As the end of the fiscal year closes in, marketers are certainly looking to draw upon new audiences and push their remaining prospects through the sales funnel. To spur Americans to action, marketers might promote lower prices or offer a comparable incentive, such as free shipping. This may work for 62 percent of American, who are looking for discounts of 30 percent or more, according to Accenture’s Annual Holiday Shopping Survey. But price-slashing might be the wrong approach for other brands, particularly those selling high-end luxury items – and it’s up to marketers to know what’s best as they craft digital content.
In a recent interview with eMarketer, King & Partners Founder Tony King explained that consumers shopping luxury brands actually tend to be turned off by price discounts, because this takes away from the exclusivity of the products.
“Luxury consumers respond to access rather than promotion. They want to know they have something other people can’t get yet, so that means exclusive products. That’s what’s valuable,” said King.
Unfortunately, most luxury brands are behind the times with their web marketing, and they lack the content strategies needed to appeal to customers’ desire. In a traditional retail landscape, this reluctance to adapt may not hurt high-end brands’ bottom lines. But they’re operating in a digital era when all consumers are discovering and interacting with products and services online long before they enter physical stores to speak with sales associates.
“They want to know they have something other people can’t get yet, so that means exclusive products. That’s what’s valuable.”- Tony King.
It’s imperative that brands across the gamut tap into customers’ motivations and deliver online experiences that match those buyers would expect in stores. For big box corporations, this generally means quick service, convenience and competitive pricing. But for luxury businesses, it demands a personal touch and a sense of exclusivity, according to King.
Marketers may win half the battle just by learning to speak the same language as their customers, and ensuring that tone is conveyed across touchpoints, including product descriptions on landing pages, social media posts and regular blog articles. By determining the voice that resonates with readers (whether that’s straightforward and funny or sophisticated and vivid), marketers can deliver messages that will push target audiences toward conversions online and off.