While all retail stores use similar marketing techniques, high-end retail stores have to use that blueprint and turn it on its head. After all, no one is going to buy a $5,000 bag just because it’s expensive; they buy it for the name brand. But if you don’t have a name, what can you do?
10 Different Techniques to Increase Luxury Sales Figures
Gucci, Dior, and Chanel can get by with just name recognition alone, but your brand will need something more. Here are 10 different techniques that will help you increase sales figures.
1. Capitalize on Personalized Services
Many luxury brands would benefit from allocating part of their budgets to highlighting the customer experience. Personalization falls into this category. It’s one of the best ways to increase sales because it treats customers like individuals and tailors their experiences.
2. Look Into Multi-channel Marketing
A multi-channel approach also focuses on the customer experience, but for the opposite reason. Multi-channel or omnichannel marketing gives you the ability to offer the exact same customer experience online and offline, and it helps connect all channels that affect customer experience.
3. Start Networking With Influencers
Reach out to stylists, bloggers, influencers, and other relevant people in your industry to forge relationships. Offer them exclusive deals, invite them to events, or provide them with an insider’s look into the latest products. Make sure these people have an audience in your niche.
4. Leverage Programs and Promotions
Offer creative promotions to entice customers to buy. Utilize rewards programs, giveaways, and loyalty deals to keep customers coming back. Consider sending relevant gifts to past customers. For example, a premium camera store could offer a photo book from Mixbook.
5. Target Gen Z and Millennials
By 2023, the youngest generations (Millennials, Gen Z, Gen Alpha) will represent 80% of global purchases, and Gen Z and Millennials together make up 60% to 63% of the market. If you want to start seeing your profits increase, start researching how to attract younger luxury buyers.
6. Keep You Branding Cohesive
In-store branding should look cohesive, upscale, and reflect the identity of your business. Consider materials, object placement, mannequins, etc., to create an immersive and upscale shopping experience. Make your audience feel like they’ll be buying something expensive.
7. Focus on Psychological Value
Upscale fashion brands are all about offering an experience, not a product. Instead of focusing on a product’s size or dimensions, you need to focus on the emotional benefits the product can bring. When your customers feel emotionally connected to the product, they want it more.
8. Build Relevant Partnerships
Partner with other stores, services, or even non-profits to create exclusive offers and unique experiences. Many high-quality fashion brands will partner with charities or media juggernauts to attract a different audience. A recent example of this is Jimmy Choo’s Sailor Moon line.
9. Use Strategic Pricing
Create pricing strategies that reflect the value of your products and services. For example, consider bundling, price breaks, and discounts. However, don’t put these products in your main store. Instead, place them in an outlet store, if possible, so your main store looks luxurious.
10. Showcase Your Products
Utilize digital window displays and shelf designs to showcase your most attractive and new items. Group similar products, use lighting and visuals to make items stand out, and keep shelves stocked. Feature outfits and concepts by pairing complementary items strategically.
In Conclusion…
These are just some of the techniques you can use to increase high-end retail sales. Put these to use, and you’ll notice great results. Remember to focus on providing personalized service, engaging customers, and using creative promotions to entice them to shop until they drop.
