Luxury Brands Must Control Their Destiny

Wednesday, April 5th, 2017
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alc_wealth_window_luxury_brands-300x198A few weeks ago, it was announced that Neiman Marcus may be acquired by Hudson’s Bay. As we all know, evolving consumer shopping behavior and other factors continue to drive change in the luxury retail sector.

While retailers remain critical to many luxury brands’ success, we’re finding that more brands are taking control of their destiny…

  • For some brands this means communicating even more precisely and personally to the exact prospects they’re targeting. They’re leveraging quality data sources and custom-built audiences with a wealth of attributes for marketing campaigns.
  • For other brands, it means licensing – and effectively owning – data on the affluent. These brands now have a better understanding of their prospects…where they live, the jobs they have, the passions they engage in, and what they’re buying. This data is helping them not only better refine their messaging and targeting at the household and customer level, it’s also helpful with their overall business strategy.

Naturally, retail is key in luxury. It always has been. It always will be. But in our changing world, the more you know about your customers and prospects, the better off you are! There’s an old saying, “Trust in God, but tie-up your camels.” I say, trust in your retail partners, but own your own data!

Seriously, if you’re interested in understanding the benefits and options in having a custom-built audience or licensing data – and giving yourself an insurance policy – I’m happy to help!

 

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