If you look up Bugatti’s Instagram page, you will see that they currently have 24.1M followers on their Instagram page. Why would a supercar brand that caters to the ultra high net keep a consistent presence in their digital marketing strategy when only 1% of the population can purchase their product? Brand positioning and awareness are one of the reasons. High-end companies need to find the fine line between preserving exclusivity while still maintaining brand engagement and relevancy. They must find the balance between innovation and consistency. It’s important that the brand in consistent in its image and messaging while innovating with the market needs. For luxury brands, showcasing the sophisticated lifestyle to which they identify in their digital presence allows UHNWIs to connect with that lifestyle, enhancing brand association. Likewise, by properly understanding their customers and their needs, luxury brands can connect with both buyers and brand enthusiasts.
Furthermore, with the continual evolution of the digital platforms, consumer behavior is in constant change even in the bubble of the wealthiest. According to G&Co ‘s article, ” 40% of luxury purchases are influenced by what consumers see online”. Luxury brands must master the art of personalisation through their online platforms, making online purchases more enticing. Also, it is important to highlight the ability to geotarget through digital marketing platforms. Luxury brand knowledge of their customers lifestyle permits them to be very specific with where and to whom they market their brand. For example, a private jet company can geotarget the FBOs in Dubai or a superyacht company can geotarget a country club in Monaco. The options are endless.
Bibliography :
G&CO. 2024, Guide to Luxury Digital Strategy: A Luxury Digital Agency’s Take on What High-End Brands Should Know. Published on: https://www.g-co.agency/insights/luxury-digital-agency-guide
J.Navarro, 2024, Digital marketing strategies for luxury brands. Published on : https://marketinlife.com/digital-marketing-strategies-for-luxury-brands/#:~:text=This%20approach%20allows%20luxury%20brands,more%20relevant%2C%20personalized%20marketing%20experiences