Luxury Marketers: How Well Do You Understand The Heavy Lifters Of Your Business?

Category: The Luxury Market Business 3930 Views Pamela N. Danziger

Marketing success starts with understanding the customer

Unity Marketing gives luxury marketers insight into the purchase behavior and consumer psychology of the affluent consumers.

Is your company facing marketing challenges? Are you losing market share to the competition? Do you need to find new ways to attract customers? Are you late to respond to changes in where your target customers are shopping? Do your marketing and branding messages need an update?

Perhaps you don't understand the wants and needs of your target affluent customer as well as you should. While many marketers think they have correctly identified their target market, few can proceed effectively to create hard-hitting strategies without in-depth research on who their customer is and how he or she thinks, behaves, and shops.

Marketing success starts -- and ends -- with the customer. And success in the luxury market begins with understanding the purchase behavior and mindset of the affluent consumer. The affluents are the top 20 percent of U.S. households based on income -- the top quintile that starts at about $100,000 household income and goes up. The top 20 percent of households account for about 50 percent of all U.S. income and earnings and over 40 percent of U.S. consumer spending. The affluents are the 'heavy lifters' when it comes to the U.S. consumer market.

Yet, it would be a mistake to assume that all affluent consumers behave the same. What marketers need is a field guild to understanding the various behaviors of affluent consumers. This kind of market intelligence is only possible through market research.

Consumer insights are key to marketing success

In today's hyper-competitive environment, market research is not an option; it is a necessity. Luxury marketers that want to win must stay vigilant in tracking the shifts, turns, and changing preferences in their affluent consumer market. They need up-to-the-minute data, as well as a historical perspective, to anticipate the next major luxury business opportunity or branding challenge. Unity Marketing's Luxury Tracking Study is designed for luxury marketers who need to know all there is to know about their consumer market.

Unity Marketing's Luxury Tracking Study is the ultimate consumer insight resource for luxury brands, luxury marketers and luxury retailers. Every three months -- four times per year -- Unity surveys 1,200+ affluent consumers who purchased one or more luxury goods or services in the preceding quarter. Through this regular and routine research schedule, luxury marketers, retailers and brands keep their pulse on the purchase behavior and spending of their luxury consumers.

Track future shifts in the luxury market before those shifts impact your business

Unity Marketing's Luxury Tracking Study gives luxury marketers the ability to track the ups and downs in the market in real-time and discover how their target consumers feels about their luxury spending over the next three months. In addition to the four quarterly tracking studies, marketers also receive a year-end summary of luxury consumers' purchases and spending.

The Luxury Tracking Study is a cost-effective way for luxury marketers to monitor their brand awareness and usage among their target market. With this data, they can hold their marketing partners accountable for producing results among the affluent target market.

The Luxury Tracking Study gives marketers the data they need to predict changing patterns of affluent shopping consumer behavior before it occurs, so they are ready with new products and marketing initiatives before the changes and shifts in consumer behavior start to gain traction.

The Luxury Tracking Study is a vital tool to gain more insight and understanding about the luxury market from one of the nation's foremost experts on the mindset of the luxury consumer, Pam Danziger, president of Unity Marketing and author of the new book Putting Luxe Back in Luxury (Paramount Market Publishing, late 2010).

On-going reports on 22 categories of luxury goods and services including nearly 200 individual products

Every three months subscribers receive the latest purchase information on 22 different major categories of luxury products and services, including luxury appliances, art, clothing and apparel, jewelry, travel, dining, automobiles and more. Within each major category, nearly 200 individual products are listed, such as kitchen appliances, original art, women's jeans, necklaces, chain hotel resorts, celebrity chef restaurants, etc.

Luxury Tracking Study is customized to your specific needs

In addition the luxury tracking survey is customized for each individual client, so if your product category, your brand or key competitors' brands are not listed in the survey, we will revise the survey to provide the level of detail required to keep up to date on your market and your key competitors.

Trial subscription available

To let you experience the power of the Luxury Tracking Study for yourself, Unity Marketing offers new subscribers a special no-risk trial subscription for one quarter. New subscribers may purchase a trial of a single quarter of the study for $3,250 which will include customization of the tracking study to fit your product and brand preference needs. This offer carries no commitment to subscribe for a full year.

Once the subscriber experiences the powerful insights available in the Luxury Tracking Study, they may subscribe for an entire year (an additional four quarters) for $10,000 -- that is a 25 percent savings off the normal annual subscription cost of $12,500.