Like everything living thing, growth occurs in all facets of human endeavor. This growth is a result of change across systems and sectors. The marketing mix that worked for luxury brands in the past is certainly not the same for today’s customer era.
In a word, the nature of consumer needs has changed. In response to this, the marketing efforts are increasingly geared towards addressing the real needs of the target audience. The emphasis has moved from product features to how these features address the needs of the target audience. By doing this, luxury brands like Gucci and Chanel are able to appeal to the emotions and desires of the audience, especially on the luxury side of things.
More to the point, luxury brands are aiming to utilize available media and fresh methods to reach their audience. I have been researching new outlets of luxury marketing at the Fashion Institute of Technology. I can assure you as a day is long, that the success of a luxury brand relies upon new marketing platforms to achieve goals and overall brand success. In fact, the new marketing buzzword for driving business success is growth hacking. The term itself was allegedly coined by Sean Ellis in 2010 when he was trying to come up with a new job title that best described his role in the businesses he had worked with – growth.
The birth of a New Customer Era
Today’s customer era is unique, characterized by heavy dependence on digital media, short attention span and other complexities that are apparent in today’s marketplace.MORE FOR YOUHow Luxury Fashion And Lifestyle Brands Can Leverage Technology In 2021How Millenials Are Changing Age-Long Traditions Of Luxury With Digital TechnologyThe Perfect Balance: How Luxury Brands Can Maintain Exclusivity And Still Be Relatable Online
To reach and stay in touch with their target audience, luxury brands are taking advantage of messaging and marketing automation tools. These tools enable them to break down complex messaging into tiny and easily absorbable bits. These bits of messaging easily translates to the need for more time and resources for the execution of marketing communication needs. But with the option of automation, less time and resources can be spent to achieve intended results. The entire messaging for a period or business process/promo can be set up at once and allowed to run on autopilot.
By breaking complex messaging down to easily digestible bits, luxury brands allow their audience to grasp their messages on the go. This also saves them valuable time for other vital production and client management efforts.
Under this new era, the concept of remote working has gained better acceptance and increased adoption. Luxury brands have quickly adapted to the reality that this presents. Brands are taking advantage of services like Nextiva and their platform NextOS, which has all communication channels connected with business applications and intelligence.
One of the keys to growth in the new customer era is developing a culture that easily embraces necessary change and the realities that come with it.
The New Customer Era and bulk messaging
The truth of the modern customer era is that people are very busy, making it difficult to connect with them. At the same time, they are always on their mobile devices for a variety of reasons. This makes SMS marketing a viable way for luxury brands to connect with their audiences.
Bulk messaging is an easy and convenient way for brands to push updates about new products and offers, prompts about deals, and complimentary information. Intis Telecom has a powerful and stable mass texting software with a direct connection to GSM and CDMA mobile operators, which provides exceptional bulk messaging solutions to brands looking to grow and stay in touch with their customers. Using the Intis Telecom messaging solution, luxury brands can send messages about products, events, and other company news to increase brand awareness and drive patronage.
“After some of our luxury segment clients started to use short links with the product image inserted in the SMS, they reported a 270% growth in the conversion rate of sent messages into new orders,” said Andrey Insarov, founder and CEO of Intis Telecom.
According to a report, it is predicted that 48.7 million consumers will opt in to receive business SMS messaging by 2020. The report also holds that 79% of smartphone users make their shopping decisions based on SMS opt-in or similar mobile device services, while the average open rate for text message marketing campaigns is 98%.
It’s a new era, and the more personal the communication, the easier it is for people to connect with the message and take the desired action. Bulk messaging allows luxury brands to hack growth, and you can do the same, too.
The New Customer Era and Email Marketing Automation
Email marketing is one of the easiest ways luxury brands can reach millennials with their brand message to get them to make a purchase or to convert them to repeat customers. According to a report by Fortune, a survey of more than 3,000 consumers across China, Europe and the U.S. by UBS Group AG revealed that millennials contributed 85 percent to growth in the luxury market in 2017 and will represent 45 percent of total high-end spending by 2025.
The survey as reported by Fortune also revealed that luxury brands like Gucci and Louis Vuitton are favorites for millennials. This is largely due to their exploits on social media, which has empowered them to reach more people and create more loyal customers.
What many luxury brands have also realized is the power of email marketing in today’s customer era. The customers of today might be busy, but nothing awakens the curiosity in them as much as an email from a brand they know or respect.
To help these luxury brands drive growth through email marketing and automation, Maropost, as a digital platform, allows brands to achieve greater audience engagement, customer acquisition and sales growth by providing industry-leading inbox deliverability, advance reporting, sophisticated segmentation, list management, template management, A/B testing and email automation.
According to their CEO, Ross Andrew Paquette, “We know that people today buy experiences and not just products. And this is even more true when it comes to luxury. With our marketing automation platform these brands are able to easily build tailor-made experiences for their customers based on what they like and what they want. This translates into higher engagement, satisfaction and, ultimately, more purchases.
With simplified marketing automation, luxury brands can drive consistent growth, achieve top of mind awareness and stay ahead of the competition. Top of mind awareness is vital, it is the reason Rolex easily comes to mind when you think of luxury wristwatches and Louis Vuitton when you think of luxury bags and fashion accessories.
Blockchain is Heralding the New Era of Education
It is impossible to execute any marketing effort or growth plan without finances. Mismanagement of funds can easily lead to the collapse of the most thriving luxury brand. Using blockchain to achieve financial education is an approach one brand is taking.
“We needed a token that could be fully functional, a vital component to benefit students, universities and the community at large, with all the technology of the past century the world has become a smaller place,” says Luke Arliss, the key founder of Edgecoin Pay. He has been in the cryptocurrency field since 2015, where he has used quantitative and algorithmic trading methods to reduce risk and maximise returns.
Luke, however, admits that there’s still much to be achieved in the finance market with blockchain technology.
“We have literally just scratched the surface, Blockchain technology is well and truly becoming recognised as one of the most significant technologies of our time just as the internet was some 20 years ago. It will fundamentally change the world as we know it.” Luke said.
The idea of Edgecoin was conceived some years ago when Luke Arliss realised the difficulties that not only students, parents but also universities had in delivering and providing that most precious asset, education. “Knowledge is power”, he said, stressing that universities have big roles to play.
As a way of introducing a smart financial solution, and to ensure ease of payments, Edgecoin Pay, an Educational Digital Token Stable Coin, allows education-related transactions such as enrollment fee, accommodation, books, etc. to be settled on the Internet while making full use of the education infrastructure, regulation and stability of traditional finance processes and systems.
Adapting to the New Era
A huge part of growth hacking has to do with being able to identify what is working and what is not. This understanding helps brands to focus their attention in the right places, make vital business decisions and stay relevant amidst the increasingly changing times.
The brands that would stand the test of time must be able and willing to evolve in a way that allows them to adapt to the new era and prevalent reality in whatever field they are known for. Sometimes, this adaptation could mean introducing a new product/service line, switching to a different industry or a masterful combination of both.
Growth is not always comfortable. It can be resources and time demanding, but the benefits outweigh the cost.
Messaging and marketing automation tools are a must-have for any brand that is looking to experience massive growth in this new customer era. For luxury brands, these tools allow them to form deeper and meaningful connections with their audience. Do you desire growth for your brand? Get started with messaging and marketing automation today!