It is easy to pretend the voice on the phone is not a real person. In sales, one of the most effective things you can do is to put a face to a name and voice. Adcision Luxury Media, a online luxury advertising agency and publisher representation firm and the writers of this newsletter, have spent some quality time exploring the many tools and resources that social networks, specifically LinkedIn, provide and have found them to be tremendously useful. From identifying appropriate contacts to joining groups and finding potential clients, LinkedIn is more than just an avenue for finding a new job or connecting with old colleagues.
Most valuable of all appears to be the groups. From corporate and alumni groups to common interest, it is easy to post discussion questions, relevant news articles and meet others who are in your profession or share common goals. Here are a few Adcision has joined and recommend for those in the luxury space:
–Luxury and Lifestyle Professionals-(12,560 members)- Managed by Lionel Crochet. This group does an excellent job controlling the discussion boards and posting relevant content. Lionel tells us that, “luxury and lifestyle industries cover a lot of connecting business from travel to fashion, jewelery, architecture, design or transportation for instance. I figured those industries and its professionals collaborate enough to create a need for online networking. This may allow businesses and their associates to create bridges, ventures, deals or collaborations. Sites like LinkedIn, Facebook, Ning or MySpace where the Group is present are meant for that and I hope our cheer number of members make more and better business thanks to “Luxury & Lifestyle Professionals.”
–Luxury Interactive– (57 members)- Managed by Steven Peters. This small targeted group will be an excellent tool for networking pre and post show for both London (March 2009) and New York (June 2009).
–The Luxury Letter– We decided to form this group for our members and encourage you all to sign up. The goal of this group is to create a controlled environment for you and your peers to exchange dialogue.
If you are a member of a group that you feel others would find valuable, please let us know by leaving a response on The Luxury Letter blog!
By Susan Adams, President of Fractional Sales Solutions
I was on an interesting webinar a few months ago that was sponsored by Google. The topic was how the affluent use the internet. I’m of the opinion that the internet is the least understood of the marketing mediums for those companies that actively sell to high net worth buyers.
The most interesting statistic from their survey was that millionaire earners are the most prolific shoppers on the internet. The reason I found this so compelling was that many wealthy shoppers are given exceptional service experiences from the retail stores they visit. So, why would they abandon these stores that cater to their needs to go shop on the internet?
It’s simple. The internet is fast and anonymous. One of the things I learned in my years of selling to multi millionaires is that they prefer to be anonymous. Most of my contact with these clients was over the phone. They rarely wanted to meet in person, and instead, preferred to speak with me over the phone.
It only makes sense that they would be attracted to the internet because of the anonymity they find using this medium. They can research a product or service from the comfort of their home or office without ever having to get on the phone and talk to a sales person. In fact, one gentleman in the survey found a $15,000 watch he wanted to buy and was completely annoyed that he couldn’t purchase it online. Instead, he had to call and speak with a sales person.
Money to Spend, But No Time to Spend It
The second interesting fact concerned the amount of time (or lack thereof) they discovered among the various groups of ‘affluents’. The more money a person has, the less time they have to spend it. This is a point I make repeatedly with my clients trying to market online to the affluent. We know they lead busy lives and have very little personal time. So, it makes sense that their first stop for any major purchase is the internet.
It’s important to remember that the average consumer spends 7 seconds on a website before they click away. While there are no statistics of this kind for the affluent niche, you can assume 7 seconds may be generous. With that in mind, take a look at your online presence. Does your home page immediately connect with a high net worth individual?
For example, if you’re a luxury resort, are you talking about family experiences, or are you highlighting the spa or the golf course? The affluent are more family-oriented than other demographic groups, so lifestyle experiences that speak to connecting with family are more likely to resonate than a description of the ‘world class spa’. If you’re wealthy, you have world class accommodations everywhere you vacation.
There were a few other important findings for marketers:
- The affluent believe that those companies NOT FOUND online have cheapened their brand
- The wealthier you are, the more likely you’ll be annoyed if you CAN’T find and purchase something online
- Brand awareness isn’t enough…you must have data to support the prospects’ need for due diligence
- Peer recommendations (testimonials) are a powerful tool among the wealthy. They all want to know, ‘Why are other people like myself buying this or looking at buying’?
Companies also need to think beyond their websites and look into other, more nonconventional, areas for advertising. I frequently remind clients that their online presence needs to go beyond websites and pay-per-click advertising.
For example, have you ever considered some of the places wealthy buyers are likely to go on the internet? Places like social networking sites, blogs and charity sites? What better place to get acquainted than a blog on a specific charity?
There are also many ‘cause-oriented’ sites like the green movement or political sites.
As with any marketing or advertising, it all goes back to understanding WHO your client is and how WHO they are helps you effectively market to them. Your marketing message shouldn’t be telling the prospect what you think they need to know, but rather finding out what they need to know about you and then crafting a message that resonates.
Why not attract the affluent with a message that says, ‘We understand who you are and why people like you purchase this product or service’.
by Hibben Silvo, Editor
This month we are featuring not one but three new publishers, Deal Breaker, Above the Law, and Fashionista, all published by Breaking Media. The three sites provide valuable and interesting content to visitors with an enthusiasm for business, law, and fashion. Breaking Media’s Publisher, David Minkin, gave us some insight into the three sites. Check out his answers to our questions below:
David Minkin’s Bio: After graduating from Brown University I went to work at Forbes.com in ad operations. From there I went to CFO.com where I managed business operations then later east coast ad sales. From there I proceeded to run online sales at Institutional Investor and then finally left there after co-finding Dead Horse Media (later known as Breaking Media).
Adcision: Why did you launch Deal Breaker, Fashionista and Above the Law and what need has it fulfilled?
David: Breaking Media has launched and operates three sites including DealBreaker.com (launched 3/06), AboveTheLaw.com (launched 8/06) and Fashionista.com (launched 1/07). DealBreaker launched with a mandate to bring a new edge and independent voice to financial news with content aimed specifically to professionals in the finance industry. The content is meant to be insightful, groundbreaking, funny and to challenge the conventional wisdom. After seeing such success with DealBreaker we later rolled out AboveTheLaw, which caters to the legal industry. Later we launched Fashionista.com, which isn’t quite as industry focused, but is still very insidery.
Adcision: Which three brands are you the most proud to have run on your site?
David: Target, Bloomberg, British Airways
Adcision: If you could only have one advertiser on your site, which would it be?
David: Target – I love them. Beautiful creative and the team at their agency is a pleasure to work with.
Adcision: Give me an example of something your readers discovered on your site that they probably wouldn’t have known about otherwise.
David: In terms of DealBreaker and AboveTheLaw we routinely scoop other sources with bonus compensation data (which is obviously very important to our audience). And on Fashionista we announced Arlenis Sosa as the new face of Lancome literally weeks before any other source. We’re good with getting scoops.
Adcision: Please describe a typical visitor to your site — what he/she is like, what motivates them to visit, what engages them while they are there.
David: Of course the typical reader depends on the site. With regards to DealBreaker and AboveTheLaw the average reader is 30, extremely affluent and very well educated and most likely male (this is especially true on DealBreaker). Fashionista readers tend to be around 25 years old, relatively affluent and very cosmopolitan. Across all three sites about 40% of our readership is in New York.
Adcision: What do you wish more people knew about your “publication”?
David: The Breaking Media sites are the go-to destination to reach a young, upscale audience of professionals in major cosmopolitan areas. Very few sites have such a high concentration of these influential players. I want brands to know that we excel at engaging this audience and we do it successfully day in and day out.
Adcision: Can you namedrop… any well-known persons engaged with your site?
David: We once received a letter from Warren Buffet’s assistant disputing an argument we put forward on DealBreaker.com.
Adcision: What is the best source of traffic to your website?
David: Google. But we’re regularly linked to by all major publications that cover fashion, law or finance.
Adcision: How do you get your content?
David: We have an incredible team of editors who are very networked within their respective industries. A lot of our larger scoops come from tips sent in by our readers which are then corroborated by the editors.
Adcision: What’s the best article (or feature) that you have ever run on your site … and why do you think it was so popular (Please include a URL if possible)?
David: DealBreaker’s http://www.dealbreaker.com/2008/10/dear-investor.php post is great because it demonstrates the type of information that many financial institutions wish was kept hidden. In many ways it’s this sneakiness among institutions that led to the financial mess we’re currently in. One of the goals of DealBreaker is to shine a light on the darker corners of finance.
And of course I love that we broke the “Arlenis Sosa as face of Lancome” news on Fashionista.
Adcision: Please share some demographic information about your audience (i.e. average home value, average HHI, male/female ratio, etc.)
DealBreaker readers: 89% male, median age 30, $246k average HHI
AboveTheLaw readers: 64% male, median age 30, $143k average HHI
Fashionista readers: 94% female, median age 26, $71k average HHI
Adcision: What is the most vexing issue facing your business right now?
David: Although we reach a very valuable audience because our readership is so niche we’re too small to be listed in @plan and thus we miss out on many RFPs from the big agencies. Also, some of the more old school brands still think “blog” means a guy sitting in his pajamas writing in his mother’s basement. These brands don’t realize that Breaking Media has 10 full-time employees on staff and is funded by a team of investors.
Adcision: Other than your own, what are some favorite luxury oriented sites you like?
David: These sites aren’t explicitly focused on luxury but I enjoy theatlantic.com and nymag.com
Adcision: What is your definition of luxury?
David: Something inessential but conducive to pleasure and comfort. That also happens to be the American Heritage Dictionary’s definition.
Adcision: Where do you see the industry headed?
David: I think online publishing in general will have some interesting growing pains as display advertising (in the form of standard banner units) because less valuable to advertisers. Where that leads I’m not sure…
Adcision: What are your goals for 2008?
David: To make our sites the go-to destination for people wanting the inside scoop on the finance, legal and fashion industries.