Hey Wonderful People!! Happy Monday! I hope you are ready to learn, grown and prosper! This is my first Marketing Monday post and I am very excited to share some great marketing tips with you!
Last week I traveled to Los Angeles to speak at the Mom 2 CEO conference. It was such an awesome event and I was truly honored to be there. While there I decided to take a ride/walk down Rodeo (I couldn’t wait for this day). It was my first time in LA and I wanted to see as much as possible and do a little shopping. During my walk I came across the most amazing Louis Vuitton (LV) store I have seen in awhile. The architect of the building had me speechless (like most of them do). I started to think about what make people purchase LV. It is one of the most well worn brands and you can’t walk down a street without spotting at least 10 people carrying one. What amazes me the most about this brand is that they don’t do much marketing. There are no TV commercials or crazy marketing campaigns but yet they make MILLIONS in revenue.
Louis Vuitton has mastered the secrets to market WITHOUT marketing. It is definitely an art to this and it’s possible for you to incorporate these strategies in your business. Yes you can actually market and generate revenue for your brand just like LV!!! There are THREE secrets you must know in order to do so:
- UNDERSTAND your Target Market– Louis Vuitton knows and understand their target market. You probably heard this a million times but there is a difference from knowing your target and understanding your target market. You can probably tell me who your target market is (well at least I hope you can), but do you understand their buying habits, lifestyle, needs, etc. You should understand your target market so well that you will be able to sell your product to them while they are sleeping!!!
- Value your Brand– Have you ever been to a Louis Vuitton store and caught a good sale??? The answer is NO!! Louis Vuitton NEVER go on sale. They understand their target market and they know what price their customer is willing to pay. Having a sale is not a horrible thing but having a sale EVERY month, week or day is a horrible thing. Each time you do that your are devaluing your brand. You should think of putting on sales not to make money but to reward your customers and make money.
- Provide a great experience- When you provide a great experience you don’t have to worry about marketing your business because your customers will do that for you. Word of Mouth (WOM) marketing is still the STRONGEST form of marketing. People are now able to spread their experiences faster through social media and blogs. Louis Vuitton treat their customers like king and queens. They provide drinks and a great experience from beginning to beginning. They make each customer feel exclusive. I am not telling you to use the exact experience LV does but you do need to decide what experience you are going to give your customers.
You have the secrets now you need to implement them in your business. It’s really not hard to learn how the best brands market their business. Pay attention to why you purchase from certain brands and see how you can implement those things in your own business. Remember you want a lasting customer that will market your business for FREE!!
The Business Dr.