The holiday season is fast approaching. Now is the optimal time for luxury retailers to gear up for the busiest season of the year. Your Black Friday marketing campaigns need to be data-driven in order to ensure success. Before we analyze the holiday season and provide recommendations, let’s address a question that might be on your mind:
The holiday shopping season, especially Black Friday, can be the biggest time of the year for retail. With this being the case, luxury retail stands to benefit from the general willingness to spend.
Of course, there is the question of whether offering luxury goods on sale dilutes your brand. But, when it comes to your Black Friday marketing campaigns, there are ways for you to participate without affecting your overall brand image. Many high-fashion labels such as Prada and Fendi participate in Black Friday, as Bloomberg reports.
Now, let’s explore the ways brands approach Black Friday internet marketing or digital marketing strategy.
There are several ways for luxury retailers to get involved during the holiday shopping season. In general, all retail categories see an uptick during this time of year, including luxury.
Even luxury buyers enjoy scoring a great deal or an exclusive find. Thus, as a luxury retailer, you can create excitement around Black Friday without tarnishing your brand.
Your digital campaigns can be focused on value-adds that are specific to the season. These don’t necessarily mean offering unreasonable discounts on large volumes of products. A well-timed marketing campaign can promote your holiday idea in a way that is reflective of your brand. The promotion can generate both buzz around the season and the exclusivity of a certain deal.
How best can you do this? Let’s consider a few examples from past holiday seasons.
Many luxury retailers have taken advantage of Black Friday in the past. For instance, although Louis Vuitton’s flagship store did not feature any discounts, according to Business of Fashion, they did open their store earlier to encourage Black Friday shoppers to come in.
Another example is Bergdorf Goodman’s holiday marketing strategy. They offered Saint Laurent handbags at 40% off. Even though this is a significant discount, they limited it by offering it on a specific item. Other labels and products were sold at regular prices.
Masstige brands such as Michael Kors or Ralph Lauren have offered deep discounts of up to 75% off during this season. They can bounce back to regular prices after Black Friday without altering the value of their products or their overall brand.
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Let’s consider some Black Friday marketing campaign ideas that you can implement and promote:
Whether in-store or online, you can manage the number or types of discounts you have. For instance, you can offer 75% off on fur coats, but limit the number of coats. Let’s say you offer 10 pieces per retail store and 50 online. Similarly, you can offer a discount on very specific items and maintain regular prices for all other products.
Black Friday excitement can also be created by opening your store early or keeping it open for longer hours. By doing this, you can attract shoppers who are out early or late without needing to offer major discounts.
Your Black Friday offer could be on a new collection or limited edition line of luxury products at full price. You can offer an early and exclusive preview of next season’s goods to Black Friday shoppers. This offers you another alternative to make the most of the season.
When you do offer a traditional Black Friday sale, you can do so in a short window of time. For instance, if your sale prices are only available 6 am to 9 am, early birds will get in to enjoy the deals. This also motivates and gives other shoppers incentive to shop earlier. The buzz from your campaign will last the rest of the day even when you roll back to full price.
Other alternatives revolve around creating a memorable customer experience for in-store shoppers. For instance, you can offer free personal shopper service on this day. Similarly, you could serve champagne in-store, offer double reward points, or free personalization on products.
This could also be held as an exclusive, invite-only experience for your most loyal customers.
As a luxury brand, you may not want to reduce prices in your flagship store or your own retail store. However, you can choose to offer discounts through your partner retailers or similar channels. For instance, luxury department stores or even off-retail stores can offer selective discounts on your products.
Essentially, when you conduct wealth screening on your contacts, you learn more about them. Analyzing your screening data can tell you what makes your audience unique. You can then use these insights to deliver personalized and effective campaigns.
Use wealth screening and analytics to personalize your campaigns.
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