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Selling Luxury Products

Selling Luxury Products. Objectives. Understand the concept of luxury goods. Understand how you will benefit from selling luxury goods. Acquire knowledge and tools for success. High-End = High-Performance. Luxury Goods are high-performance plus more. Are you familiar with Luxury Goods?.

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Selling Luxury Products

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  1. Selling Luxury Products

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

  3. High-End = High-Performance Luxury Goods are high-performance plus more.

  4. Are you familiar with Luxury Goods?

  5. Luxury Goods from A-Z

  6. Luxury Goods from A-Z • Armani (fashion) • Acura, Audi, Alfa Romeo • Asprey, Audemar Piquet (watches)

  7. Luxury Goods from A-Z • Bentley (automobiles) • Bosendorfer (piano) • Bulgari (jewels) • Bacarat (crystal) • Black Widow Bows (archery)

  8. Luxury Goods from A-Z • Cartier (jewelry) • Canyon Ranch (spa) • Charvet (shirts) • Cigarette (boats)

  9. Luxury Goods from A-Z • DeBeers (“a diamond is forever”) • Alfred Dunhill (haberdashery) • DKNY (fashion) • Daiwa (golf clubs)

  10. Luxury Goods from A-Z • Ebel (watches) • Equinox (health club-NYC) • Escada (Italian women’s fashion)

  11. Luxury Goods from A-Z • Ferrari (sports cars), Salvatore Ferragamo (shoes) , Fendi (furs) • Gucci (fashion), Godiva (chocolates) • Hinckley (Classic Yachts), Hasselblad (cameras)

  12. Luxury Goods from A-Z • I. Magnin (department stores), ICOM (2-way radios), Infiniti (Cars), Imax Theater, IWC Watch Co. • Jaguar, Judith Leiber (purses) • Kiehl (hand cremes), Kiton (Italian seven-fold ties) • Laffite Rothschild (wine), Lexus

  13. Luxury Goods from A-Z • Mercedes Benz, Mikimoto Pearls • North Sails, Neiman Marcus • Orvis (outdoor gear), Opium (fragrance) • Patek Phillipe (watches), Philippe Charriol (jewelry)

  14. Luxury Goods from A-Z • QE2 Luxury Liner, Queen Anne (antiques) • Riedel (stemware), Rolls Royce, Ritz Carlton (hotels) • Sub Zero (refrigerators), Siematic (Kitchen Cabinets) • Tiffany (gifts), Trek (bicycles)

  15. Luxury Goods from A-Z • Uomo (fashion), Ungaro (fashion) • Versace (fashion), Louis Vuitton • Waterford (crystal), Worth & Worth (hats) • X-Yachts

  16. Luxury Goods from A-Z • Yves Saint Laurent • Zeiss (Binoculars, optics), Zero Halliburton (Luggage), Zymöl (auto polish)

  17. More costly Special parts Most appropriate materials Over-built Precision fit Craftsmanship Longevity Performance Easy to use Functional Beautiful finish Unique design Exclusive What are the characteristics of luxury goods?

  18. “The hardest decisions in life are not between good and bad, but between the good things and the best.” Stephen Covey

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

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

  21. More costly Special parts Most appropriate materials Over-built Precision fit Craftsmanship Longevity Performance Easy to use Functional Beautiful finish Unique design Exclusive “The good” has some of these... “The best” have all of them.

  22. Customers shop at your store because. . .

  23. You sell only the good and the best.

  24. Who wants something better? 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)

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

  26. Luxury buyers may be better educated, but. . . • Over half did not attend college.

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

  28. Why do people buy luxury goods? They desire them.

  29. Why do people buy luxury goods? They desire them.

  30. What makes them desirable? • Personal indulgence - “pleasure” • Status - “pride of ownership” • Practical Need - “utility and security”

  31. Luxury buyers avidly pursue self-improvement and self-indulgence. • 78% say they believe in treating themselves to life’s pleasures as often as they can. • 50% say they enjoy cultural activities, music, museums, galleries. . .

  32. Top-of-the-line brands are a magnet to Luxury buyers. • They confer visibility, prestige and distinction. • 46% “feel the brands of products people use say a lot about them.”

  33. Luxury products may fill a practical need. • 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.

  34. How much luxury business is out there? • Brioni sells more than 60,000 hand made suits per year. • In the US, more than 60,000 people fly by private jet each year (some wearing Brioni suits). • More than 2,000 Mark Levinson amplifiers are sold each year (avg. price $8,000).

  35. Every day. . . . 5-7 people who are predisposed to buying the highest quality will walk into your store.

  36. Your real opportunity is that most people who can afford our products and would enjoy owning them, don’t even know they exist.

  37. Personal Indulgence Status Practical Need What’s in it for You?

  38. What’s in it for You? • Personal / professional satisfaction • Work with products and people you believe in. • Life is short. Enjoy yourself.

  39. What’s in it for You? • Status • Be proud of what you do. • Be associated with the best. • Be acknowledged as a pro. • Conquer your fears.

  40. What’s in it for You? • Practical Need—Income • make more money selling fewer boxes • repeat business from happy customers • referral business from satisfied customers

  41. Pareto’s Law • 20% of your activities get 80% of your results.

  42. Show me the money 20% of your sales earns 80% of your income.

  43. You now know people want it, you want to sell it now, how do you prepare the customer to buy? • Understand the customer’s mindset. • Create a new understanding.

  44. Understand their mindset • Become a luxury buyer yourself. (You probably already are one).

  45. Introduce your customers to the luxury of home entertainment. Tell them about: 1) your store; 2) Madrigal and the companies you represent; 3) the products you sell.

  46. Introduce your customers to the luxury of home entertainment. Have them: • See it • Touch it • Experience it • Compare it. “Conviction comes to you by seeing, hearing, feeling, tasting and smelling.” John F. Lawhon

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