Presented by Pam Danziger
President of Unity Marketing
and Par Excellence Magazine
Advisory Board Member
Pamela N. Danziger is an internationally recognized expert specializing in consumer insights, especially for marketers and retailers that sell luxury goods and experiences to the masses as well as the 'classes.' She is president of Unity Marketing, a marketing consulting firm she founded in 1992.
Advising such clients as PPR & Gucci, Diageo, Waterford-Wedgwood, Google, Swarovski, GM, Orient-Express Hotels, Italian Trade Commission, Marie Claire magazine, The World Gold Council, and The Conference Board, Pam taps consumer psychology to help clients navigate the changing consumer marketplace.
Follow Pam on Twitter http://www.twitter.com/PamDanziger
Innovation is a challenge for any company, but especially for market leaders in one sector looking to enter into an established market with entrenched competition
"Innovation distinguishes between a leader and a follower" -- Steve Jobs
Frankly I think being a new entrant into an established market space is a far better place to be than to be the market leader, the big dog.
The new entrant can redefine the playing field, turn the leaders' defensive moves back against them, or play a new way to attract a new customer that is looking for a new, innovative solution, rather than the same-old, same-old. The dominant competitor has invested too much in playing the game the old way and so is extremely resistant to change. They don't want to take the risk.
The secret to beating the big dog on the porch is not to think like a big dog, but a little dog. The big dog always loses when he tries to run with the faster, smarter little one.
Luxury brands wanting to acquire new customers should make friend-get-a-friend promotions a priority
Social media might be a luxury brand's best friend, especially when it comes to attracting new customers. According to a new study from Unity Marketing, Affluent Consumers and How They Use the Internet, Social Media, and Mobile Devices, the number one reason affluents connect with brands is because they have learned something interesting about the brand or company through one of their social media friendships.
How two brands tapped social media to grow their followers virally
Using social media for friend-get-a-friend promotions has important implications for luxury marketers needing to grow their customer base in a competitive economy.
Affluent Consumers and How They Use the Internet, Social Media and Mobile Devices: an in-depth profile of the luxury online consumer
Meanwhile young affluent luxury shoppers reach more often for their smartphones to connect and learn.
If the recent recession brought with it marketer anxiety about finding, maintaining, and selling to an increasingly-skittish customer base, then the 'internet revolution' was the silver lining in the dark economic cloud.
A new survey from Unity Marketing found that four out of five affluent luxury shoppers logged online in the past three months from their desktop or laptop computer to make a purchase, shop for a gift, or research a product or service.
Mobile devices are increasingly important for brands to connect with young affluent fashion customers, aged 24-44, who use mobile apps at a rate two-times higher than mature affluents, 45-70.
A Rise in Affluent Consumer Confidence Results in Their Spending More on Luxury in the Fourth Quarter
"The uptick in this quarter's LCI reveals a more positive outlook among affluent consumers about the economy at large, as well as increased optimism about their personal economic situation," says Pam Danziger, president of Unity Marketing and author of the upcoming book, Putting the Luxe Back in Luxury. "Affluents backed up their growing confidence by spending 4.1 percent more on luxury goods and services in the fourth quarter as compared with the same period last year."
Luxury categories that posted strongest growth year-over-year as measured by the average amount spent by affluents, included:
Unity Marketing's new Home Luxury Report details major changes in purchase of home luxuries and how marketers should respond
In the category of home luxuries -- items for one's home, like art and antiques, garden and outdoor items, and linens and bedding -- 2009 was a rocky year. Far fewer affluent consumers purchased items from this category, finds the new Home Luxury Report 2010 from Unity Marketing. However, those who made purchases spent on average 50 percent more than they spent on luxuries for their home in 2008.