Heard of the saying that it is okay to let go of anything that doesn’t serve you anymore? Yes, it’s applicable. Adults get torn between clasping to the rules and acting over the controls to discover new ways of achieving something. Employees are bound to adhere to the rules as their jobs lie in the balance. On the other hand, business owners have the freedom to try anything to make the business work. However, in this generation, employers have understood that they need everyone’s efforts in an organization to succeed. Employees now have space to be innovative and creative. So are marketers in luxury brands pulling off? Have they discovered the French Way of marketing yet?
Marketing luxury products can be a cut-throat experience. The future, however, looks bright for this industry. Especially with the shrinking of the middle class. France is among the top 10 countries doing well and disrupting the industry. As of 2020, according to research by Statista, the market is worth 285.1 billion dollars and is expected to rise to 388 billion dollars in 2025. According to a Vogue Business study in 2019, the top 100 brands brought over half the $308 billion revenue with the top 10, more than half the amount ($281billion). France being in the top 10 makes their techniques useful.
Here is how to break those marketing rules that aren’t serving you to invite magnificent growth.
5 Discoveries used by French Brands
- Set price based on the value of your brand
Unlike traditional marketing, where the price is set based on demand, the products should set the price. Break the rule of demand-based pricing as it will affect your finances in the future. It only boosts sales for a while. The problem with this is that customers buy for the sake of it. They don’t see the value and are likely not to stick to your brand. Avoid doing aggressive promotions, as offering a 50% discount on your best-seller will only reduce the perceived value of your brand. Think long term instead: make sure your brand is so powerful that pricing becomes irrelevant.
- Make your offer legendary
Avoid being just another product on the marketplace. What matters, as Tony Lux says, is striving to stand out with your product – not in your own terms, but validated by the marketplace (which is totally different). Louis Vuitton did this when they started with their now legendary lifetime guarantee. The rest is history.
- Avoid leaning to all of your customers’ wishes
Customers will always create demands and predominantly avoid purchasing if their needs are unsatisfied. For luxury goods, it’s not meeting all their demands. Understand the value of your brand and its worth. To succeed in the industry, dispense the habit of satisfying the consumers’ wishes. Your goal is not to please everyone, but to please a small group of affluent buyers, looking for something specific. A Ferrari can not be a SUV and a family car at the same time. You need to choose, but choose well. Otherwise, your brand will become everything, and trying to please everyone often leads to pleasing no one.
- Digitize your leads generation
Technology recently allowed us to automate most of the current leads generation done to attract affluent buyers. While your goal is not to get volume but quality instead, Tony Lux insists that the philosophy of a luxury brand should be to keep affluent buyers loyal. Selling a 100k worth of sales to one single rich buyer is easier than convincing 10,000 people to purchase a standard 100 euros product.This can be applied to your brand as well, even if you are not in the luxury industry (yet). Quality trumps volume especially when it comes to leads generation.
- Using the power of storytelling.
While your competitors can copy technological innovations, copywriting or offers, they will never be able to copy who you are, your unique story says the CEO. Therefore one of the best ways to stand out in a crowded marketplace is to frame your products as the result of your story where the customer is the hero instead of you. Studying Festival de Cannes best movies has been a passion for Tony Lux since a young age, and he noticed that like in movies, strong French brands have been using the same patterns. Consumers want to identify themselves with the story of someone who made it, someone who used to be like how they are today, struggled, frustrated, but who, despite all odds, made it. Your product must then become the bridge to achieve this. When Chanel became so popular it was because she constantly used her unique story of being a mocked poor woman, told by men that she would be no one without them. Many women connected to this story, they identified themselves, and Chanel products became a way to stand up in front of this injustice, to join the new feminism movement, explains Tony Lux.
The inventor of the French Way of Marketing Luxury Goods
On to some unravels, the man behind the marketing way of Luxury products is Tony Lux. Tony’ Lux extended his French Way to the US and other industries. Tony Lux is known as the original inventor of the French Way of Marketing Luxury Goods. He is the CEO of Tony Lux, a firm that offers marketing services and consultancy. (https://www.tonylux.com) He has a clear track of successful records in France. https://tonylux.com/results/endorsements. He is confident that dedicating your five days with him would create a sales force of over 2M euros if his strategies are applied the way he teaches them. He has made 1 million euros in 40 minutes at a webinar for one of his clients in the French market. Why not break those marketing rules to adopt the French Way.
The above discoveries utilized by French brands have kept its market among the top in luxury goods. By these tactics, brands like Louis Vuitton and Chanel remain still with their income despite a pandemic. Tony Lux ought to be appreciated, raising such strategies. http://www.diplomacyandcommerce.rs/tony-lux-ceo-of-tony-lux-marketing-luxury-goods-thefrench-way-how-an-ordinary-farmers-son-became-louis-vuitton/. Connect with him using these accounts:
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