What makes one brand more coveted, exquisite or justifiably more expensive than another?
There are many reasons — exceptional storytelling is the primary one.
SLT Consulting was recently named one of the Best Digital Marketing Agencies for Luxury Brands 2021 by Digital Agency Network. We are thrilled to be recognized as one of the top agencies for luxury marketing, and that our work has been successful at engaging well-heeled customers for our clients.
The key to selling luxury is to create a unique and memorable brand experience, one that inspires an emotional connection between the customer and the company.
Our client Erica Weiner Jewelry shifted their business model from selling handcrafted jewelry at modest price points, to selling ultra-expensive antique pieces exclusively online. We partnered with them to overcome the challenge of finding a new, upscale customer base interested in antique jewelry, with the required income range to purchase such pieces—all without physically being able to touch, feel and experience the product for sale. How did we do it? Read our case study to see the details.
What sets one brand apart from another are the subtle differences in how they provide an experience to its customers. Luxury is an aspirational concept - it is the perceived value in the customer’s mind that justifies a price point - and how a brand chooses to express luxury is telling of how much they believe they are worth, as well as how much consumers may be willing to pay.
Luxury can be communicated through:
Attention to detail
Commitment to excellence
Dedication to service
Exclusivity and intentionality
Customized and personalized
Pinterest is one of our favorite platforms for luxury marketing, mainly because it has a captive audience of high net-worth customer. 45% of households in the United States with an income over $100k are on this discovery and planning platform, which boasts 478 million monthly users. Pinners outspend non-Pinners by two times each month and have an 85% larger basket size. In other words, Pinterest users have disposable income and they like to buy things.
The features on Pinterest allow upscale brands to engage with customers in valuable ways, by facilitating the "consideration phase" of luxury shopping - which can sometimes occur over several months. Pinterest's Shopping List enables Pinners to automatically save Product Pins in one place, making it easier for them to return to those Product Pins and shop for items they were interested in. Pinterest research found that Pinners are over seven times more likely to purchase products they have saved. And the number of users engaging with shopping surfaces on Pinterest grew by more than 200% over the past year.
We've seen consistent success with Pinterest marketing across our client portfolio, from exponentially increasing organic website traffic to generating double-digit returns on ad spend from well-targeted Pinterest advertising campaigns.
So, the next time you find yourself debating whether or not to splurge on the high-end handbag that you’ve always wanted, or are considering an indulgence that is far from being a necessity, remind yourself that you are worth it - and also realize that a talented marketing team must have worked pretty hard on telling an exceptional story, on the right platforms, at the right time, and in the right ways to capture your attention.
If you are a luxury brand owner or director and would like to chat about how we can help to support your business goals, please contact us to schedule a discovery call.