Milk Agency’s Post

As I immerse myself in the world of luxury marketing, understanding the consumer journey has become pivotal in shaping my strategies. Here's how I perceive the stages a luxury consumer goes through before making that coveted purchase: 1. Online Exposure: It all starts with the first glimpse of a luxury product through high-end advertisements, influencer endorsements, and exclusive events. 2. Online Search: After that initial exposure, there is often dive deep, searching for more information about the product or brand. 3. Social Media Trends: Next, exploring the product's buzz and discussions on elite social media platforms. 4. Online Store Searching: then visiting premium online retail platforms to explore the product further, checking out its availability and details. 5. Physical Store Visit: Experiencing luxury firsthand is crucial, so visiting the flagship stores or exclusive boutiques to feel the product's essence. 6. Purchase Decision: Finally, the moment of truth–deciding to purchase the luxury item. Several factors significantly influence the journey in the luxury market: Brand Reputation: How consumers perceive the brand's heritage, quality, and prestige. Peer Influence: Recommendations or reviews by friends, influencers, and industry insiders matter immensely. Product Availability: The ease of finding the luxury item in stock, whether online or in exclusive stores. Price Sensitivity: the cosnumers sensitivity to the product's price in relation to its perceived value and exclusivity. Economic Status: Financial capability to invest in luxury items without hesitation. Exclusivity: The allure of rarity and unique status of a product which elevates its desirability. To quantify the likelihood of purchasing a luxury item, L, the proposed formula is: L = OE OS SM ONS PSV BR PI PA PR CES EX Where: OE= Impact of Online Exposure OS = Impact of Online Search SM= Impact of Social Media Trends ONS= Impact of Online Store Searching PSV= Impact of Physical Store Visit BR = Impact of Brand Reputation PI = Impact of Peer Influence PA = Impact of Product Availability PR = Impact of Price Sensitivity CES = Impact of Economic Status EX = Impact of Exclusivity Understanding these stages and factors allows marketers to create targeted luxury marketing strategies that resonate with high-end consumers at every touchpoint. #LuxuryMarketing #ConsumerJourney #CustomerExperience #luxury #brands

Most of the emerging outdoor brands that I work with have realized that being a DTC pure play is not the road to success (maybe after a little encouragement from me). Once they get over the idea of “giving up all that margin” they realize what a wholesale relationship can bring in terms of exposure, validation, volume, and ultimately profitability. The challenge is actually making it happen in today’s outdoor industry. Many start going store-to-store but soon realize the workload required to land a $1,000 opening order is unsustainable. That’s why the industry has rep agencies; however, most reps already have conflicting, bigger brands or don’t want to invest the time on an unproven brand (understandably). Some brands will take a run at “the Big Four” — REI, Backcountry, Public Lands/Moosejaw Mountaineering and Scheels — but getting to the right buyer is hard, and then it’s even harder convincing them to take a chance on a brand without significant existing wholesale business. That leaves trade shows. The regional shows where most buying is happening are dominated by the rep agencies (see above). Grassroots Outdoor Alliance Connect show offers the Discovery Marketplace, but it’s a short 3-hours with a limited audience. That leaves us with Outdoor Retailer that just wrapped up in SLC. Can OR reclaim its position as the show where emerging brands get discovered? Any other tips or advice for emerging outdoor brands looking to make it into retailers? #OutdoorIndustry

It's always satisfying when we see the ways in which our research findings are being implemented. Read on for more info and well done to Dr Chloe Peacock and Matthew Picton 🚀 #insights #campaigns #research #qualitativeresearch #quantitativeresearch

One of the things I love about working for AnyRoad is having access to millions of consumer data points - demographics, pre- and post-experience brand sentiment, actionable insights, and AI-driven analytics. This provides a unique opportunity to compare what we’re hearing from customers and industry thought leaders, develop hypotheses, and then prove or disprove them with all this data. Brand homes - in my opinion - are the most impactful marketing asset for changing consumer behaviour and influencing post-visit purchase behaviour. Of course, not all brands or categories can do brand homes, but it continues to surprise me how little consumer information many brand homes capture from these potentially valuable guests. If all you’re capturing is the booker name and email and a few marketing opt-ins, you’re missing out on the opportunity to market to consumers in a targeted and loyalty-building way. This is where AnyRoad can help.

"We're about to see a huge uplevel of sophistication in how brand home teams measure and experience success." Greg Klingaman, famed former Global Retail Director of Diageo, is back in the journalism saddle with some big brand home trends pulled from our State of Experiential Marketing Report and millions of consumer data points. The top 4 brand home trends from 2023 are: 1. The main goal of brand home experiences is to grow brand loyalty and awareness. 2. Brand home experiences see an average NPS increase of 50 points post-event. 3. The biggest challenge is the need for more team resources. 4. Brand homes are most popular with globe trotters. The most common visitor distance is 400 miles away. There's even more to unpack and bring into your next strategy meeting. Have a read. https://okt.to/JmwzOR #brandhomes #alcohol #alcoholspirits #CPG #CPGTrends #tours #tastings #BrandAwareness #Loyalty

In today’s hyper-connected world, the essence of a brand’s reputation can be the pillar of its success or the herald of its decline. Particularly in the luxury sector, where the stakes are high and the audience is discerning, managing how a brand is perceived is more crucial than ever. As digital natives, both Gen Z and Millennials are reshaping the landscape of consumerism with their unique values and tech-savvy nature. This dynamic has forced luxury brands to reevaluate and innovate their strategies to maintain relevance and prestige. #luxury #marketing #consumer #sales

The New Era of Luxury Marketing Experiential marketing is revolutionizing the luxury goods and fashion industries. It's no longer just about the product; it's about the experience. High-end fashion brands are hosting exclusive events that offer a behind-the-scenes look at their creative processes, fostering a sense of belonging and loyalty. Pop-up shops blending art, fashion, and technology are becoming popular, providing a deeper level of engagement. Consumers today are also more conscious about sustainability and ethics, and luxury brands are integrating these values into their strategies, building trust and loyalty. The main challenge lies in balancing exclusivity with accessibility. Luxury brands must create unique experiences that remain accessible without diluting their prestige. The rapid pace of technological advancement also presents an opportunity for those willing to embrace change and innovate. Experiential marketing is becoming a cornerstone of luxury goods and fashion marketing strategies. By creating emotional connections, leveraging technology, and embracing sustainability, luxury brands can craft unforgettable experiences that resonate deeply with consumers. The future is bright for those who prioritize experiential marketing, and the possibilities are endless. What are your thoughts on the future of experiential marketing in the luxury sector? Let's discuss! #luxurymarketing #experientialmarketing #fashionmarketing #marketingtrends #fashionindustry

Navigating the Opulent Waters: Marketing trends for Luxury Goods in 2024   In the luxury goods sphere, consumer preferences constantly evolve due to technological advancements, changing societal values, and global events. As we sail into 2024, it's crucial for luxury marketers to anticipate these shifts and adjust their strategies accordingly. Let's explore the key trends that will shape the luxury landscape this year.   Sustainable Luxury: In 2024, #sustainability is not just a trend but a fundamental aspect of the luxury industry. Consumers demand transparency and accountability, pushing brands towards #eco-conscious practices. Marketing efforts should spotlight initiatives like responsibly sourced materials and carbon-neutral production, resonating with the growing environmentally conscious consumer base.   #Digital #Innovation and #Personalization: Luxury brands must cater to digitally savvy consumers by embracing technologies like AR, VR, and AI-driven personalization. These tools allow for immersive and personalized experiences that transcend traditional online shopping, creating tailored interactions that feel exclusive.   Influencer Partnerships with Purpose: #Authenticity and brand alignment are paramount in influencer marketing for 2024. Luxury brands will seek partnerships with influencers who genuinely embody their ethos, leveraging their platforms to advocate for causes supported by the brand. This approach fosters deeper connections with audiences beyond product promotion. #InfluencerMarketing   Experiential Retail:With online shopping dominating the landscape, luxury brands emphasize #in-person-experiences in 2024. Expect to see experiential retail spaces blurring the lines between commerce and entertainment, creating memorable moments that foster a sense of exclusivity and belonging. #ExperientialRetail   Cultural Relevance and Diversity: #Diversity and #inclusivity are essential for luxury brands in 2024. From diverse model casts to collaborations with artists from various backgrounds, brands must celebrate and embrace diversity. Moreover, brands will be expected to take a stand on social issues, using their platforms to advocate for positive change.   The luxury marketing landscape in 2024 revolves around innovation, sustainability, and #cultural relevance. To succeed, #brands must embrace #authenticity, #creativity, and a #commitment to positive impact. By staying ahead of trends and aligning with consumer #values, marketers can navigate the ever-evolving luxury sector with confidence, ensuring lasting brand resonance.

Super interesting article here by my colleague Ilze du Toit, which explores the concept of pre and post-luxury. For UHNWIs and billionaires, there's a point in time when luxury goods become irrelevant and lose their significance as they no longer feel the need to signal their wealth. For luxury marketers targeting this audience, this is when it's about selling the 'experience' above all else. Click below to read more ⬇