99% of Businesses are Replaceable from Customerโs Perspective - Here is How to Stand Out
Having worked in the luxury industry for close to two decades cultivating relationships with HNWIs, while being a luxury customer myself, I have to break some hard news to you:
There are ๐๐ฒ๐ฟ๐ ๐ณ๐ฒ๐ ๐ฏ๐ฟ๐ฎ๐ป๐ฑ๐ ๐๐ต๐ฒ๐ฟ๐ฒ ๐ฐ๐๐๐๐ผ๐บ๐ฒ๐ฟ๐ ๐ฎ๐ฟ๐ฒ ๐๐ฟ๐๐น๐ ๐น๐ผ๐๐ฎ๐น ๐๐ผ the brand names or products.
๐ต๐ต% ๐ผ๐ณ ๐ฏ๐๐๐ถ๐ป๐ฒ๐๐๐ฒ๐ ๐ฎ๐ป๐ฑ ๐ฝ๐ฟ๐ผ๐ฑ๐๐ฐ๐๐ ๐ฎ๐ฟ๐ฒ ๐ฟ๐ฒ๐ฝ๐น๐ฎ๐ฐ๐ฒ๐ฎ๐ฏ๐น๐ฒ from customersโ points of view.
To a lot of HNW clientele, ๐๐ต๐ฒ ๐ต๐ฎ๐ฟ๐ฑ๐๐ฎ๐ฟ๐ฒ that businesses perceive as valuable, such as the products, the events, or the gifts are ๐ก๐ข๐ง ๐ฐ๐ผ๐ป๐๐ถ๐ฑ๐ฒ๐ฟ๐ฒ๐ฑ ๐ฎ๐ ๐ฝ๐ฟ๐ฒ๐ฐ๐ถ๐ผ๐๐ ๐ก๐ข๐ฅ ๐บ๐ฒ๐บ๐ผ๐ฟ๐ฎ๐ฏ๐น๐ฒ.
While many businesses strive to create โmoney-canโt-buyโ experiences, they are ๐บ๐ถ๐๐๐ถ๐ป๐ด ๐๐ต๐ฎ๐ ๐๐ต๐ถ๐ ๐๐ฒ๐ฟ๐บ๐ถ๐ป๐ผ๐น๐ผ๐ด๐ ๐ฟ๐ฒ๐ฎ๐น๐น๐ ๐บ๐ฒ๐ฎ๐ป๐ ๐๐ผ ๐๐ต๐ฒ ๐๐ก๐ช๐๐.
If you are one of the few top luxury players whose products sell themselves, and you constantly have a queue lined up in front of your stores, the above may not be your major concern (for now). ๐๐ผ๐ฟ ๐๐ต๐ฒ ๐ฟ๐ฒ๐๐ ๐ผ๐ณ ๐๐ต๐ฒ ๐ต๐ต%, ๐๐ผ๐ ๐ต๐ฎ๐๐ฒ ๐๐ผ ๐๐ถ๐ป ๐๐ผ๐๐ฟ ๐ฐ๐๐๐๐ผ๐บ๐ฒ๐ฟ๐โ ๐ต๐ฒ๐ฎ๐ฟ๐๐ ๐ถ๐ป๐๐ฒ๐ป๐๐ถ๐ผ๐ป๐ฎ๐น๐น๐ ๐ฎ๐ป๐ฑ ๐ฐ๐ผ๐ป๐๐ถ๐๐๐ฒ๐ป๐๐น๐ ๐๐ผ ๐ฒ๐ฎ๐ฟ๐ป ๐๐ต๐ฒ๐ถ๐ฟ ๐๐ฎ๐น๐น๐ฒ๐ ๐๐ต๐ฎ๐ฟ๐ฒ.
The key to customersโ hearts lies in the ๐ณ๐ผ๐๐ป๐ฑ๐ฎ๐๐ถ๐ผ๐ป ๐ผ๐ณ ๐ฐ๐น๐ถ๐ฒ๐ป๐๐ฒ๐น๐ถ๐ป๐ด: ๐ง๐ผ ๐ฑ๐ฒ๐น๐ถ๐๐ฒ๐ฟ ๐ฎ ๐บ๐ฒ๐บ๐ผ๐ฟ๐ฎ๐ฏ๐น๐ฒ ๐ต๐๐บ๐ฎ๐ป ๐ถ๐ป๐๐ฒ๐ฟ๐ฎ๐ฐ๐๐ถ๐ผ๐ป ๐ณ๐ผ๐ฟ ๐ฒ๐ฎ๐ฐ๐ต ๐ฐ๐๐๐๐ผ๐บ๐ฒ๐ฟ, ๐ฒ๐ฎ๐ฐ๐ต ๐๐ถ๐บ๐ฒ. This requires the client-facing team's ability to communicate effectively and make every customer feel special and well taken care of according to ๐๐ต๐ฒ๐ถ๐ฟ ๐ถ๐ป๐ฑ๐ถ๐๐ถ๐ฑ๐๐ฎ๐น ๐ฝ๐ฟ๐ฒ๐ณ๐ฒ๐ฟ๐ฒ๐ป๐ฐ๐ฒ๐. Here are some examples of what that means when it comes to customer interactions in a retail context:
- To gauge that customer A is under time pressure and values efficiency, hence dropping everything else on hand to deliver a smooth and speedy transaction for him.
- To sense that customer B values nurturing and conversations, thus making her feel really welcome, giving her the right amount of attention, and being curious about her needs.
- To give genuine feedback about specific products that donโt actually fit the customer and invite her to come back again in a week with new deliveries that may suit her better.
For HNWIs, though โmoney-canโt-buyโ is subjective to each individual, it usually is not a tangible object. This could be efficiency for one, bonding and acknowledgement for another and accessibility and fame for someone else, to name a few examples.
Taking a resonant quote from my friend Joseph Sampermans, โIn a material and digital world, over time, I believe we will find that the human factor, the people-related service elements, will always be a better investment than the ever-evolving and technologically advanced hardware.โ
๐ง๐ผ ๐ฐ๐๐น๐๐ถ๐๐ฎ๐๐ฒ ๐๐น๐๐ถ๐บ๐ฎ๐๐ฒ ๐ฐ๐๐๐๐ผ๐บ๐ฒ๐ฟ ๐น๐ผ๐๐ฎ๐น๐๐, ๐บ๐ฎ๐ธ๐ฒ ๐บ๐ฒ๐บ๐ผ๐ฟ๐ฎ๐ฏ๐น๐ฒ ๐ต๐๐บ๐ฎ๐ป ๐ถ๐ป๐๐ฒ๐ฟ๐ฎ๐ฐ๐๐ถ๐ผ๐ป ๐๐ผ๐๐ฟ ๐บ๐ผ๐๐ ๐ฝ๐ผ๐๐ฒ๐ฟ๐ณ๐๐น ๐น๐๐ ๐๐ฟ๐ ๐ฑ๐ถ๐ณ๐ณ๐ฒ๐ฟ๐ฒ๐ป๐๐ถ๐ฎ๐๐ผ๐ฟ.
