The Secrets behind Thriving Luxury Brands

What are some of the marketing strategies that all world-renown high brands use?

We all buy luxury products because of their nominal values and logos: most of the time, our purchases from the high brands are tremendously expensive and are not in real need. I even have a few friends who only shop from particular brands they love. However, why do they act in this way? Why do people prefer to buy luxuries over affordable items? Why are luxury brands still valued today while millions of unique brands and start-ups exist?

As a keen enthusiast of marketing, I believe the reason behind the success of luxury brands is their way of marketing. So today, I am going to show you some of the marketing tactics all world-renown high brands use.

Providing exclusivity:

Don't you get intrigued by the campaigns that each luxury brand offers only in certain seasons? Having something that other consumers cannot easily acquire makes a person look unique and different from others - this is one of the situations a lot of thriving luxury brands are seeking to sustain every day. As humans, we all love standing out from others, so high brands utilize their power of exclusivity as much as possible to make their products more desirable. Each brand's exclusivity is not only established through making certain products available for a limited amount of time, but they are also accomplished through selling products only on online stores, distributing products to select retailers, and hosting private shows. Luxury brands use these tactics to enhance the feelings of their target audience.

Using third-party credibility:

Successful luxury brands have already caught the consistencies of their target customers, but to gain more, they embrace third-party credibility through influencer marketing. From this operation, they can maintain and even increase their brand reputations.

For instance, Chanel made a contract with Lily-Rose Deep about 7 years ago, and their partnership has continued to today. She often posts on her Instagram pictures of herself at the Channel events and shootings and shows appreciation towards the brand. As a respected famous star to the youth, she has been embodying the vibes of Gen Z and is, therefore, increasing brand reputation and contributing to the increase in the sales of Chanel. I believe that this win-win procedure for both the brand and influencer is what the long-lasting successful luxury brands have been maintaining as one of their marketing tactics.

Remaining contemporary:

Remaining exclusive yet contemporary is what the luxury brands need to maintain to survive in the changing trend. As explained above, the use of influencer marketing is one way of indicating third-party credibility to potential consumers. In addition to this potential, however, building partnerships with influencers also allows brands to search the demand of the customers and stay on-trend.

Overall, these are the main strategies I think successful luxury brands in today's world use. Throughout the decades, luxury brands have managed to keep their top-class positions in the fashion industry by improving their marketing strategies. They have, remarkably, come up with new tactics and approaches even in the digital world.

Today, I would like to end with collecting some ideas about the marketing strategies for a famous retail company. This company initially started online by selling sneakers in 2015 but has opened its stores worldwide, and they now expanded into luxury apparel sales. Currently, I am working on creating a marketing plan for this company's store opening in Tokyo soon.

So the question is:

What are some of the innovative marketing strategies for this retail company penetrating into the Japanese market to attract local customers?