STOCKHOLM, May 31, 2013 /PRNewswire/ — As luxury brands consider ways to reduce costs during the global economic downturn, it is essential they obtain feedback from their prospective customers to avoid devaluing their brand, advises Cint, the provider of tools for obtaining market intelligence.
Many high-end brands are said to be ‘recession proof,’ as supported by increases in sales this year from French fashion house Yves Saint Laurent, Italian designer Bottega Veneta and LVHM, the company behind Louis Vuitton handbags. However, this is not the case for all affluent retailers, and many may be feeling the pinch as customers continue to scale back on non-essential items during the global economic downturn. These brands may be tempted to cut back on marketing costs, but conversely, this is now the time to reach out to customers, find out what appeals to them, and how products and services can be tailored to suit their preferences.
Customer opinion can easily be sourced via DIY market research, whereby a marketer can deploy a survey online to a market research panel comprised of ideal consumers. Or, in order to keep their finger on the pulse of trends and interests of these individuals, marketers and brand managers can select their desired audience from multiple panels to find out what their priorities are.
With Cint Access, it is possible to obtain timely and accurate consumer research from a selection of individuals who can be chosen depending on a wide variety of criteria, including profession and disposable income. For example, these individuals could be asked whether using celebrities as ambassadors is a tactic that appeals to them, if social media campaigns are valued, or whether they consider advertising in luxury consumer magazines to be meaningful. By establishing these facts from a desired audience, brands can then adapt their business strategies to encompass cost cutting, but without alienating potential consumers or changing their high opinion of their goods.
Bo Mattsson, CEO of Cint, comments: “Many top-end brands are able to ride out a recession, as their loyal customers often still have the disposable income to purchase their products and services. However, even the most successful luxury companies are not immune to external economic factors, so it is important they fully understand the needs and desires of their target market, before changing any business or marketing strategies that might be designed to weather out the storm.”
Contact – Keredy Andrews – Email – 0044 1858 411 600.