Reaching a luxury market is a great way to expand and elevate your business. In this article, founder and managing director of InHouse Inspired Room Design, Wayne Dance, shares his expert advice on ways your family business can appeal to luxury consumers.
If you’re considering appealing to a new group of consumers, the luxury market may be the perfect fit for your family business. There are plenty of benefits to appealing to this market: as well as these people usually spending more on goods than the average customer, the luxury market itself looks set to expand even further in the longterm. Despite current rates of inflation and the cost of living crises, the luxury market is expected to grow by 8.5% by 2026 (Research and Markets).
While it may sound like an intimidating market to reach, making your business more appealing to high-end consumers isn’t as difficult as you may first assume. The good news is that family businesses can be even more appealing to luxury customers, as they tend to be smaller and very close-knit, giving them that desirable personal touch. If you’re looking to take advantage of your position as a family-run business, read on to discover some of the best ways you can appeal to luxury consumers.
Focus on your in-store appearance
More people are buying online than ever before, but this doesn’t mean that you should neglect your physical store. This is especially important if you’re trying to appeal to a luxury market, as 72% of luxury shoppers prefer to make purchases in-store rather than online (.knowledge). Add touches of luxury inside your shop: make sure your interiors are always looking their best, and refresh areas when it’s needed. Small touches like fresh flowers and paintings by local artists are welcome additions and will make the space even more pleasant.
Remember, the advantage of having a family business is the personal touch, so you may want to find a way to show this in your store. A picture of the business founders surrounded by their family and colleagues is a great way to highlight your family ethos and people focus. You may also want to find a way to share your brand’s historyin-store to give your customers more of an insight to both the business and the family.
Create great content
One of the best ways to promote any business is through top quality, SEO-friendly content.But this is particularly important for attracting luxury customers. 75% of luxury consumers research the products they’re thinking of buying online beforehand (.knowledge). The high-quality products they’re buying are investments, so it’s no surprise they want to make sure they know exactly what they’re choosing and how it compares to other options. Help these high-end consumers do their research by producing informative content, such as buying guides.
To add a luxury element, you should also produce aspirational content. This is inspirational rather than relatable, showcasing a lifestyle your buyers want. This adds a sense of exclusivity to your content by making it something consumers can aspire to.
Offer a bespoke experience
For luxury customers, quality is key. As they will spend a lot of money on one thing, they will want that single thing to fit their needs perfectly. That’s why offering bespoke products is important when attracting consumers to high-end items. This really works for any type of small company, so whether your business is in fashion, food orinteriors, you’re sure to find ways to make the products or services you offer perfect for your customers.
As well as offering bespoke products, you should offer a bespoke and more personal experience as a whole. There are a number of ways you can do this, such as by offering a personal shopping experience, providing them with discount codes based on previous purchases, or sending personalised birthday messages with a small gift voucher. And consider going a step further for your most loyal customers. For example, if you receive a new product that a certain regular customer will love, let them know about it. It won’t take up much of your time, but will be sure to brighten their day.
Provide luxury customer service
The great thing about family businesses is that a personal touch often comes much more naturally to them, which is beneficial for attracting a luxury market. As family businesses tend to be smaller, repeat customers will often interact with the same few staff members. This allows you to learn more about your customers and create a bespoke customer service experience. Try to form bonds with patrons and talk about things other than the business. By treating your regularswell and offering a personal shopping experience, you will help to build brand loyalty. As well as increasing the chance of repeat custom, they may share their positive experience online or with friends to help you attract more business.
There are plenty of other ways to make your customer’s experience even more special when they visit you in-store. A complimentary glass of fizz and a luxury chocolate can go a long way to making their shopping trip feel extra special. It’s also a good idea to provide customers with a comfortable seating area, so they don’t feel rushed and have a place where they can discuss their potential purchase with a member of the team.
Appealing to the luxury market is a great way to elevate your family business. By using the tips above you can both attract luxury consumers and retain the loyal regulars you already have. For more news and advice on all things business, make sure to check out the other articles at Biz Dispatch.