it Right Now attitude THEY WORK EXTRA HOURS THEY TRAVEL A LOT THEY SPEND NEARLY 20 HOURS A DAY ON THEIR COMPUTERS, iPADS, and SMART PHONES
Most of the affluent buyers are involved in CHARITY saving the world and are environment conscious
Requests High Quality for the High Price BEING PRACTICAL
Luxury is more about Style and Attitude They don’t need a Luxury item they need a Story a Dream LUXURY IS A LIFESTYLE
What strategies should the Luxury brand should use in response to these characteristics?
In response to the existence of this type of clients the brands should adopt the One Million attitudes toped with Self Assurance. BE CONFIDENT and Give’em Quality, Invest in Web Tools, No cheap presentations or cards, be at their level!
BE present Be there for the customers whenever they need you night and day
ONLINE ENVIRONMENT GIVES US THIS OPPORTUNITY
Through Quick Response, Selling Online, creating the Contest online as a tool of touching the competitive side Creative and Innovative YOU NEED TO IMPRESS the client GIVE HIM A WOW advertising Example : 4D Show of Ralph Laurent
Give Them the VIP Treatment
The kind of clients who are willing to pay a high price are used to being treated extremely well. For example, some Hotels are legendary for noting each guest’s preferences so the staff can make sure that the room is exactly to the guest’s liking the next time they visit.
Do your research so you can customize your interactions to that client. When you're dealing with an affluent client, they should feel as if they're your first priority.
GIVE ‘‘em em a Story, provide a History behind, create a Dream Make It About Value, Not About Price Wealthy customers don't check the price tag before they try on that gorgeous dress. Their eyes don't hover over the menu prices at that exclusive oceanfront restaurant. They buy or order want they want, because of the beauty, enjoyment, or other value it brings to their life. They have high standards, but appealing to their desire to save money or using the hard sell just won't work. Instead, demonstrate the value that your product or service offers. Create a narrative about the positive feelings it will create. Price should be secondary to the product.
Give them a feeling of being generous through an award for investing into a Charity or involving into an Environmental issue For example, the percentage from the sales could go to a Charity organization, etc.