10 Ways Caribbean Luxury Brands Can Tap into the US$1.1 Trillion Market
A stellar retail experience both offline and on, top notch products and a killer marketing strategy are a few of the ways one digital strategist believes the Caribbean can attract more of the trillion dollar luxury goods market.
A recent article via ForbesLife indicates that in 2014, global expenditure on luxury goods amounted to just over US$1.1 trillion but how much of that is coming the way of Caribbean brands? According to Ursula Petula Barzey of Caribbean & Co., a luxury brand website, not nearly as much as there could be.
Almost US$30 billion was spent in the Caribbean last year but primarily on accommodations. Barzey believes that number would be greater if more regional luxury brands would up their game. “Caribbean personal luxury goods brands need to begin thinking about their products from a global perspective, without the limitations of seasons and boundaries,” she explains.
The digital strategist said a “plan of action is needed to generate greater awareness and entice visitors to purchase personal luxury goods from the region.” The campaigns, she explained should not only target tourists with no connection to the region, but also the Caribbean diaspora many of whom visit each year and total approximately 10 million+ worldwide. “The Caribbean diaspora is extremely loyal with many fairly affluent and would make great ambassadors for the region’s emerging luxury goods brands,” revealed Barzey.
To capitalize, Barzey indicates that each Caribbean personal luxury goods brand needs to do these ten critical things:
1. Continue creating products of a superior standard.
2. Smarten up their branding — logo and design.
3. Register trademarks and domain names if they haven’t already done so.
4. Ensure that their company website is robust — ideally one with e-commerce functionality.
5. Improve packaging so that it meets and exceeds the requirements for target international markets.
6. Have production and manufacturing systems in place to meet growing demands.
7. Hire and train staff with a view to providing excellent customer service online as well as in person.
8. Engage in public relations and content marketing strategies on their website and through other credible sources to increase visibility.
9. Attend region and international shows to market and promote their products.
10. Strengthen existing partnerships and develop new ones. Going Global is a team effort!
“Luxury is aspirational, and so consumers need to be drawn in with stellar branding and quality for the premium price being charged. Also, marketing and promotions is necessary as no one is going to seek out a brand while on holiday in the Caribbean if they don’t know it exists,” adds the strategist.