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Selling Luxury Products

Selling Luxury Products. “Give me the Luxuries of Life, and I will willingly do without the necessities.” -1932 Frank Lloyd Wright. Selling Luxury Products. Objectives. Understand the concept of luxury goods. Understand how you will benefit from selling luxury goods.

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Selling Luxury Products

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  1. Selling Luxury Products “Give me the Luxuries of Life, and I will willingly do without the necessities.” -1932 Frank Lloyd Wright

  2. Selling Luxury Products

  3. Objectives • Understand the concept of luxury goods. • Understand how you will benefit from selling luxury goods. • Acquire knowledge and tools for success.

  4. Luxury Goods are high end plus more Introduction High performance = High end

  5. Are you familiar with Luxury Goods?

  6. Armani -fashion • Audi -automobiles • Asprey & Garrard -jewelry • Audemar Piquet -jewelry

  7. Bacarat -crystal • Bentley -automobiles • Bosendorfer -piano • Bulgari -jewels • Brioni -clothing • Black Widow Bows -archery

  8. Cartier -jewelry • Canyon Ranch -spa • Charvet -ties & shirts • Cigarette -boats

  9. De Beers -diamonds • Alfred Dunhill -haberdashery • DKNY -fashion • Daiwa -golf clubs

  10. Ebel -watches • Equinox -health club-NYC • Escada -Italian fashion • Four Seasons -restaurant

  11. Ferrari -it’s all about style • Salvatore Ferragamo -shoes • Fendi -furs • Gucci -fashion • Godiva -chocolates • Hinckley -classic yachts • Hasselblad -cameras

  12. I. Magnin -department stores • ICOM -2-way radios • Imax Theater -assault movies • Jaguar -automobiles • Kiehl -hand cremes • Kiton -Italian seven-fold ties • Louis Latour -wine

  13. Lexus -automobiles • Mikimoto Pearls -just guess • North Sails -nautical gear • Orvis -outdoor gear

  14. Opium -fragrance • Patek Phillipe -watches • Philippe Charriol -jewelry • Porsche -automobiles

  15. QE2 Luxury Liner -antiquesQueen Anne -antiques • Riedel -stemware • Rolls Royce -automobiles • Ritz Carlton -hotels • Sub Zero -refrigerators • Siematic -kitchen cabinets

  16. Uomo -fashion • Ungaro -fashion • Versace -fashion • Louis Vuitton -luggage • Waterford -crystal • Worth & Worth -hats

  17. Yves Saint Laurent -fashion • Zeiss -lenses & optics • Zero Halliburton -luggage • Zymöl -auto polish

  18. Did anyone recognize some of these brands?

  19. Most people who buy PROCEED or MARK LEVINSON equipment, or REVEL loudspeakers did not know the brand before visiting their local dealer. Did anyone recognize all of these brands?

  20. More costly Special parts Most appropriate materials Over-built Precision fit Craftsmanship Characteristics of luxury goods

  21. Longevity Performance Easy to use Functional Beautiful finish Unique design Exclusive Characteristics of Luxury Goods

  22. Characteristics of Luxury Goods • “The hardest decisions in life are not between good and bad, but between the good things and the best.” -Stephen Covey

  23. Characteristics of Luxury Goods Why is it hard to tell the good from the best?

  24. Characteristics of Luxury Goods • Because the good masquerades as the best. Why is it hard to tell the good from the best? • The characteristics of the best are not always obvious.

  25. Characteristics of Luxury Goods “It’s Not Easy. Customers Need Your HELP.” -David Nauber

  26. More costly Special parts Most appropriate materials Over-built Precision fit Craftsmanship Longevity? Performance Easy to use? Functional? Beautiful finish Unique design Exclusive Characteristics of Luxury Goods “The good” has some of these...

  27. More costly Special parts Most appropriate materials Over-built Precision fit Craftsmanship Longevity Performance Easy to use Functional Beautiful finish Unique design Exclusive Characteristics of Luxury Goods “The best” has all of these...

  28. Customers shop at your store because. . . Luxury Buyers

  29. You sell only the good and the... Luxury Buyers best.

  30. Who wants something better? Luxury Buyers People at all income levels • Why do so many people have credit card debt? • Have you ever been surprised to learn someone was rich? It’s not about income… it’s about desire

  31. Luxury buyers may be more affluent, but. . . Luxury Buyers • 40% have household incomes. . . below $40,000. • 70% have household incomes. . . below $60,000.

  32. Luxury buyers may be better educated, but. . . Luxury Buyers • Over half did attend college. NOT

  33. Luxury buyers are more concentratedin larger cities, but. . . Luxury Buyers • Nearly 1/3 reside in communities with fewer than 500,000 people.

  34. Luxury Buyers Why do people buy luxury goods?

  35. Luxury Buyers They desire them.

  36. Different Buyers have different needs Luxury Buyers

  37. What makes them so desirable? Luxury Buyers • Personal indulgence - “pleasure”

  38. Luxury Buyers • Personal indulgence - “pleasure” • Status - “pride of ownership”

  39. Luxury Buyers • Personal indulgence - “pleasure” • Status - “pride of ownership” • Practical Need - “utility and security”

  40. Luxury buyers avidly pursue personal pleasures Luxury Buyers • 50% say they enjoy cultural activities, music, museums, galleries. . .

  41. Luxury buyers avidly pursue personal pleasures Luxury Buyers • 78% say they believe in treating themselves to life’s pleasures as often as they can.

  42. Top-of-the-line brands confer luxury status Luxury Buyers • Once they know of the better brands, and what makes them better - they want them.

  43. Top-of-the-line brands confer luxury status Luxury Buyers • Once they know of the better brands, and what makes them better - they want them. • They confer visibility, prestige and distinction.

  44. Top-of-the-line brands confer luxury status Luxury Buyers • Once they know of the better brands, and what makes them better - they want them. • They confer visibility, prestige and distinction. • 46% “feel the brands of products people use say a lot about them.”

  45. Luxury products may fill a practical need. Luxury Buyers • Mercedes-Benz taxis are common in Europe. • Snap-On tools are commonly used by professional mechanics. • Reporters may choose Leica cameras for their performance and durability.

  46. Brioni suits. Handmade. Without parallel. Custom tailored to your specifications. By appointment only. Is $3,295 too much to ask for perfection? How much luxury business is out there? Luxury Buyers • Brioni sells more than 60,000 hand made suits per year.

  47. 1981 LEAR 35A; low hours, never smoked in, always hangared, all the toys, 1 Owner; only $3,887,000 let’s talk! How much luxury business is out there? Luxury Buyers • In the US, more than 60,000 people fly by private jet each year(some wearing those Brioni suits).

  48. How much luxury business is out there? Luxury Buyers • More than 2,000 Mark Levinson amplifiers are sold each year.Average price: $8,000. • Never needs ironing, will always be in style, and maintenance costs are essentially zero. • It is by comparison a bargain.

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