The Key to Being Luxury: Stop Selling

The luxury industry holds many secrets close to its chest. These secrets are part of what makes luxury brands so alluring. The mystique and magic of the brand universe, unavailable to mere mortals and only known to those “in the know”.

Throughout my career, I have been astounded by many of the luxury practices and their efficacy, but one practice in particular stood out: true luxury brands don’t try to sell their products.

Now, let’s not confuse this to say that sales results aren’t important – they are. Or that the front-line teams don’t have sales targets – they do. What I mean is that luxury brands use some very clever strategies that aren’t a direct sales tactic; but ultimately result in a sale.

The story builds more than value

When executed properly, storytelling becomes the most vital step in creating value for clients. A story paints a vivid picture by which clients can emotionally engage with the brand universe and the products with in it.

A high-quality time piece becomes more than a signal of success; it’s your doorway to stand among the great pioneers of history who have been privileged to wear the same. The engagement ring becomes more than a milestone celebration moment; it is the beginning of a legacy to which a client starts on behalf of their future generations.

Stories carry deep psychological and neurological power also. Not only have stories been shown to release neurochemicals in their listeners like oxytocin (the love hormone) and dopamine (the pleasure and reward hormone); a Princeton study showed a phenomenon known as “neuro coupling” where the brain waves of the storyteller and the listener synchronize creating a much deeper engagement.

Some luxury experts estimate as much as 98% of a brands perceived value comes from an emotionally engaging story.

What is your brand story, and can your team tell it?

Qualification

Consider a renowned Swiss watchmaker, celebrated for its design and craftsmanship, and revered by horological enthusiasts worldwide. This brand is fiercely protective of its image, carefully vetting clients to ensure their passion is genuine, not just a passing trend.

One potential client described visiting their boutique as an “exercise in interrogation.” After being admitted by a suited security guard, the client waited in an empty boutique before an advisor appeared. The advisor asked about the client’s profession, their interest in specific models, their existing collection, and their admiration for the brand’s history-all before showing a single watch.

While this may sound like a deeply unpleasant experience which would turn off the most avid buyer, it surprisingly has the inverse effect. Because they must prove themselves worthy of entering such an elite club before being invited to buy, the potential client’s desire for the brand and watch intensifies.

Are any of your products worth passing a test for?

The product isn’t always available

Our human brains have evolved to deeply prize resources that increase our survival or status. When something is rare, we value it more highly and desire it more than things that are readily available.

Luxury brands are highly adept at the use of scarcity, often advertising new collections you cannot walk in and purchase but instead must order and wait for. The ability to spin a negative into a positive is masterfully executed, as the time to delivery no longer becomes a hurdle, but instead a process that prolongs the anticipation for the product and creates an even stronger desire to own it.

Consider, are the long lead times on custom makes a negative or a positive?

Treat your customers like long lost friends

The service provided by a luxury brand to an established client should be thoughtful, caring, and personalised. So much so that a client should feel pleasure in parting with large sums of money.

This is achieved through personal relationships made between clients and luxury advisors that extend beyond the boutique and out into the real world. Many luxury advisors are given provision to host their important clients at lunches or dinners in order strengthen the relationship and uncover more about them so that they can better personalise their experience and offering.

You’re more likely to buy from someone you know and trust, and luxury brands know that trust takes time to establish.

What are you doing to strengthen trust between your clients and salespeople?

If you stopped trying to sell and started building desire, how might your business and client relationships transform?

Sell with success!

“When you create desire, profits are a consequence” – Bernard Arnault