To grow their businesses, contemporary artisans are more interested in selling their products & services to wealthy customers. These consumers may be less affected by uncertain economic conditions. However, getting familiar with the luxury market can be challenging. It is essential to understand the best strategies to reach this market to succeed.
Grow and scale with luxury clients.
Your existing customers are the best source of new revenue. The simple question, “What else can you sell this customer?” will help you learn how to grow your business. This includes understanding luxury customers’ priorities and requirements. You can use networking, email, and phone calls to learn more about your customers. This will help you determine which growth opportunities are available.
Treeline Terrains is a Vermont-based company that has developed technology to turn any wood product into an interactive 3-D map. When trying to scale, the business needed help finding wholesale customers that would agree with its wholesale pricing structure. Wholesale buyers were expecting wholesale discounts even when they requested custom work. Treeline Terrains was able to grow once it realized that it could pursue corporate clients.
Treeline Terrains was a specialist in custom mapping and therefore knew how to handle customization requests from corporate clients. Porsche was its first corporate client. They commissioned custom wall art to be displayed at events. Treeline Terrains provided clients with a personalized, thoughtful business gift that added value. Treeline Terrains can also solve pricing problems because corporate gifting is a luxury business.
Create your brand voice.
Being a brand voice in luxury means more than sounding exclusive or posh. This helps you stand out and connect with your audience. You must have effective strategies to provide the luxury lifestyle startup with high-net-worth customers. This will help you establish a higher brand value and pricing power. You must be clear about your brand identity and the customers you wish to serve.
Belhaus, a craft tableware brand, understood that being a luxury brand in the emerging market meant building a relationship with customers and learning about their experiences. A unique business strategy was necessary to target a small market of wealthy customers. It collaborated with a brand studio to establish its brand voice, website design, and brand identity for the first Ballhaus collection.
Get in touch with a luxury market expert.
Creating a brand strategy for your luxury market entry is crucial. A consultant can speed up the process and help you avoid common mistakes when entering luxury markets. Consulting can help you reach your growth goals by providing insights and personal guidance.
Vacilando, a textile company, knew it had to develop new strategies to maintain sales stability and sustainability during the pandemic. It cannot be easy to adjust the pricing structure to allow growth and scaling, especially if you are in the handmade craft industry. Although targeting a new market segment of luxury customers seemed to like the best solution, Vacilando realized it would take a lot of work. The company hired a consultant to help create a plan and a roadmap that would lead to concrete steps. This helped Vacilando shift its perspective and connect with interior designers, art advisors, and other design professionals to increase awareness about its products.
Your ability to get to know your customers and build a strong brand and profitable business is key to a successful business. Because luxury is a different business model, it cannot be easy. Learning the language of luxury clients is a great way to create stability and longevity for your brand, artisan, or business and can help you survive recessions, uncertainty, and high inflation.