November 28, 2016 Last updated November 27th, 2016 1,320 Reads share

The Gift of Grandeur: 7 Tips For Targeting the High-End Market

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There are many rewards associated with aiming your business at the high-end market but the expectations which come with a hefty price tag are proportionately heightened. The average A-list celebrity can apparently rake in over $100,000 per year in freebies given to them by companies hoping to get reflected status from the cachet associated with an A-lister wearing, driving or using their product. It’s a fair strategy considering it seems to work!

Consider this, when Kate Middleton wore a Seraphine outfit for a photo shoot, the frock sold out within two hours and there was a month long waiting list. This is of course at the extreme end of the market but the underlying principles still apply. Create the perception of a link between your product or service and an aspirational lifestyle and you are on your way to gaining and retaining a high-end patronage.

Let’s have a quick look at some winning strategies to raise your business image and lure in that coveted, illustrious clientele.

Physical Image

At the top end of the market your customers are going to expect a brand which has associations with excellence and desirability. Luxurious offices and facilities or at least the appearance of such is vital, but can be achieved surprisingly simply and economically by engaging the services of a virtual office provider . A virtual office will also provide your brand with a global presence – imagine being able to boast offices in the world’s leading fashion or financial centres like Paris and New York.

Online Image

Chances are most of your competitors are using social media platforms, professionally designed websites and have a state-of-the-art, tech savvy image. If you don’t keep pace with these, no matter how good your product or service is, you will lose.

As the times change, it can be difficult for established companies to update their marketing strategies, which is where startups have found an advantage against larger corporations in the past few years.

However, there are ways to maintain even footing with competitors that may be more equipped to handle online marketing.

You may not know the basics of things like SEO or CMS systems but you need to have someone on board who does. The services of a good digital marketing company can revolutionize the way you do business and raise the profile of your brand immeasurably. Consider this, research indicates that 91% of people do not go past page 1 when they do a Google search. That is a telling figure which suggests that if you aren’t on page 1 – you basically don’t exist online.

Understand Your Market

To make an incredibly simplified statement; You can’t sell to a group if you don’t know what they want.

This is an issue that has caused the downfall of many industries, assuming that good business strategies are universal regardless of your market. For example, while some groups may prefer the more cost-effective, economically viable options, the consensus as to what defines “cost-effective” will differ from demographic to demographic, and as will the idea that cheapness is a virtue. When you think high-end, you think luxury, and the many benefits that accompany wealth. If your product or service isn’t designed or marketed to reflect that, it’s going to be incredibly difficult to form a client base.

Service

At the risk of sounding crass – the wealthy want to be pampered and fawned over. They expect and receive shorter lines, faster service and the red carpet treatment, in other words they expect to go to the head of the queue and they are prepared to pay for it. The more exceptional and exclusive their shopping experience is, the better. Both figuratively and literally, they want to stand on the other side of the velvet rope. Status dividers such as a Exclusive, Premiere, Platinum and Gold, create the feeling of being privileged to something extraordinary.

Quality

It goes without saying that you may do well initially trading on facade but eventually you have to have a quality product or service to back it up with or your return business is going to be nil. Accentuate the positives – depending on your field of business, these may include: image, quality products and services, personalised service or luxury features.

Brand positioning

Don’t use a shotgun approach to advertising, instead channel your resources towards your target market using business magazines and financial publications. Use quality imagery with aspirational lifestyle themes. Harness the power of other high-end products and link them into a package with your own and this will raise your profile in the collective consciousness.

And on that note …

Associations

You can have the highest quality and the sleekest designs, but if your business, brand or product is associated with being anything but flawless, you aren’t likely to find much of a clientele in the high-end market. This can be a difficult thing to navigate at first, but once you have cemented your brand with positive ties to an emotion, ideology or lifestyle, it’s going to be difficult for you to lose it.

The simplest form of this is advertising, as this is a platform that allows you to shape your image into your favour in a way that will be observed by a wide population. To be seen as elegant, you need to portray elegance wherever you decide to place yourself, and never waver in the face of the public. This is where consistency plays a major part in your strategy, as inconsistencies in your image will make it less likely that people will begin to associate your brand with a targeted idea, if they associate you with anything at all.

All the these strategies can seem like extra pressure on your business bottom line, but this will translate directly into sales if you get it right. Once your brand is hot, it can gain a momentum you never dreamed possible. So set your sights high, create a business plan and start world-beating!

Image: Singapore, Singapore – November 05, 2016 : The Shoppes at Marina Bay Sands is one of Singapore’s largest luxury shopping malls, with over 800,000 square feet of high-end retail shoppes.

Lauren Williamson

Lauren Williamson

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