Evoking desirability is key to keeping luxury alive. Luxury goods companies need to create aspirational customers in order to maintain the status of the brand.
Although most brand marketing efforts focus on the people who can actually afford the retail price of their goods, aspirational marketing instead focuses on those who cannot. Doing so creates a sense of desire among the general masses, which in turn increases the value of the item or brand offering. Think of a consumer lusting after a new Gucci bag. Perhaps she can’t afford it to buy it, but this lack of purchase power can still benefit the brand for two reasons:
1. Having people who can only covet and who cannot purchase helps to establish the item as exclusive. Those who can purchase are automatically elevated to a higher status, whether that be economically, socially or both.
2. The aspirational consumer will purchase when they have the means to. Fast forward a few years and that woman mentioned now has the newest Gucci bag on her arm.
This notion is further supported with the introduction and success of accessory lines. Sunglasses, scarves, wallets, keychains…many high-end brands see these lines as their bread and butter. Not only do these items offer a more attainable barrier to entry for luxury brand items, but the profit margins are much greater since the markup is considerably higher on a keychain than on a handmade leather jacket.
The roll-out of accessory lines also allows a wider range of people become patrons of a brand. Allowing more people to own a piece of the brand means that there is a higher chance they will continue to purchase items. The key to the success of this strategy, however, is that aspirations need to be maintained and expectations met in order to prompt a repeat or higher level purchase.
But the tricky part is, how do we communicate to these differing audience groups online? How do we use the online platform to aspire, reward and validate a consumer’s purchase? It’s not enough to put up a pretty picture, today’s user expects to be engaged online.
We are seeing some brands succeed by taking a lifestyle approach, like Moet Chandon, Lexus or Ralph Lauren. Others create a branded environment online that is more product-driven. Polyvore, for example allows users to browse differing brands, price points and styles to create a customized look. On a simple level, even the act of offering a Wishlist on an ecommerce site works to support both the aspirational and actual consumers. Relational selling, “If you like this, you may also like…” is yet another example that has become the norm. An even newer example is the ability to purchase on Facebook, allowing a customer to share their purchases with their network of friends and get instant feedback.
Brands are now challenged to utilize technology and the online platform to address both the aspirational and the actual consumer, in a way that enhances the brand offering and promotes long-term brand success.
Photo Credits: Salvatore Ferragamo 2009
This article is from the Fashion’s Collective archives.
