Omnichannel Marketing Strategies in Luxury Marketing
Ever wonder how to retain your luxury customer? Today’s customer can jump from a retail environment to a digital one within a given day. How do you ensure that you engage them on every channel?
Omnichannel marketing strategies in luxury marketing offer a distinct way of interacting with your customers. It’s more personalized and dynamic.
Omnichannel marketing can be defined as a multichannel sales approach that provides your customers with a fully integrated shopping experience. They may be shopping online from a desktop or mobile device, by phone, or in a brick-and-mortar store. Omnichannel marketing strategies for luxury brands utilize all of those channels, but in a way, that best fits your customers’ needs.
The goal is to give your customers a seamless experience from channel to channel.
How Do Your Customers Prefer to Interact with You?
How do your customers like to shop for your product or service? What is the process they usually follow before they decide to buy from you? Do they use a desktop computer? A smartphone? A tablet? Or do they go to an actual, physical location? And how many times during the day do they switch between those devices?
Here are the more typical channels used in omnichannel strategies in luxury marketing:
- Smartphone: Assume your customers will use their smartphones as part of their buying experience.
- Email: Just about everybody uses email these days, even grandma. It’s an important element in omnichannel luxury marketing.
- Social media: Social media can be used to connect with customers at home or work and on multiple devices.
- In-person contact: Your customers can get immediate answers to their questions in person, along with your input on product and service options.
- Website: If you’re in business, you need a website. Period. It’s a primary channel of customer contact.
- Print: There are still people who like print media. More so, you can use a printed business card or catalog to encourage website or store visits.
Omnichannel luxury marketing reaches your customers in the way they prefer to interact with your business. They may use one channel or switch between them throughout the day. But you need to give them those choices.
Multichannel Marketing vs. Omnichannel Strategies
While omnichannel marketing uses multiple channels, multichannel marketing may not be omnichannel.
“Most businesses invest in multichannel marketing,” writes Aaron Agius in a HubSpot article. “They have a website, blog, Facebook, and also Twitter. While they use each of these platforms to engage and connect with customers, in most cases, the customer still lacks a seamless experience and consistent messaging across each of these channels. You can have amazing mobile marketing, engaging social media campaigns, and a well-designed website. But if they don’t work together, it’s not omnichannel luxury marketing.”
Omnichannel marketing uses the same channels, but in a way, that best fits your customer’s personal needs. Is your customer planning on visiting your physical store? Shopping on your website? Calling and ordering by phone? Interacting through a mobile app? Omnichannel luxury marketing, as noted in this sample marketing plan, is done in a way that creates an integrated and cohesive customer experience, regardless of which channel a customer chooses.
In the past, a retailer might provide a desktop experience, a mobile experience, and also a tablet experience. Now they must create an omnichannel experience that customers can use whenever they want.
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Start by Targeting Your Optimum Luxury Market Customer
The more channels you utilize for marketing, the more likely it is your customers will find you. So having multiple channels does improve your marketing efforts. However, multichannel marketing alone does not ensure people are actually going to do business with you. It only gives you access to a bigger audience.
Omnichannel marketing can also help you get the most out of every channel. Omnichannel luxury marketing is a move towards more personalized communication with your consumers. This includes determining the best channels of communication to reach them.
Regardless of strategy, good marketing programs begin with sound data. You start by targeting the people who fit your customer profile. Those are the buyers with a much higher potential or propensity to purchase your product or service.
“Through data science and our database, we identify the group of individuals that we want to go after.“ said Patrick Bischoff, president of the Commercial Markets Group at WealthEngine. “At WealthEngine, we believe that our clients are best served by building a ‘cocoon of information’ around an identified individual. We provide this information cocoon for them.”
Omnichannel Luxury Marketing Is Personalized Luxury Marketing
When you’re trying to reach wealthy customers, you need to know what resonates with them.
“Obviously, we’re exposed to many, many forms of media these days,” said Bischoff. “It’s not simply the one-page ad in the luxury magazine or the TV ad for a certain brand. An omnichannel strategy can start with a direct mail message.
“At the same time, you already know the individual’s email address. Somebody who receives a direct mail piece then receives emails at a particular cadence. You’re trying to stay at the forefront of an individual throughout the whole process.”
That’s why it’s important that each part of your consumer’s experience is consistent. An item placed in a shopping cart through a mobile device should still be there when your customer accesses the cart on their desktop computer.
Omnichannel Luxury Marketing ROI
Luxury marketers should also have a strategy for a cohesive experience across all appropriate platforms to reach their target customers. Such a strategy will give your customers the feeling of that all-important “personalized service.” Also, companies that successfully implement omnichannel luxury marketing have an advantage over their competitors.
These interesting statistics regarding omnichannel marketing results were cited in a GetCRM article:
90% of customers expect consistent interaction across various channels.
87% of customers think brands need to put more effort into providing a seamless buying experience.
Businesses utilizing omnichannel marketing strategies achieve 91% greater year-over-year customer retention rates than businesses that don’t.
Companies with extremely strong omnichannel customer engagement see a 9.5% year-over-year increase in annual revenue and a 7.5% year-over-year decrease in cost per contact.
Yet omnichannel luxury marketing encompasses more than simply providing seamless, multiple channels of customer contact. You have to offer your customer quality contact with your business. Your customer service must be up to par, whether by phone or through an online chat. Otherwise, a new, interactive website or colorful brochure won’t have much value.
All channels of a luxury marketing strategy must work together to provide today’s luxury consumer with their ideal buying experience.
WealthEngine data can help you determine how to best reach your target luxury consumer. Fill the form on the right and a rep will contact you very soon.