Affluent consumers need something nonnegotiable from their high-end brand counterpart, and that is recognition. Customers know how much their purchase is worth, and they seek appreciation for their loyalty. In fact, 72% of affluent consumers seek genuine relationships with high-end brands, according to the YouGov Affluent Perspective 2017 Global Study.
The Decline of Brand Loyalty
This extensive annual study analyzes shopping behaviors, attitudes, lifestyles and values of the most successful households. The core finding for 2017 shows that brand loyalty will continue its decline if high-end consumers aren’t rewarded with real connections.
The high-end luxury home market faces some massive challenges, with a swarm of new brands and innovative products offering consumers unprecedented choices. With choice comes power, and consumers demand a meaningful connection. Consumers are not looking for superficial attempts at personal recognition; they want the real deal. You have to spend time and resources to truly discover your loyal customers. You need to delve a little deeper than the surface to find out what they want and enjoy.
High-end consumers are a highly engaged group, and they want you to have a deep sense of who they are: honest, real, intelligent, practical, independent and friendly. They are drawn to brands they perceive as “smart.” You need to be open, honest and genuine when interacting with them in person or online. When they enter your brick-and-mortar establishments, they expect to be instantly greeted with warm, friendly ease. They want the human touch; they value brands that make them feel appreciated and acknowledged.
High-end consumers like to have their opinions heard and want to communicate directly with brands. Using channels like live-chat boxes and other messaging apps, brands can empower their consumers to take ownership of their favorable experiences and share them with friends and family.
Building Enduring Connections
Strengthening a relationship at every point of the buyer’s journey is the hallmark of the most successful luxury brands. It’s important to remember that affluent consumers account for 40% of all consumer spending, despite making up only 20% of U.S. households.
They are the lifeblood of the high-end home brand, and it’s time to pay attention to who they are and what kind of relationships they expect.
This post was written by the Upward Home team.