Helping Luxury Buyers Justify Their Investment

My Sell to the Rich keynote starts with a key point that becomes the central theme of my presentation.

“When money isn’t an issue, everything else is.”

Not that luxury buyers don’t consider the investment at all, but it’s often many other far more emotional triggers that persuade them to buy. If luxury retailers and service providers understand these emotional triggers, they can more easily help the luxury buyer justify their purchase and feel good about it.

They Deserve It

Esteemed personal care and cosmetic company, L’Oréal had it right all along with their iconic tagline, “Because you’re worth it.” That catchy line from 1971 helped women from that era and for many decades after justify not only the purchase but also their right to indulge in caring for themselves. It encouraged women to stand their ground and feel they deserved to put themselves first. A simple but brilliant tagline!

A strong emotional driver for luxury buyers is the feeling they deserve the indulgence. Whether it’s a break from their demanding lives at a luxurious spa, a special piece of jewelry to commemorate an occasion, recognition of their everyday activities, or a symbol of success, helping the luxury buyer feel they deserve it is a powerful purchasing driver.

Long-Term Thinking

Being in the field of luxury buyer psychology, I’m perhaps more impressed than most when I personally experience a sales associate who does an exceptional job of encouraging me to make a purchase.?

One such occasion was when I was purchasing a luxury brand watch. I had a few brands in mind and went to a fine jeweler to consider each style and brand. Of course, the watch I fell in love with was beyond the budget I set for myself. I wanted something special that could be worn for a special occasion but also appropriate for everyday wear.?

The sales associate saw me wavering and was quick to step up and ask if I had children, perhaps a son. “Yes, I do”, I said. He wisely responded, “You know, a piece this special is a wonderful item to hand down to your son or perhaps to give to him on a special occasion. It will mean so much coming from his Dad.” Say no more. Sold.

Luxury buyers tend to be long-term thinkers. They have the financial means to plan and are always thinking about the future whether it’s investments or college education for their children. It was this long-term thinking that was the primary emotional driver for me as a family portrait photographer, expressing the importance of having portraits to hand down from generation to generation and the responsibility parents held to commemorate their children’s childhood.

Pointing out the long-term benefits of a purchase to luxury buyers can be exactly what they need to hear to feel good about the investment in luxury goods and services.

Benefits of Longevity

One of the most compelling justifications for investing in luxury goods is the superior quality and craftsmanship. Unlike mass-produced items, luxury products include meticulous attention to detail and the use of premium materials. Luxury items are typically designed to stand the test of time.

However, in a time when wellness, self-care, and mental health have gained tremendous awareness, luxury services also have the advantage of pointing out the benefits of longevity. They are not just serving themselves well today, but the real benefit is how they will feel and look in the future. A terrific leverage point for skin care products and the long-term health benefits of many luxury services.

Also, the benefits of longevity need not end with the buyer! As consumers become more aware of sustainability practices, investment in goods that last longer resulting in less waste is a huge buying motivator, particularly among younger luxury buyers.?

Investment Comparison

When money isn’t an issue, the world is your oyster. When considering a luxury purchase, be it jewelry, clothing, or something tangible or an experience such as a vacation or a unique dining experience, luxury buyers will often compare apples to oranges because price is not the main criteria.?

Their decision process may not be this bracelet or that necklace or earrings from this brand or that brand. It very well could be this gorgeous piece of jewelry or a long weekend in the Maldives.?

A wise sales associate or service provider simply helps the buyer make this comparison. It’s not to be ignored but instead offer the pros and cons of the decision they are trying to make, even if it’s not clear what the comparison is. Help the buyer feel all the reasons that making this purchase is the right emotional decision, that when compared to almost anything else, they will be glad they did.

When money isn’t an issue, or as much of an issue as is the case with the luxury buyer, it’s the emotions that drive their buying decision. The more luxury goods and service providers can understand the emotions of deserving, planning for the future, longevity, and comparison, the greater the assistance that can be offered to emotionally move buyers from indecision to decision.

Through this newsletter, I hope to inspire you and provide insights that will give you an edge in your luxury business. The diamond edge--sharp, precise, intentional, and cuts through. All necessary elements to be exceptional in business.

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Few people can speak about the emotions and behavior of the luxury market better than Jeffrey Shaw. Having been a preeminent portrait photographer in the U.S. for 40 years serving the most discerning clientele, as Jeffrey says, "I don't just know this market, I was in their closets."

A speaker who lights up an audience with innovative marketing and branding ideas, offering a whole new perspective on business, customer service, and the behavior of luxury buyers to motivate business owners and luxury brands to implement proven strategies, grow their businesses, and raise standards in the world.

The author of LINGO and The Self-Employed Life, a TEDx speaker featured on TED.com, host of the popular podcast, The Self-Employed Life, and Founder of The Self-Employed Business Institute.

For more information about Keynotes, Coaching, Luxury Marketing, and my year-long High Achievers Mastermind- www.jeffreyshaw.com.