Brand cognoscenti in the luxury domain, where client acquisition is not a sale but the procurement of lasting valuables and experiences, brand allegiance is an incalculable treasure. Nevertheless, to sustain that loyalty through generations of the affluent target consumers, one must adapt to the contemporary ever-evolving world through what is called legacy marketing. Thus, this kind of marketing goes far beyond ordinary customer loyalty initiatives; it aims to become part of a family’s legacy, a constant companion throughout life changes.
Understanding Legacy Marketing
Legacy marketing is the science of building a holistic, long-term connection with affluent households that transcends discrete transactions. It entails a strong association between the brand and family, so that it becomes a family’s tradition or culture to use the brand. This approach is crucial for luxury brands since customers’ taste could change as frequently as trends in a fragmented ‘new luxury’ environment.
The application of this strategy is especially crucial when working with upper-class customers and clientele, who typically expect to invest in a financial planning solution with the aim of protecting and building upon their prosperity across generations. These families are not in the market for mere products, they are in search of partnerships with brands that are sensitive to their way of life.
The Foundations of Legacy Marketing
Thus, for luxury brand management to incorporate legacy marketing as an advertising communication strategy, it is crucial to determine the families’ values and practices. It entails understanding their ancestry, traditions, and interests, so as to position the brand in a way that reflects their reality. This is where individuality comes into play – not only in the offered products and services, but also in the manner that the brand addresses and engages with each specific family.
Another important component of legacy marketing is the concept of the Shared Values. Those brands that cater for the affluent families do so because such brands reflect on the family’s core values be it excellence, heritage or sustainability. Fostering these values ensures that brands go beyond simply being associated with luxury products; they become an integral part of the family’s narrative.
The other structural feature is the formation of intergenerational contacts as one of the most important aspects of concern. Such are the opportunities to interact with different generations of the family and create a feeling of association. For example, a luxury watch maker could invite both the head of the family like the grandfather and his young grandson to come and design a watch together to not only associate positive emotion with the product but also pass down a tradition between generations.
Strategies for Building Long-Term Loyalty
Creating loyalty especially across generations in luxury brands entails more than just the use of marketing tools. One of the key strategies is the establishment of services that will meet the needs of affluent households exclusively. This could comprise of luxury services such as exclusive concierge services that are developed to fit the family, special investment offers, as well as products that are created especially for the family.
The other strategy is developing special products or services or a limited number of products that can be ordered only by regular customers. These items should have the touch of family heritage where it is appropriate like having engravings that depict their accomplishments. In this way brands can make sure that their products are not simply loved because they are expensive but rather loved because they are special and part of people’s lives.
Legacy marketing is not just about promoting products, it is about integrating into the lives of families. For luxury brands this means relationships that extend across generations, where the values exchanged and service, the perceived and actual, coalesce around what is important in the family. In essence, through effective legacy marketing, companies create their place not only in the lives of their clients but their future generations as well.
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