For years, many luxury brands have said that the appeal of their goods went beyond simply owning the item. The experience of having access to an exclusive product, finding it and receiving personalized service separates the luxury buying experience from going to your local big box store.
Translating these intimate moments is a major reason why luxury brands have been slow to embrace online marketing solutions to increase their internet presence. These companies are now beginning to change their marketing strategies and are moving into the digital realm, according to a new eMarketer report, "The Luxury Consumer: Shoppers Lead Brands to Digital Channels."
So what has inspired the change of heart? A major factor is the amount of time that high-income individuals spend online. An Ipos MediaCT analysis of households with an annual income of over $100,000 found that the amount of time they spent surfing the Web increased nearly 25 percent from 2011 to 2013. In an American Express survey of wealthy individuals conducted earlier this year, nearly half of them said that they discovered new luxury products while shopping online.
"These aren't the idle rich," Skip Brand, a luxury branding expert, told eMarketer. "These are people who use online resources to save time. And they will spend money to save time."
While most affluent people are still buying high-value products in brick-and-mortar stores, the fact that they are being exposed to more online marketing messages is important. The amount and quality of information they receive about a particular item can influence their choice.
By partnering with Key Media Solutions, you can capture the right audience and turn these interested parties into loyal customers.