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How can luxury brands use consumer behavior insights to improve their marketing strategies?

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Luxury brands face a unique challenge in marketing their products and services to consumers who have high expectations, sophisticated tastes, and diverse preferences. How can they leverage consumer behavior insights to create effective and personalized marketing strategies that resonate with their target segments? In this article, we will explore some of the key aspects of consumer behavior that luxury brands need to understand and apply, such as:

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Marilisa Barbieri

FORBES Featured Voice | Luxury Business Consultant | Sustainability Advisor
Nacho Bueno Fornés

Marketing director at Coleo | Business development
Christian Abramson

Fundador cübik e Mind to Mind. Estratégia de marketing, experiência do cliente, trade marketing, pesquisa. Consultor…

1 Motivations and values

Consumers buy luxury goods for different reasons, such as self-expression, social status, emotional satisfaction, or functional benefits. Luxury brands need to identify the core motivations and values of their consumers and align their marketing messages and offers with them. For example, some consumers may value exclusivity and rarity, while others may value sustainability and authenticity. By understanding what drives their consumers, luxury brands can tailor their products and services to meet their specific needs and desires.

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Marilisa Barbieri

FORBES Featured Voice | Luxury Business Consultant | Sustainability Advisor
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Luxury brands are underestimating the power of their data about customers' profiles and purchase records. As The Economist stated, you should consider big data as one of your most valuable business assets. Data are a precious resource. If you don’t tap into such information, you leave value on the table. Big Data analytics is a tool to build luxury intelligence to scale and grow. According to Luxe Digital, about 85% of luxury sales come from clients already in their database, and big data enables them to identify and understand affluent lifestyles and purchase behaviors.These insights generated by big data can drive competitive advantages. And by segmenting consumers based on their behavior, big data can also open the door to new markets.

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Fernando Geijo Nares

Director Global de Comunicación Externa en Prosegur. Profesor / Lecturer en la Universidad Complutense de Madrid
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Puede parecer contradictorio pero las marcas de lujo deberían hacer un esfuerzo por democratizar su oferta de productos sin entrar en conflicto con su exclusividad, una de sus indudables se?as de identidad y razón de ser. Está claro que un alto porcentaje de sus clientes cuenta con una desahogada posición económica pero no deben pasar por alto que existe una amplia capa de población que se encuentra en ese límite capaz de afrontar un elevado desembolso de una manera puntual u ocasional. Me estoy refiriendo al hecho de realizar regalos para conmemorar eventos únicos que sólo ocurren una vez en la vida. Ser capaces de mantener un adecuado equilibrio entre exclusividad y democratizacion es el reto que deben afrontar las marcas de lujo.

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Juan Eduardo Carter Wainer

Branding Strategy Specialist / DSC360.com
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The massification of luxury happened by the mid 90′s. Up until then, i.e. a mobile phone was almost exclusive for a millionaire or a head of state. Status was the main drive to acquire such said item. Today there are more cell-phones than people on earth. So, by listening and using those insights to create a renewed experience with a luxury brand is the future for that market.

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2 Segmentation and personalization

Consumers of luxury goods are not a homogeneous group, but rather a diverse and dynamic one, with different characteristics, preferences, and behaviors. Luxury brands need to segment their consumers based on relevant criteria, such as demographics, psychographics, lifestyle, or purchase behavior, and create personas that represent their ideal customers. By doing so, luxury brands can personalize their marketing strategies and communications to each segment and persona, and deliver more relevant and engaging experiences. For example, some segments may prefer online channels, while others may prefer offline channels. Some personas may respond better to emotional appeals, while others may respond better to rational appeals.

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Nacho Bueno Fornés

Marketing director at Coleo | Business development
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El lujo trata sobre modos de vida, comportamiento y compra, no solo el poder adquisitivo. Debemos crear productos en base a segmentaciones y no a la inversa

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Christian Abramson

Fundador cübik e Mind to Mind. Estratégia de marketing, experiência do cliente, trade marketing, pesquisa. Consultor, CMO as a Service, palestrante, advisor. Top Voice Consumer Behavior. Empreteco. Colunista HSM.
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Você pode, via geolocaliza??o, identificar os celulares que visitam sua loja para avaliar onde mais esses celulares v?o: quais restaurantes frequentam, quais shopping visitam. Com isso, você sabe onde mais você pode levar sua marca (ex: montar uma exposi??o de produtos exclusivos na recep??o de um restaurante sofisticado) para ser relevante, presente e disponível. Compreendendo os hábitos on e offline do seu cliente você sabe como melhor impacta-lo.

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Eniss Handous

J’aide les marques à jouer un r?le impactant dans la vie des gens
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Un dénominateur commun des consommateurs des produits de luxe est qu’ils recherchent une offre personnalisée et sur mesure. C’est dans cette optique que l’ensemble des données collectées sur la structure de leurs achats et leurs habitudes de consommation est primordiale pour présenter une offre personnalisée. Les grands groupes de produits de luxe disposent d’une base de donnée pointue sur les habitudes de consommation de leurs clients. Une bonne exploitation de ces données permet d’identifier avec précision les personas et de formuler une communication et une proposition de valeur attrayante.

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3 Loyalty and retention

Consumers of luxury goods tend to have high loyalty and retention rates, as they develop strong emotional bonds and trust with their favorite brands. Luxury brands need to nurture and reward their loyal consumers and encourage them to become advocates and ambassadors for their brands. By doing so, luxury brands can increase their customer lifetime value and generate positive word-of-mouth and referrals. For example, some of the ways that luxury brands can foster loyalty and retention are by offering exclusive benefits and privileges, creating communities and events, providing exceptional customer service, and soliciting feedback and reviews.

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Marcia Machado

?? Mentora de Marketing e Resultados ??Estrategista de Marketing | ?? Fundadora e CEO na Mais M3 Agência de Marketing
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As marcas de luxo se destacam ao criar uma conex?o emocional profunda com seus clientes. Mais do que oferecer exclusividade, é sobre envolver os consumidores em experiências únicas e um atendimento excepcional. Ouvir e valorizar o feedback é crucial para fortalecer essa rela??o. Marcas como Coco Chanel e Tiffany s?o exemplos disso, transformando cada cliente em uma parte vital de sua história, por meio de emo??es e experiências autênticas.

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4 Trends and innovation

Consumers of luxury goods are always looking for new and exciting products and services that can satisfy their evolving needs and wants. Luxury brands need to monitor and anticipate the trends and innovations that are shaping the luxury market and the consumer behavior, and adapt their marketing strategies accordingly. By doing so, luxury brands can stay ahead of the competition and maintain their relevance and appeal. For example, some of the current trends and innovations that luxury brands need to consider are digital transformation, social media influence, experiential marketing, and social responsibility.

By applying these consumer behavior insights, luxury brands can improve their marketing strategies and create more value and satisfaction for their consumers. Consumer behavior is not static, but rather dynamic and complex, and luxury brands need to constantly research and analyze their consumers to understand them better and serve them better.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Marilisa Barbieri

FORBES Featured Voice | Luxury Business Consultant | Sustainability Advisor
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The first step for integrating insights from big data analytics into decision-making is to set proper timeframes and expectations of returns from investment in big data. Defining metrics to measure success in developing analytics is also imperative for understanding performance. Traditional high-end businesses have a unique competitive advantage related to the size of their offline retail presence. Combining knowledge from both sources, retail insights, and online data will gain brand equity and market share. Integrating all these insights into business strategy means provide personalization to customers and improve day to day sales, supply chain, and customer experience processes.

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How can luxury brands use consumer behavior insights to improve their marketing strategies?

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1 Motivations and values

2 Segmentation and personalization

3 Loyalty and retention

4 Trends and innovation

5 Here’s what else to consider

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