The 6 P’s of Luxury Marketing is a framework that helps to identify the 6 key areas that premium marketing brands should focus on. The 6 P’s consider different areas and emotions that will enable you to capture the attention of high net worth individuals.
People:
The value of people in the buying process is critical. As a luxury brand, it is your responsibility to ensure that your service is de-livered exceptionally well. This may be done by improving systems and the training of your team. Customer service is very important.
Product:
A luxury product must be of the highest quality and encompass the following characteristics that were stated by French marketing professor Bernard Dubois. This includes quality, heritage, integrity, price and scarcity. These characteristics will mean different things to different people however must be included in the product itself and marketing.
Passion:
The pursuit of luxury consumption often carries a higher degree of emotional relevance, so marketing must appeal to that passion or emotion. Passionate consumers share their passion in a variety of “old-fashioned” (clubs and association) and emerging (blogs, online groups) arenas. It is important to always stay engaged and on top of trends so you can be authentically interested when speaking to someone about their interests.
Pleasure:
Luxury consumption is all about the experience, this includes engaging with different senses so your experience can become far more special. It is essential to provide consumers with a deep sensory connection to your brand and engage with different emotions and trigger the 5 senses in a pleasurable way.
Purpose:
Luxury marketers should consider combination of practical, factual information, and ways for customers to connect to the pleasure aspects of their products. Luxury customers will place varying thoughts on the importance of pleasure vs. purpose. Marketers need to be prepared for all possible combinations and ensure that the purpose factor is delivered but does not out-weigh the pleasure.
Price
Money matters to the affluent, which tend to spend rationally, even if they seem to spend a great deal. Aware of the many downsides of ownership, the affluent increasingly favor fractional ownership. While fractional ownership may not always be relevant, luxury marketers should consider adding this to their mix.
Conclusion
Luxury marketing shall always be made up of a mix of hand crafted thoughts and ideas appose to a vanilla approach.
The 6 P’s system has been tried and tested many times, and can provide luxury brands with an excellent tool to provide great value propositions.