Decoding the Psychology of Luxury Customers' Event Attendance
If you work in the luxury industry, you will likely invest a significant amount of budget (and effort) in November and December's client engagements—launching festive collections, organising client appreciation dinners, hosting in-store holiday celebrations, etc.
Your objective is that your event will stand out amongst your peers in rewarding clients' loyalty and, hopefully, giving a strong push on this year's commercial objectives.
There is another side to this story. Your top clients are likely to be the top clients of many other brands, and they are invited to many events other than yours. Yet, none of the luxury clients NEED another limited-edition handbag or an additional made-to-order dress.
So what motivates the luxury customers to choose to spend their precious time and money with your brand? Here are some factors to consider:
💡 The Event's Relevancy to Your Customer's Preference
A common myth about client event invitation: One must invite the highest-spending clients to the most exclusive events.
The reality is that the perception of "money can't buy" differs according to the individual.
Not all the top customers appreciate a "meet-and-greet" opportunity with your CEOs over an intimate VIC dinner. Instead, some may enjoy hanging out with their favourite Client Advisors over the more light-hearted in-store holiday celebrations. The time-poor clients would prefer to be left out of the event invitations, but to ensure they are being notified of their interested products.
Instead of solely using the spending record as a "filtering criteria" for event invitations, empower the Client-Facing team to have that "discovery conversation" to understand what types of events your customers are interested in and only invite them to the relevant ones.
💡 The Thoughtfulness of the Event Invitations
The way you invite your luxury clients can make a significant impact. A thoughtful invitation goes beyond simply addressing them by name; it reflects a deep understanding of their communication preferences and values.
Personalised Channels: Choose the relevant event-invitation channel for each Client. While some may appreciate a beautifully designed physical invitation, others might prefer a direct call from their favourite Client Advisor.
Attention to Detail: Ensure every detail is perfect. Double-check the spelling of the Client's name and tailor the message to reflect their unique relationship with your brand. Avoid generic terms like "Dear VIP" and opt for personalised greetings.
Tailored Invitation Content: Instead of sending a standard event script, encourage your Client-Facing team to craft the invitation content that resonates with the Client's interests.
Highlight elements of the event that align with their preferences, such as exclusive previews of their long-waited collections or interactions with artists they admire. This personalised approach makes the invitation more compelling.
💡 The Power of Human Interactions
Creating meaningful connections at your events can significantly enhance the luxury experience for your clients.
Facilitate Engagement: Design your events to include the optimum ratio of event guests to client-facing team. This will encourage interactions between customers and brand representatives and ensure dedicated attention to each customer.
Networking Opportunities: Create an environment where clients can network with like-minded individuals. Consider hosting themed events that align with their passions, allowing them to build social capital and form lasting relationships
Believe it or not, attendance at luxury events is mostly not product-driven, but rather an outcome of the invitation creation that meets your customers' psychological needs.
