During unstable economic times, organizations such as Neiman Marcus, Saks Fifth Avenue, Bugatti, and Mercedes Benz have sustained a competitive edge unlike many retail contenders within its industry. As leaders in extravagant clothing and customized cars, these retailers have enjoyed historically high returns during some of the most difficult challenges this country has experienced. Successful luxury retailers strive on creating a new market of clients who enjoy sophisticated products by implementing “the luxury consumer” (TLC) concept. The demand for newer, more innovative, and unusual products allow luxury retailers to grow and expand brand offerings, through “the luxury consumer”, which constitutes the sustainability to remain competitive during unpredictable market conditions.
Though this strategy is not a model all businesses can implement, luxury companies must continuously find ways to be creative. Companies are witnessing a return of “TLC”, because luxury consumers are savvy, wealthy, smart, younger, diversified and willing to take bigger risks. Lavish purchasers are easily bored with ordinary products, but have deep pockets to consistently satisfy their desires.
Recognizing and understanding product packaging and presentation uniqueness, exquisite and professional salesmanship, market niches, and “wow factors” are crucial in successfully implementing TLC. Luxury consumers purchase products as a direct stimulus to the presentation of colors, materials, and display of aesthetics. TLCs appreciate and value the professional expertise and knowledge provided by seasoned, well-respected sales professionals understanding the significance of image and its importance to their brand. In today’s extremely competitive marketplace, the extravagant coinsurer yearns to be engaged, excited and even romanced into buying exquisite products, expecting far more than a standard level of customer service.
Today, there are young, wealthy clients that do not occupy the mindset or values of older generations. It is essential for companies competing for consumer attention and financial rewards to focus on selling products unique in their look, functionality and packaging. Luxury retailers recognize the importance of offering customized products that allow consumers to continuously reinforce the image of success. TLC desires the opportunity to be involved and engaged in the creative process along with designers, creating products to ensure all details are noticed.
It is paramount for luxury retailers to understand the highest expectations of customer service are fundamental. TLC is less focused on product cost and places more emphasis on the level of customer service. To achieve complete satisfaction, no request can be too large or small for “the luxury consumer”.
Selling to “TLC” involves marketing strategies any business can implement. Representing the company image and product brand, while delivering exceptional customer service, is a vital strategy applicable to success in luxury retail. Companies today should examine the business models of leading luxury retailers, by exploring strategies which may increase the probability of profit and lifetime extension of loyal customers. Luxury companies not only stay true to high-end lavish brands, but continuously generate products allowing the growth and expansion of business and merchandise offerings. helicopter for sale