Every business needs to identify their ideal customer before they start putting together a marketing campaign. With luxury brands, finding the right audience to sell to may be a little more difficult, but you can still use the same analytics to reach certain conclusions about youraudience. Whether you are selling luxury handbags or marketing luxury homes, these are some of the statistics you need to look for to determine your target audience.
One of the most important factors in looking for luxury customers is their location. It is easier to understand the typical amount of money they are willing to spend on your products and services based on their geographic location. For example, a person that lives in a city such as New York or Boston may not be surprised at the price tag on your luxury goods, but a person that lives in the Midwest may not be willing to spend the same amount of money.
Location can also work for you if you are selling a specific lifestyle. Sometimes those who live in remote locations may want to engage with brands that serve wealthy customers in big cities because that is the kind of lifestyle they want to adopt, despite where they are currently located.
When it comes to buying goods and services labeled luxury, you want to have a keen focus on age. You will often find that the older a customer is, the more likely they are to have the spending cash ready to go. If you specialize in products that appeal to a younger audience, you may be giving up a broader number of customers to focus on a small number that will spend high dollar amounts. It all depends on the type of things your brand offers and the type of lifestyle it speaks to.
Another option to find your best audience is to understand their shopping habits. This may not be as easy as determining the average age or their geographic location, but it is a part of your audience that will help you determine how to market your products and services and what features to provide those that are most likely to spend money with your brand. Some key ways you can clue yourself into an audience’s shopping habits is to look where they come from when they are visiting your website. Was it from a blog post about luxury goods? Did they find you through a Google search? This will let you know whether you have targeted an audience that likes all things luxury or not.