Day: November 27, 2020

Numerous Streams Income Online

Numerous Streams Income Online The crucial to making several streams of easy revenue online is to expand your product or services an individual must not have just one resource of easy earnings online however increase resources. Electronic books, associate advertising, audioproducts and also marketing are means to develop an easy revenue from the Internet. A …

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A Speedy Recovery Depends on More Aid. Will Trump Deliver?

The economy can’t wait until January for more help for states, businesses and the unemployed.

The Best Luxury Marketing Strategies

Have you ever seen a Facebook ad for Chanel? Or an Instagram ad for Lamborghini?

Me neither. That’s because luxury marketing strategies don’t follow the same rules as mass-market brands.

Selling to high-end consumers requires a different approach. But that doesn’t mean popular digital channels are off-limits.

SEO, PPC, even some social media sites can drive online sales for your luxury brand.

Today, I’m going to show you exactly how to take your luxury brand online with the best luxury marketing strategies.

What Qualifies as a Luxury Brand?

Gucci, Rolex, Ferrari. For the most part, you know luxury brands when you hear them.

But what does it take for a brand to qualify as a luxury? In my opinion, it’s down to the three Es: Expensive, Excellent, and Exclusive.

Luxury products are synonymous with high price tags. This is the most common indicator of luxury, but it is also the most misleading. Just because something costs thousands of dollars doesn’t mean it’s luxury.

That’s why luxury products also need to be excellent. The quality has to match the price tag. Good doesn’t cut it in the luxury category; a brand has to be at the very top of the market.

Luxury fashion is created by the best designers in the world. The best engineers create luxury cars. Ditto for timepieces.

Finally, luxury products have to be exclusive. It’s not a luxury product if everyone has one. Often, exclusivity is achieved by price. A ten thousand dollar handbag is well out of reach of the majority of consumers. But brands can also achieve exclusivity by selling a limited number of products. Or they can do both, like Supreme.

Luxury Marketing Supreme

Luxury Marketing Trends

According to Statista, the global luxury goods market will increase from $285.1 billion in 2020 to $388 billion in 2025.

Despite what you might think, online sales of personal luxury goods are growing, too. McKinsey estimates 8% of all luxury sales are made online or around €20 billion. That’s a five-fold increase from 2009. What’s more, the majority (almost 80%) of purchases made in-store are influenced by digital.

The consultancy expects online luxury sales to triple by 2025 when almost one in five personal luxury sales will happen online.

Digital channels will be essential for luxury brands going forward. The pandemic hit department stores hard and forced luxury consumers to buy online more than before.

BCG predicts the e-commerce boom will continue in the future both for inspiration and for transactions.

Going digital will also be key to meeting today’s new luxury consumers and those of tomorrow. Millennials, who are entering their peak earning years, and Gen Z, many of whom are just entering the workforce, have grown up in the digital era and expect brands to have an online presence as high-quality as their products.

All that’s to say: digital marketing must be a key part of a luxury brand’s strategy going forward.

Luxury Brand Marketing Strategies

Here’s the thing, luxury marketing isn’t synonymous with digital marketing…yet.

Until now, luxury brands have been able to rely on full-page ads in premium magazines, billboards in duty-free stores, and high-end, high budget TV ads.

Not any more.

To survive in the increasingly competitive luxury space and attract new customers, luxury brands must understand what the luxury consumer wants from a brand and how digital can help them get there.

From SEO to PPC, apps to AR, there are loads of marketing strategies to explore.

Understand the Luxury Customer

The first step in developing a luxury marketing strategy is to understand your audience. Enter buyer personas.  

A buyer persona is a detailed description of your ideal consumer. It will include their age, demographic, job, hobbies, salary, and anything else relevant. The more detail you can include, the better.

Here’s an example of a luxury consumer persona from Stella Rising.

Luxury Marketing Consumer

Keep in mind; you may not have just one buyer persona. If several different groups of people buy your products, you’ll need to develop a buyer persona for each of them.

Detailed buyer personas help your brand understand precisely who your customers are and what they want from your brand.

They will allow you to better communicate with your customers and focus your marketing efforts.

Develop Your Digital Luxury Marketing Strategy

Now you understand who your customers are and what they want from your brand, you can build a marketing strategy that will drive results.

Start by thinking about the channels you want to target. This could be a social media platform you want to pay particular attention to; it could be Google; it could even be a custom app.

Focus on one or two to start with, particularly if your luxury brand is new to digital marketing.

Next, define your goals. This may be increasing brand awareness, but a better and more measurable goal is an increase in sales. (It’s also easier to measure sales increase.)

Finally, work out how you’re going to measure your success. If you’re going to use SEO to increase revenue, for instance, find out how much revenue Google and Bing are responsible for right now. If you don’t already have Google Analytics tracking in place, now’s the time to set it up.

Experimental vs. Traditional Marketing

Most marketers are aware of traditional luxury marketing tactics. Full-page ads in premium magazines or weighty direct mail pieces are a luxury marketer’s bread and butter.

But those strategies won’t cut it in an increasingly digital world.

Many brands consider digital marketing experimental in itself. But I urge luxury brands to go beyond standard digital marketing tactics and explore more experimental channels.

One option is a brand app. Apps offer brands a way to speak to users directly through their smartphones. Your app could be as simple as a mobile responsive version of your website.

Or you could take things even further by integrating augmented reality features. Burberry, for instance, has launched an AR shopping tool that lets consumers see Burberry products in their surrounding environment.

Chanel has combined offline marketing with digital marketing in a holiday popup event at The Standard in New York. An AR app, which could be accessed on the Chanel website or via Snapchat, brought the popup to life.

Role of Loyalty in Luxury Marketing

Luxury brands have loyal consumers. This is important because the more loyal your customers, the less marketing you have to do.

Don’t worry; I’m not recommending creating a loyalty program. That could devalue your luxury brand.

Rather, you need to turn consumers into fiercely loyal brand advocates. One way to do that is through the quality of your products. Another way is through the quality of your marketing.

You can also partner with influencers on social media channels. Influencer marketing is incredibly cost-effective and, if done well, can put your brand in front of the right kind of consumers.

Just make sure to find influencers who already operate in the luxury space and whose audience buys the products they promote. Aspirational jet-setting influencers are a dime a dozen.

You want to work with the few who have the audience to back it up. Otherwise, you won’t see results.

Develop a Targeted Luxury Marketing Keyword Strategy

Whether you’re running an SEO campaign or a PPC campaign (or both), I recommend developing a highly targeted luxury marketing keyword strategy.

Start by targeting high-conversion keywords. Sure, attracting consumers in the research phase of their journey is important. But for the sake of your ROI, you’re going to want to target consumers who are ready to purchase.

The CPCs of luxury marketing terms can be expensive, given the competition and the price of products.

Try to advertise as the “top watch maker” on Google, and you’ll pay $80 per click. Ouch.

Luxury Marketing Top Watchmaker

Or $50 to advertise as one of the best luxury compact cars.

Luxury Marketing Compact Car

If you want to see a return on your investment, focusing on high-intent keywords is essential.

You’ll also need to make careful use of your negative keyword list.

Unless you’re using negative keywords, you aren’t really in control over what terms your brand will appear. The last thing you want is for ads for your luxury brand to start showing up in searches containing “discount,” “sale,” or “free.”

The kind of consumer that clicks on those ads won’t match your buyer persona. Here’s how to add negative keywords to your ads.

Luxury Marketing Content Campaigns

A huge part of luxury marketing revolves around storytelling. Whether it’s the history of your brand or the craftsmanship of your products, you probably have a lot to say.

This makes content marketing campaigns a must for luxury brands.

What should you write about exactly? Well, apart from telling your brand story, I recommend using long-form content to help consumers find the right product for them.

Buying a luxury product is often a big decision, and consumers research their choices thoroughly before committing. Buying guides put your brand front and center for consideration while providing value and establishing a relationship even before the purchase has been made.

This is a strategy my team at NP Digital adopted for a prominent jewelry retailer that wanted to increase online sales.

We wrote a comprehensive piece of content about finding the perfect engagement ring that helped traffic from search engines to grow from 20% of all traffic to 30% of all traffic in the first six months of our partnership.

Your content can continue to add value for customers after purchase. Detailed guides on using and caring for luxury products make for excellent blog posts that can increase brand loyalty while attracting even more consumers.

Use the keywords you’ve discovered above to guide your content creation process. You’ll want to make sure there’s some form of content for every key term, whether that’s a category page, a blog post, or something else entirely.

SEO For Luxury Brands

Search engines are massive traffic drivers for luxury brands and play an important role in both the research and purchase phase of the consumer journey.

Yet, they are consistently undertilized by luxury brands. It doesn’t help that luxury brands tend to have poorly designed (but very good looking) websites and a lack of content for Google to crawl.

As I said above, creating new content is critical for luxury brands who want to succeed online. Targeting new, high-intent keywords is also important.

But you shouldn’t forget about the more technical aspects of SEO, like optimizing category pages. Or off-page factors, like building links.

The more time and effort you devote to understanding and implementing SEO, the more revenue your store should generate. For instance, we increase the revenue of our luxury jewelry client by 21% through SEO.

While Google should be your focus, don’t forget about Bing. Users of Microsoft’s search engine tend to be more affluent, with 25% of users having an income in the top 25%. It makes sense to focus some efforts on Bing SEO.

Conclusion

The luxury market is changing.

Luxury marketing can no longer be confined to TV channels, billboards, and glossy magazines. Now is the time to take your luxury brand digital and invest in SEO, PPC, and whatever social media your consumers use.

So here’s my question to you:

What will be the first digital channel you use to promote your luxury brand?

The post The Best Luxury Marketing Strategies appeared first on Neil Patel.

Top 5 Lake Charles News Websites To Follow in 2020 (City in Louisiana)

Top 5 Lake Charles News Websites Contents [show] ⋅About this list & ranking Lake Charles News Websites KPLC American Press News Break » Lake Charles Submit Blog Do you want more traffic, leads, and sales? Submit your blog below if you want to grow your traffic and revenue. Submit Your Blog Lake Charles News Websites View Latest […]

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Raise Your Recession Business Banking Rates and Get Funding Even in a Bad Economy

Do You Need to Know Just How Banks Determine Your Recession Business Banking Rates?

Banks are in the business of judging your company’s creditworthiness. This has a direct relationship to several important issues. Ignore these at your peril! It pays to take the time to try to understand how your recession business banking rates will work.

Recession Era Funding

The number of American financial institutions and also thrifts has been decreasing gradually for a quarter of a century. This is from consolidation in the market along with deregulation in the 1990s, decreasing obstacles to interstate banking. See: https://www.fundera.com/blog/happened-americas-small-businesses-financial-crisis-six-years-start-crisis-look-back-10-charts

Assets concentrated in ever‐larger banks is troublesome for local business proprietors. Big financial institutions are a lot less likely to make small loans. Economic recessions mean financial institutions become more careful with financing. For this reason, you need to understand your business bank ratings. It’s the only way you will be able to improve them.

Your Recession Business Banking Rates – It All Has to do With Your Bank Credit Score

But what’s that all about?

Did you know there are many ways you can ravage your bank credit score? It is, regrettably, quite easy to run a power saw through your bank rating. Your recession business banking rates can easily end up taking a hit.

But before going any further, do you know the difference between bank credit ratings and small business credit?

Business credit is the full and complete amount of cash that your small business can receive from all manner of lenders. That means credit unions, credit card companies, and also renting businesses. And it also means vendors, under what’s called trade credit or vendor credit or trade lines.

A bank credit score, on the other hand, is a measure of the full amount of borrowing ability which a company can get from the banking system only.

Bank Credit Scores Explained

A company can get more business credit fast . That is, as long as it has at least one financial institution reference. Plus it must have an average day to day account balance of at the very least $10,000 for the most recent three months. This setup will generate a bank credit rating of a Low-5. So this means it is an Adjusted Debt Balance of from $5,000 to $30,000.

A lower score, like a High-4, or balance of $7,000 to $9,999 will not result in an automatic turn down of the small business’s loan application. But it will slow down the approval process.

What is a Bank Rating?

A bank rating is a measure of the average minimum balance as kept in a business bank account over a 3 month long period. Hence a $10,000 balance| will rate as a Low-5, a $5,000 balance will rate as a Mid-4, and a $999 balance will rate as a High-3, etc.

A company’s chief goal ought to always be to maintain a minimum Low-5 bank rating (or, an average $10,000 balance) for a minimum of 3 months. This is because, without at the very least a Low-5 score, most financial institutions will assume a business cannot pay back a loan or a business line of credit.

Yet there is one point to keep in mind – you will never see this number. The financial institution will keep this number in its back pocket.

The Bank Rating Ranges

The numbers work out to the following ranges:

To get a High-5 rating, your business will need to have an account balance of $70,000 to $99,999. For a Mid-5 score, your business has to have an account balance of $40,000 to $69,999. And for a Low-5 score, your company should hold onto an account balance of $10,000 to $39,000. So your small business needs this level bank rating or better to get a bank loan.

For a High-4 score, your small business needs to have an account balance of $7,000 to $9,999. And for a Mid-4 rating, your company must have an account balance of $4,000 to $6,999. So for a Low-4 score, your company will need to have an account balance of $1,000 to $3,999.

Your Recession Business Banking Rates – It Can Be Scary Easy to Damage Your Bank Rating

And now, without further ado, here are 7 ways you can leave your bank score in tatters. These methods can all too easily hurt your recession business banking rates.

7th Way to Ruin Your Bank Credit

Don’t maintain a minimum balance for at least three months. Since every bank score cycle has a basis in the last 3 months, a seesawing balance will harm your bank score.

6th Way to Ruin Your Bank Credit Rating

Don’t bother to assure that your company bank accounts are on report the exact same way as all your small business records are. And do not assume they are on report with the exact same physical address (no post office box) and contact number. Sow confusion here by editing one and not another, or not dealing with an error if there is one.

Recession Business Banking Rates Credit Suite

Have a look at our expert research on bank ratings, the obscure reason why you will – or won’t – get a bank loan for your company.

Fifth Way to Destroy Your Bank Credit

To support # 6, don’t make sure that each and every credit agency and trade credit vendor likewise lists the business name and address the precise same way. This is every keeper of financial records, earnings and sales taxes. It includes web addresses and email addresses, directory assistance, etc.

No loan provider is going to think of the myriad ways that a company may be listed, when they check out the business’s creditworthiness. So if they cannot find what they need fast, they will refute an application. Or it won’t be on the report to a company credit reporting bureau such as Experian, Equifax or Dun & Bradstreet.

For that reason, if they are not able to locate what they need quickly, they will simply reject the application. So make certain your documents are a mess!

4th Way to Damage Your Bank Credit Rating

Never handle your bank account responsibly. This means that your small business must not avoid writing non-sufficient funds (NSF) checks at all costs. Such is due to the fact that those decimate bank ratings. Non-sufficient funds checks are something which no company can afford to let happen.

Balancing checkbooks and accounts is so boring anyway. You’ve got adequate cash without even making sure, right?

Third Way to Ruin Your Bank Credit Rating

To add to # 4, do not add overdraft protection to your bank account ASAP, to avoid NSFs. Why bother thinking in advance or preparing for the future? Everything is going to be terrific permanently, right?

Writing checks insufficient funds (NSFs) is a sure way to wreck your bank score.

2nd Way to Damage Your Bank Credit Rating

Do not let your business show a positive cash flow. The cash coming in and leaving your business’s bank account should reflect a positive free cash flow.

A positive free cash flow is the quantity of revenue left over after a firm has paid all its expenses. According to Investopedia, it “represents the cash a company can generate after required investment to maintain or expand its asset base. It is a measurement of a company’s financial performance and health.”

When an account shows a positive cash flow it indicates your small business is generating more revenue than you use to run the firm. That means the bank will feel your small business can cover its costs.

So if you really intend to wreck your bank score, get whatever’s expensive for your company so your costs overtake your profits. Doesn’t every factory merit luxurious carpets in the loading dock?

Recession Business Banking Rates Credit Suite

Have a look at our expert research on bank ratings, the obscure reason why you will – or won’t – get a bank loan for your company.

First Way to Damage Your Bank Credit Rating

Financial institutions have quite the motivation to lend to a small business with consistent deposits. And an entrepreneur must also make regular deposits to keep a positive bank rating. The business owner has to make a lot of regular deposits, greater than the withdrawals they are making, to have and maintain a great bank rating. If they can do that, then they will have a great bank credit score.

Consistency is the hobgoblin of little minds, right? So be a free spirit!

Your Recession Business Banking Rates – It is Way too Easy to Destroy Your Company’s Bank Score – Even Though You Will Never See It

You, the entrepreneur must never make consistent deposits. And these deposits ought to never be more than the withdrawals you are making, to ruin your bank credit.

If you can do these things, then your company will have a horrible bank credit score. And then a bad bank credit score means your firm is much less likely to get small business loans. This is how you can truly muck up your recession business banking rates.

Your Recession Business Banking Rates – Just Kidding: Of Course We Do Not Actually Want You to Destroy Your Company’s Bank Credit Rating!

But your recession business banking rates are a thing of value. You should want to protect and nurture it. So, where do you go from here?

The First Great Way to Rescue Your Bank Credit Rating

Probably the easiest way to achieve and maintain an excellent bank credit rating is to deposit at least $10,000 into your company bank account. And keep it there for as much as six months. While you will still have to make regular deposits, this one simple step will assist in 3 ways. One, you will have kept an excellent minimum balance for at the very least 3 months. Two, you will probably not overdraw with such a great balance. And three, you will be at the magic minimum for a Low-5 bank credit rating. Thus you will be dealing with our # 4 and # 7, above.

And you may even have the ability to get around our # 3. But we still highly recommend overdraft protection.

Recession Business Banking Rates Credit Suite

Have a look at our expert research on bank ratings, the obscure reason why you will – or won’t – get a bank loan for your company.

The 2nd Excellent Way to Rescue Your Bank Credit Rating

A 2nd thing you can do is make certain your small business account details are consistent across the board, everywhere. While it may take some work order to make certain every little thing is right, you will be dealing with our # 5 as well as # 6, above.

The Third Great Way to Rescue Your Bank Credit Score

A 3rd thing you can do is make consistent deposits, as well as make sure they are greater than the quantities you are withdrawing each month. This will take care of our # 1 and also # 2.

Your Recession Business Banking Rates –Takeaways

Your bank score is not to be trifled with. The financial institutions maintain a mystery about them. Still, failing to keep your bank credit rating high will make it a whole lot harder to do well in business. In this way, you can defend and improve your recession business banking rates.

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Stock Futures Drift Higher in Muted Holiday Trading

U.S. stock futures drifted higher, with investors anticipating a quiet day of trading on Thanksgiving.

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