Did you know March 8th is International Women’s Day? International Women’s Day is an opportunity to #EmbraceEquity and a great reminder to create a world where we embrace the diversity of thought and celebrate equality. I think it’s a great reminder to mentor other women and support them in achieving their goals.
Does your brand want to appeal to women? Are you having trouble with your message resonating with the customer or client you’re looking to attract?
We get it. According to McKinsey, women control over $10 trillion (yes, trillion!) of the household income in the United States, and it will increase to $30 trillion before the end of the decade.
And when it comes to brands and experiences, these influential decision-makers think about luxury, the luxury experience and your brand in very different ways.
If you’ve been with me awhile, you know I believe that luxury is a mindset — and when you understand someone’s luxury mindset, you’re better able to send them the messages and give them the experiences that will create long-term loyalty.
And since you’ve been around awhile, you’re also familiar with my Luxury Mindset Research, where we discovered that there isn’t just one luxury mindset, there are FOUR (you can get an overview of each mindset in last week’s blog post here!).
If you are a brand wanting to work with more women, you might wonder how do they think and how you can attract more of those leaders to your brand. When you understand each of the four luxury mindsets you can better align your messages with them to activate a master plan to speak their luxury language and increase your sales and build brand advocates.
What Women Want
Knowing how luxury impacts the leaders in our research study’s confidence, professional development, and executive presence is essential for brands to understand how they make their decisions, what impacts their decisions, how they see your products and services and how they are aligned with their values.
Once you can speak the luxury language to describe how your product or service is exclusive, unique and can be shared with others, you will be able to help train your team to speak this luxury language to attract the luxury mindset you want to serve.
75% of the women we surveyed were already in leadership positions and included diverse roles: assistants, CEOs, finance, HR, hospitality, medical, technology, and travel.
We found similarities across the four luxury mindsets: All said:
- Luxury is a reward for hard work
- They would like more options for luxury products, experiences, and services
- They realized their privilege allowed them the opportunity to participate in luxury
- Luxury can be experienced at all levels of income
What works best for each mindset?
- Reluctant and Removed women want brands that speak a luxury language that explains how their product or service will save them time and make their lives easier
- Pro Prioritizer women want brands that speak a luxury language that relays the brand’s beliefs and societal and environmental impact, and is long-lasting and embraces quality
- Confident and Content women want brands that speak a luxury language that shows how their product or service enriches their lives and creates memories
- Luxury Lover women want brands that speak a luxury language that understands that they are a brilliant brand ambassador, and that they are keen to share luxury with others
What could your brand do to elevate the experience of what you offer — your products, services, and experience to your clients? How can you get creative to appeal to all of these mindsets?
- They want exclusive behind-the-scenes invitations that they can share with others (and also on social media)
- If you’re a retail outlet, you could open your doors early, or host an invitation-only event
- If you are a luxury hotel, you could provide a secret behind-the-scenes tour on property of some of the exciting things you offer
Today, my challenge to you is to think about what segments do you want to focus on? Which of these four (or maybe two of the four), do you want to attract to your company?
Think about how you can speak the luxury language of the luxury mindset you’re trying to attract. Too often, brands focus on how people FEEL about luxury rather than what they THINK about luxury. Remember you have team members with one of these mindsets, and you have clients with these mindsets.
And don’t forget, March 8th is International Women’s Day. So for the women that you have on your team, the people who identify as women, make sure that you take a moment to say thank you for the great work that they do.
If you would like to know more, we’d love to share an Executive Summary of our research, please click here and sign up for the audience you’re most interested in learning about!