In Luxury, Age Is Important
I often receive inquiries from luxury entrepreneurs asking for advice on how to market their business to attract more sales. The first thing I do is recommend they enroll in my full Luxury Lifestyle Advisor (LLA) training program which will certify them in my methods in building a luxury enterprise. I know however, they are often searching for a quick, (dare I say, magic) answer to their sales dilemma, so I ask them: “What is the age of your target prospect?” then I ask, “What is the age of your salespeople, sales manager, and director of marketing?” That’s because in luxury, age makes a big difference when it comes to strategy, tactics, and getting results.
Let’s begin with youth. If your team is young, they are inclined to define “marketing” as social media. The “marketing plan” will be solely based on what can be accomplished online. The problem here is, many luxury clients, those with real money to buy, are older than the typical salesperson and marketing director and they are not looking where you are aiming your marketing. When you do find them, they don’t have the same reverence for the digital ad, that a younger person might. They see social media, and all this digital stuff, as a necessary evil. Day-to-day, they conduct business using email, by conversation, and by face-to-face meeting. If they want a salesperson to text them, it’s because they don’t really want to deal with you in the fashion they typically deal with friends and colleagues. This means, the young luxury professional might miss entirely, the most direct path, and nuances of dealing with the affluent or wealthy client.
Let’s now talk about the older luxury professional. You might be an owner and believe you do not understand digital marketing. As a result, you might not take action to build an online presence, keep it updated, nor value the importance of creating content to attract clients. Or you might recruit a younger person and leave it up to them, but you have no way of knowing whether what they propose will work. At the same time, as an older person you might have disdain for modern trends. You come from an environment where formality ruled, manners were meticulously cultivated, and high-level service and conversation were most important. You are adjusting to not wearing a tie always, and while you like the comfort of today’s athletic shoes, you view today’s footwear and business attire trends, at times, a bit too relaxed. You are comfortable with paper, handwritten notes, and engaging with prospects at professional and cultural events. The challenge here is the client you are accustomed to, is thinning out, and while some of your younger clients will grow into patterns you are used to, the timing is unpredictable and unreliable when it comes to building your business.
This quick discussion of the differences between young and old should alert you to a big decision you must make to advance your luxury business. How do you take the best of the old and traditional and blend it with the best of the new, to develop a comprehensive approach to marketing and sales? In my view this is the sweet spot of growing a luxury enterprise today. I find independent brands, with limited capital, are typically leaning too far in one direction or another. If you don’t know better, you’ll be convinced putting big money into your digital strategy is all you need to do. My advice is to consider your ideal client carefully, and then consider what kind of talent, plan, and process you’ve defined to go after them. I am certain you will see the need to modify your approach both internally and externally, based on age.
Need help refining your approach? Write me: info@andretaylor.com.
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.
