When it comes to sales, there is no one-size-fits-all approach. The same is true when it comes to the luxury consumer. A more expensive purchase, even for the wealthiest among us, merits more time and consideration. And sometimes, the higher the price tag, the longer the sales process.
With that in mind, does your sales funnel adequately reflect the purchase process for the luxury buyer? Over the past 14 years, we’ve been working with premium and luxury appliance dealers to optimize their sales funnel to meet the needs of their target audience. In this article, we explore the luxury sales funnel and share some of the most important components of the luxury buying process that we’ve learned along the way.
Brand awareness campaigns function at the top of your sales funnel. Once you’ve identified your target audience, consider how to make a lasting impression on them. Strong content and advertising strategies need to be in place in order to make the perfect first impression.
For the luxury audience, Lindsay Vine of ConfigureID highlights the importance of using stunning imagery to capture the high-end consumer’s attention. “People buy luxury items to make a statement beyond a simple need,” Vine writes. “The way the product looks will usually also influence how the person who owns it feels.” Go for quantity over quality when it comes to advertising, and be strategic with the imagery you select. The right images paired with a well-targeted campaign can do wonders for brand awareness.
The luxury consumer isn’t won over simply by first impressions though. While making a positive first impression on a new customer matters, “what’s really important is the second and third time,” says Oliver Chen, managing director and senior equity research analyst at Cowen. “Because if the packaging or speed or touchpoint is not pleasant, you lose the new customer.”
Once your customers are drawn in, you’ll need to have a solid plan in place to show them what they would be missing if they don’t purchase your products. According to Mediaboom, “Consumers don’t buy luxury goods because they rationally need them. They buy them for wish fulfillment, out of aspiration, and other emotional reasons.”
Your marketing strategy should enhance this fear of missing out through content and strategic delivery. Use this stage of the marketing funnel as a time to showcase your expertise and the value your product can bring through well-crafted content. When the content is ready, use channels such as e-mail marketing and social media to ensure it reaches your audience.
If you think your funnel ends at a sale, you’re missing one of the most important steps. Whether your business is in a luxury market or not, your marketing plan should see the end of the funnel as an opportunity to create the brand loyalty that keeps your customers coming back.
The high-end appliance audience of today has specific expectations. If your product doesn’t deliver on the promises you made throughout the sales funnel, you don’t just lose a customer, you hurt your brand. In a world where online product research is the norm, negative reviews can affect sales significantly. Remember that luxury appliances aren’t purchased on impulse, they are carefully selected at the end of a well-thought-out customer journey.
The luxury sales funnel can seem complicated. Consumers are putting in significant time and research before their purchase, and you should do the same. If your sales funnel could use some adjustments based on years of experience in the high-end appliance market, we’d love to hear from you.