Give Your Luxury Clear Meaning
Luxury products have the power of creating and extending long-term meaning in your client’s life. Are you using this power?
An old Zenith transistor radio sits on the table in the entry foyer of my home. I believe it is the Royal 500H from 1961 and if it were in mint condition, it would probably be worth about $150. It is worth far more to me, because it is one of the portable radios my grandmother used to listen to when I was a kid. I remember the distinct, crisp sound coming from this radio as she listened to the sounds of Motown, or her favorite talk and news programs. I’ve managed to hold on to this gem, and got it to work briefly to my delight, during Hurricane Sandy, when the power was out for days, here on Long Island. I have many things like this that I have collected with little intrinsic value, but very high psychological and nostalgic value. It is perhaps, the meaning of a family heirloom.
My Zenith radio is not a luxury item. However, when I see it, I feel like it is. Sitting on the table, next to framed family photographs it seems equivalent to a diamond ring, or vintage watch in a jeweler’s display case. I associate it with so many fond memories like coming home from school and hearing it from a distance, listening to it while sitting on the porch at my childhood home in Brooklyn, or seeing my grandmother carefully store it among her cherished items.
There were certain steps manufacturers and marketers took back then that contributed to pride of ownership – a concept often lost on today’s marketers. That means, you want the buyer to not just make a purchase, but be proud they own your product, display it, take care of it, and talk about it. When customers take these steps, you multiply the impact of each sale. Your marketing goes farther, your brand name becomes stronger, and you develop the all-important, customer lifetime value. This used to be accomplished with the clever use of marketing copy, particularly in media advertising and printed materials. Things like printed certificates of ownership and authenticity, detailed user instruction booklets, a message from the designer or developer, a list of available accessories, a carrying case, and an invitation to write or call for additional information about the product are examples of easy-to-implement, but extremely highly effective approaches that elevate a brand. Today, marketers are proud of writing little, showing only pictures in their ads, and printing nothing while directing the customer to a digital resource if any. They lose the easy-to- acquire power of having deeper impact on the customer. They should be proudly showing friends and relatives, all the “stuff” about their new purchase, instead there is nothing to show, display, pass around, or talk about.
Whether you sell a physical product or not, you can improve the stature of your products and services today, by developing a “pride of ownership” strategy. You should always treat your product or service like it is physical. It begins by defining its meaning, a.k.a. “fantasy” to help your customer develop their own meaning. Then, think through the development of your product or service story and produce supporting materials that excite your customer like those that came with my grandmother’s Zenith – “The all-new, top-of-the line, innovative transistor radio that sets a new standard for performance in pocket radios with a large 3″ x 5″ expanded range speaker, an off-set coil and innovative large ceramic magnet, and all-nylon unbreakable cabinet.” Wow!
Let me help you develop a “pride-of-ownership” strategy. Write me at: info@andretaylor.com for details.
At Taylor Insight we help luxury and premier businesses excel and grow by attracting, retaining, and growing with affluent clients. We provide exceptional strategic, marketing, sales, and service guidance, and a portfolio of high-impact learning programs.
