What Should You Do in This Luxury Market?
In more than twenty years in luxury, I find this market particularly interesting. Without question, you must be proactive. However, what you should do depends on who you are, what you do, what kind of luxury you offer, and the aspect of the luxury market you play in.
Client Advisors: If you work for a large luxury brand buying traffic is up. In fact, this might be one of the most active periods in a long time. However, do not let great foot traffic and ecommerce sales lull you into a pattern of comfort. If more people are coming in, there are more people interested in buying not coming in. This is a good time for professional and consistent outreach to make sure you are the luxury brand of choice.
Sales Managers: Product knowledge and new offerings are important, but your team also need sales skill development, specific to luxury and the affluent and wealthy. Many of your advisors have not had formal sales training and are not as worldly as you might think. Even experienced salespeople have habits that work against them. Focused and intensive luxury sales training will help you get better numbers.
Entrepreneurs: It is easy to think the best use of your time is product related, but a better use is marketing and sales. Some luxury entrepreneurs avoid this because they are intimidated by the cost and time commitment. You should not be. Investing in marketing and sales means, putting in a dollar and taking out three dollars, and often much more, particularly in luxury. Don’t squander today’s receptivity to luxury. Invest in marketing, selling, service, and training.
Startups: During the pandemic large numbers of new businesses were created. The luxury sector is no stranger to new product and business ideas. However, many luxury entrepreneurs are focused solely on launching an extraordinary product and do not have a workable strategy to market, sell, and scale the business. Luxury is uniquely different than other categories. It is easy to make mistakes because you have assumptions from inexperience or a flawed read of the market. Learn how to the target the right client, differentiate yourself and expertly capture long-term client value.
Freelancers: If you’re not an entrepreneur with an established business you can still prosper in this market. You can partner with others offering high-end products and services, and selectively work with luxury brands large and small on projects, events, and special clients. The key is being more organized in your approach and treating freelance activity as a real business. This is a good time to learn the principles of growing a business and marketing and sales.
Write me at: info@andretaylor.com, tell me about your situation, and I would be happy to offer specific recommendations for you.
At Taylor Insight we help premier and luxury 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.
