Moving from mass market to prestige
- 16 December 2015
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FMCG marketers work with brands from the everyday to the highly prestigious. What should professionals who are switching from promoting a mass market product to a luxury brand expect?
- Luxury is a growing segment of the FMCG market. According to a survey by Merrill Edge, affluent Americans are increasingly willing to spend more for the privilege of enjoying a few luxury items, while cutting back in other areas. The result is ‘masstige’ – the process of bringing luxury products to more people, while still retaining an air of exclusivity.
- When marketing most products, the focus is usually on finding a problem experienced by consumers, then showing them how the brand will solve it. It’s about reality: quality and value for money. Selling prestige goods is about selling dreams, which means you will need a much deeper understanding of your target consumers’ emotions and how to appeal to them at gut level.
- Brand loyalty in luxury goods is about creating the sensation that people are part of an exclusive inner circle who are brave and unique enough to ‘live the dream’. In the case of this recent Dior ad featuring Johnny Depp, which employs the usual luxury tactic of heavy symbolism; it’s about being a real man, surrounded by classic Americana, connected to nature, divested of material things and living an authentic experience.
- Distinguishing the brand is critical. Mass market brands are always trying to adopt the trappings of luxury, so staying one step ahead of them – by keeping up with the latest trends in design – or dealing with them through legal means is more important than ever.
- 118 views