How Do You Lasso the Luxury Market in Down Times?

Posted on March 12, 2008 by LCT Magazine

By Martin Romjue


Suzanne Hader, founder and principal of 400twin, a New York-based luxury market research and consulting firm, offers some tactical suggestions during difficult economic times for businesses and services that cater to luxury consumers.
 
1) Segment and target religiously: “Like never before,” Hader said. Use market research to get to know your customers in detail and have it down to a science. Pursue niches within your clientele with specific offerings.

2) Strong positioning: Make a strong statement about your brand; state “this is who we are, this is what we do.” Show confidence in pursuing the luxury consumer, she said.

3) Service: Because the luxury market has so much available, and luxury consumers demand maximum value, you must have great service, she said. While your brand becomes a “hook,” the “service makes them loyal and want to have a deeper relationship with you,” Hader said. “Make service a cornerstone of what you are offering,” she said.

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