As illustrated in the 2014 Wealth-X Luxury Sentiment Survey Report, luxury brands are turning away from more traditional marketing methods and using event marketing to cater to ultra-high-net-worth consumers. High-net-worth and ultra-high-net-worth individuals are drawn to the VIP, invite-only aspect of the events, as well as the opportunity to expand their peer group and possibly learn about other high-end products and services offered by partners or sponsors.
Event marketing has the potential to make a big impact on a professional’s bottom line.
Wealth-X data shows that 84% of luxury marketers host events targeted at UHNW consumers, and that these events are centrally focused on making connections. For those who calculate the return on investment of event marketing, 58% experienced an ROI of greater than 50%. Of these highly successful event organizers, 72% said that event marketing had the highest ROI of all of their marketing initiatives.
For real estate professionals in the luxury market, VIP-only events are an effective way to connect with clients and prospects, build brand awareness, and win contracts. “My goal with VIP real estate events is to build top-of-mind awareness,” said Michael Morrison, owner of Sotheby’s International Realty affiliate Morrison House. “I want people to tell others what a great event they attended. I want them to talk about us, our listings and our marketing efforts, and to think of me when they want to buy or sell.”
- Highlight Lifestyle. Luxury real estate events are designed to highlight the unique and attractive lifestyle of a luxury home or high-end residential area. Morrison, an Institute of Luxury Home Marketing member, recently invited VIP clients and prospects on a “floating home tour.” “It generated leads and pushed listing prospects over the edge,” Morrison said of the event. “I would say about 4 listings totaling over $7million are being taken because of it.”
- Partner With Other Luxury Brands. Partner luxury brands add their key clients to the invitation list, and might also act as sponsors, covering the financial cost of the event in exchange for getting face-to-face time with their key clients and any new UHNW clients met at the event. These brands offer guests the chance to learn about luxury products, such as wine, watches, yachts, and high-end cars.
- Partner With Charity. Many event organizers also partner with a local charity organization, so that the wealthy guests can give to a worthy cause.
- Cast A Deep Net, Not A Wide One. If everyone on your mailing list is invited, then you’re not giving your UHNW clients, prospects, and referrals the VIP treatment that they expect. Luxury event marketing is successful when it retains its exclusivity and high-end appeal. These VIP guests are often invited via custom direct mail, personal email, or phone call.
- Organize You Event Well In Advance. One of the most important factors determining the success of a luxury marketing event is planning. An event that is planned well in advance can be advertised over a longer period of time, enabling the host to secure the most important clients, prospects, and referrals, as well as the most ideal strategic partners or sponsors.
Great ideas!
Posted by: Brian Darryl Teyssier | November 18, 2015 at 01:36 PM