Tuesday, 11 May 2010
A recent Forbes article – Pitch Your Luxury Offering As An 'Investment Brand' – is an excellent example of the benefits of investing in the client for the long-term.
Recently, MO Luxury has conducted another round of online and in-field research to gauge what is important to the high net worth and existing luxury client, and the aspirational consumer. And the conclusion is, as other research has advised before and many more will advise again, every client wants to be treated with respect, acknowledged sincerely and warmly, provided with the correct product knowledge to ensure their experience (whether this be in-store, web/email or telephone) is professional and both efficient and effective.
Clients want to be treated as a person and not a number, lifetime customer values of fully satisfied clients are worth hundreds of thousands of additional dollars each year to your brand. Why risk not satisfying your clients at all, or only just satisfying your clients, when positive and consistent attitudes from staff, great training and clear and appropriate communication are the keys to creating loyalty.
So that’s why we were interested in this Forbes article, which serves to reinforce the long term relationship. Brands should 'invest' in each client by providing them with time and relevant information, there is an incredibly high probability that reciprocity will be seen, i.e. the client will invest with the brand(s) that show them the most loyalty. Quite apart from the additional future investment positive word of mouth will bring you.
We thought this was an important quote from the article: "That is, they should not be trying to get consumers to make a purchase but, rather, to make an investment. And, to succeed at this, they must treat their clientele (dare I say customers?) precisely like they are making an investment."
Image credit: coxnewsweb.com
Who's behind the MO DOWN
Melinda O’Rourke is the founder and Director of MO Luxury, a dynamic, Sydney-based management firm specialising in luxury brands and services. Melinda and her associates at MO work with local and international brands across prestige retail, fashion, fine jewellery, timepieces and specialised services. Melinda is well-connected, well-read, and well-versed in the demands of the luxury market and its client base. Her advice is firmly based in objectivity and ultimately, accountability. Melinda offers constructive counsel and both strategic and creative thinking and is able to draw upon a strong network of specialised talent to compliment the MO Luxury team as needed. Melinda enjoys excellent industry relationships and is regularly quoted in the business and fashion media. Read more about MO Luxury, www.moluxury.com.au