Demographic, geographic, behavioral and attitudinal data aren't enough to understand high-end consumers, according to a recent study by Echelon Marketing Group. Luxury marketers also need to consider
a fifth category of information called "econographic" data. This will help them understand "who can afford expensive products and the impact of money on their attitudes and behaviors," says Echelon
president Don Neal.
The study reveals that 85% of luxury-goods marketers want to engage in more one-on-one marketing; however, only half of them actually do. But e-mail is the least
able vehicle for presenting a luxury brand image. More effective methods, Neal says, include direct mail, catalogs, telephone calls and special events that involve the consumers.
The
study also shows that consumers assume luxury brands have large marketing departments, which Neal said is not true. While most are good at creating image advertising, they are weak when it comes to
data-driven marketing.
advertisement
advertisement
Read the whole story at Brandweek »