How Demographics Can Turbo Charge Luxury Marketing
Are you marketing simply to market or do you have a well-defined marketing strategy?
No matter how amazing a steak is, if you try to sell it to a vegetarian, you’re wasting your money.
Which demographic is the most active in today’s luxury marketplace?
Is it baby boomers? Parents of baby boomers? Millennials?
More importantly, how do you market to them?
That was precisely what Brian Loebker, real estate professional from Sarasota, Florida, and I examined during our interview.
For most of my career, all my clients were older than me. And I was always trying to bridge that gap between generations and stratas of wealth and age. However, I can’t put my finger on the moment that it occurred, but at some point in the not too distant past, all of my clients started becoming younger than me.
Emotion vs. Data
When it came to boomers like me, appealing to that demographic was largely emotional. Thus, I always underscored the idea of memories, reconnection, and family-oriented activities when it came to selling in Luxury Real Estate.
In contrast, the younger generation are all about data points. They are metric-driven and much less emotionally driven when it comes to buying and selling a house.Whereas the younger generation view luxury homes as an aspirational purchase, boomers buy expensive homes as a reward for a life well-lived - a life defined by hard work, sacrifices, and success. Click To Tweet
It’s vital to keep those tendencies in mind when negotiating and selling to those demographics.
Watch the above video to learn more.
Until next time, make it a great week.