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Brand Loyalty For the Rich
By: Janet Kalandranis
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Opportunity is knocking and it has a lot of money. Like the most money. So brands should take note, and understand there’s money to be spent and it’s being dropped everywhere. One would assume that the more money a consumer has, the more preference over brands there will be. Apparently this is not the case. So rich people (that’s definitely PC, right?) have money to spend, and purchases to make, but are unsure of what brands to go with when it’s a luxury purchase. WHAT? That’s right, there’s opportunity to scoop up these dollars as right now any brand in that luxury category has a chance. Why is this? Did brands make a mistake or are these consumers just an undecided, un-loyal set?

Today much of the conversation is around mainstream. Those products that are accessible and affordable to the masses. And it makes sense. There’s a concern over finances, the world is not the same as it was in 2006, and every dollar spent needs to be spent well. And this general population has its favorites; those brands that continue to deliver year after year and the products and services that make them feel comfortable. These brands aren’t quiet about the competition; they fight for every dollar, every share of market, and every purchase.

Now think about that luxury category. These brands tend to be quieter, less active, and sometimes hidden. This makes sense as dollars spent on being out there 100% of the time will not equate to increased sales if there is only a small percentage of the world that can afford them. This doesn’t mean luxury brands simply sit back and wait for the dollars to come. Instead these brands need to continuously connect with their target even if it isn’t through traditional means. Because if a brand isn’t around, isn’t making a connection, customers are going to forget. They are going to have no real allegiance to a certain brand and the money is up for grabs.

So as a luxury brand, don’t feel the need to employ all sorts of traditional marketing tactics, but don’t forget them all either. Find a way that keeps the brand top of mind in the customer set and pushes those dollars to be spent a certain way. Without a brand reminder or brand interaction, customers with serious cash don’t know where to spend it. What a shame!

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About the Author
Janet Kalandranis is here to give you all the little brand thoughts that run through her head with a little dash of spice. Find her online here.
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