Many market segments have suffered greatly because of the recession. The average consumer is spending less than ever before, and its causing many brands to suffer greatly. Thankfully, luxury brands have not been hit anywhere near as hard. Rich consumers did not make any significant changes to their purchasing habits, but they have become more selective about what exactly they do buy. Even for these consumers, the question it comes down to is “Is it worth it?”. For this reason, brand awareness is more important than ever for luxury brands. But how exactly can a luxury brand achieve a level of awareness that can catch the attention of the more affluent consumer?
The most common way, and perhaps the best, is to create some sort of exclusivity in the brand. Once a brand creates a feeling of this “inner circle”, this “club” if you will, people will flock to it to become a part of that exclusive members only club. By making the consumer feel like they are a part of something bigger than themselves, and that the use of the brand somehow effects their status with that exclusive group, is just about the most effective thing that one can do to increase brand awareness around luxury brands.
However, basing a brand’s entire awareness around one method is absolutely insane, and there are many other steps that a luxury brand can take to increase their awareness level, like engaging the customer. Engagement is a very common thing in all of brand awareness and marketing, but it becomes extremely important when it comes to selling a luxury product. Creating a story around the product that really makes the consumer feel a connection to that story, particularly if they could compare themselves to the story in a flattering way. For example, having a man “make it” in the world and then begin flaunting the luxury brand shows a confident and sexy man that is made so by the brand, or at least assisted by it, which makes the buyer think that perhaps their image can be assisted by the use of the brand as well. An alternative and very popular strategy along these same lines is creating a love story, which can be more appealing to those luxury consumers who already see themselves as sexy and confident individuals. By running advertisements to this effect, the awareness for a luxury brand can skyrocket to new levels.
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