I have always advocated the importance of research in order to effectively set a marketing strategy – when you’re equipped with knowledge, you’ve secured a degree of power that makes you a savvy strategist. In the effort to build on our wealth of information, Strategic Vision sponsored American Affluence Research Center’s Spring 2013 Affluent Market Tracking Study, a survey of the wealthiest 10% of U.S. households based on net worth.
The survey is based on self-administered questionnaires mailed to a randomly selected national sample of 4,500 men and women in households with specific income and assets ownership and a minimum net worth requirement of $800,000. Following a weighting of the respondents, the participants in this survey have an average net worth of $3.1 million and an average primary residence value of $1.2 million.
Some results were rather surprising...
What Magazines Do Affluents Read?
Marketing requires a constant examination of the luxury consumers’ interests, opinions and product preferences – including what publications comprise the affluent library. When asked what leisure magazines they read most on a regular basis (from a choice of 11 high-end titles), survey respondents indicated Travel + Leisure as their top choice (22%), followed by WSJ Magazine (19%), T: The New York Times Style Magazine (15%) and Departures (13%), which is distributed to American Express Centurion and Platinum Card holders.
Wednesday, May 8, 2013
Monday, February 11, 2013
AROUND THE WORLD – THE ‘BEST LIST’ OF GLOBAL GEMS I DISCOVERED – PART 2
Last week, I shared with you some of the distinctive destinations and magnificent hotels that I discovered last year. In Part 2, I am offering more from my “best“ list as well as some of the places I’ll be exploring in 2013. As I mentioned last week, none of the places or companies listed below are current clients – I visited them for business or leisure.
Best Hotel Concierge: Giovanni at Mandarin Oriental in Hong Kong
I have stayed at the Mandarin Oriental in Hong Kong more times than I care to count, and it wouldn’t be the same without Giovanni – one of the property’s best assets! He has been the concierge there for more than 30 years. He knows every customer, and is exceedingly helpful and knowledgeable. He knows this city inside and out and is skilled at recommending the right restaurants or experiences for guests. Plus, he can finagle anything in Hong Kong!
Best Unexpected Experience: Holiday Fireworks in Sydney and the London Olympics
You can spend a lot of time curating what you hope will be an unforgettable vacation, but sometimes it’s those unanticipated moments that rival for the best holiday memories. I had two such moments in 2012 – viewing the awesome New Year’s Eve fireworks display over the Sydney Opera House, and experiencing the gracious hospitality of the volunteers during the London Olympics (they were so visible and helpful – a reflection of fine British spirit).
Best Hotel Concierge: Giovanni at Mandarin Oriental in Hong Kong
I have stayed at the Mandarin Oriental in Hong Kong more times than I care to count, and it wouldn’t be the same without Giovanni – one of the property’s best assets! He has been the concierge there for more than 30 years. He knows every customer, and is exceedingly helpful and knowledgeable. He knows this city inside and out and is skilled at recommending the right restaurants or experiences for guests. Plus, he can finagle anything in Hong Kong!
Best Unexpected Experience: Holiday Fireworks in Sydney and the London Olympics
You can spend a lot of time curating what you hope will be an unforgettable vacation, but sometimes it’s those unanticipated moments that rival for the best holiday memories. I had two such moments in 2012 – viewing the awesome New Year’s Eve fireworks display over the Sydney Opera House, and experiencing the gracious hospitality of the volunteers during the London Olympics (they were so visible and helpful – a reflection of fine British spirit).
Monday, February 4, 2013
AROUND THE WORLD – THE 'BEST LIST' OF GLOBAL GEMS I DISCOVERED – PART 1
One of the most rewarding aspects of my career in luxury marketing is the global travels and the privilege of discovering different parts of the world – and gems in those locations. And, my love of global pursuits has translated into memorable journeys with my family. Last year, I explored distinctive destinations and magnificent hotels, and I’d love to share them with you and continue the travel narrative that inspires us all. I’d also like to point out that none of the places or companies listed below are current clients – I visited them for business or leisure.
Most Interesting Place: Cartagena
I had never considered Colombia as a luxury destination but my visit to Cartagena showed me otherwise. There is an excellent (and growing) hotel product, new air service (thank you, JetBlue), and spectacular service levels. A rich culture of music, arts and gastronomy embrace the city, generating an uber-cool vibe. As much as I travel, I often don’t head to South America, which made Cartagena a particularly thrilling treat for me – and ignited an interest in discovering more around the continent.
Best Large Hotel in U.S.: Hotel Bel-Air, Los Angeles
A member of the Dorchester Collection, the Hotel Bel-Air was completely renovated and re-opened in October 2011. The amazing revamp re-charged the iconic property for the 21st century while retaining features of its original character. Think the glamour of old Hollywood blended with a style that is young, fresh, vibrant and fun. The Wolfgang Puck at Hotel Bel-Air restaurant is divine, and the hotel bar remains famous for its savory cocktail collection.
Best Small Hotel in U.S.: Lake Placid Lodge, New York
Situated in the picturesque Adirondacks of New York State is the Lake Placid Lodge. Spending a few days in a cozy log cabin edging a five-mile-long lake and hiking in Adirondack Park (an impressive six million acres) was the perfect recipe for relaxation and family bonding.
Most Interesting Place: Cartagena
I had never considered Colombia as a luxury destination but my visit to Cartagena showed me otherwise. There is an excellent (and growing) hotel product, new air service (thank you, JetBlue), and spectacular service levels. A rich culture of music, arts and gastronomy embrace the city, generating an uber-cool vibe. As much as I travel, I often don’t head to South America, which made Cartagena a particularly thrilling treat for me – and ignited an interest in discovering more around the continent.
Best Large Hotel in U.S.: Hotel Bel-Air, Los Angeles
A member of the Dorchester Collection, the Hotel Bel-Air was completely renovated and re-opened in October 2011. The amazing revamp re-charged the iconic property for the 21st century while retaining features of its original character. Think the glamour of old Hollywood blended with a style that is young, fresh, vibrant and fun. The Wolfgang Puck at Hotel Bel-Air restaurant is divine, and the hotel bar remains famous for its savory cocktail collection.
Best Small Hotel in U.S.: Lake Placid Lodge, New York
Situated in the picturesque Adirondacks of New York State is the Lake Placid Lodge. Spending a few days in a cozy log cabin edging a five-mile-long lake and hiking in Adirondack Park (an impressive six million acres) was the perfect recipe for relaxation and family bonding.
Wednesday, December 12, 2012
Navigating Modern-Day Content & Consumer Engagement
The expression “the more things change, the more they stay the same” is one we might forget in our rapid-speed, tech-driven way of conducting business but I feel compelled to remind luxury marketers about the importance of circling back to a principle that should guide us – at the core, marketers must engage consumers. Regardless of the tools we use to achieve that goal, we need to move the needle forward to create brand loyalty and generate sales.
To help move that needle in today’s 24-hour, tech-savvy world, we need to treat SoMoLo (social, mobile and local) channels differently. They dominate the daily mindset and increasingly draw a larger share of the marketing budget, but it is a huge marketing misstep to lump these platforms into one category and treat its users the same. To secure the coveted customer, we must understand/engage/inspire them – but we should also give that same attention to the individual social networks. While remaining rich, inspiring and interesting, content should be amended to fit the audience and the channel they are using.
Keep in mind that social is akin to “digital word of mouth.” With social media, luxury marketers have the opportunity to tap into these crucial conversations, help change opinions, and embrace the power of brand advocates across large networks.
Twitter – The Power of 140 Characters
Twitter epitomizes the “less is more” approach. Has brevity ever been more powerful? Tweets are effectively today’s sound-bytes – must-have deals that spur clicks and sales, an endorsement, a statement on news, sharing of opinions, etc. Chuck Todd, NBC’s chief White House correspondent, even likens Twitter to a newswire for the digital age (Adweek article – October 29, 2012).
Today, we rely on the consumer to further our messaging more than ever before (consider the analogy of Twitter being like a coffee house where people come together to share ideas and drive conversation). Consumers become our brand advocates, and they emerge as valuable influencers among known, and in some cases unknown, social networks. When a luxury brand’s tweet is re-tweeted, we know we’ve done something right – the message was worthy, relevant and spot-on, and it inspired our followers to share it with their network of followers.
To help move that needle in today’s 24-hour, tech-savvy world, we need to treat SoMoLo (social, mobile and local) channels differently. They dominate the daily mindset and increasingly draw a larger share of the marketing budget, but it is a huge marketing misstep to lump these platforms into one category and treat its users the same. To secure the coveted customer, we must understand/engage/inspire them – but we should also give that same attention to the individual social networks. While remaining rich, inspiring and interesting, content should be amended to fit the audience and the channel they are using.
Keep in mind that social is akin to “digital word of mouth.” With social media, luxury marketers have the opportunity to tap into these crucial conversations, help change opinions, and embrace the power of brand advocates across large networks.
Twitter – The Power of 140 Characters
Twitter epitomizes the “less is more” approach. Has brevity ever been more powerful? Tweets are effectively today’s sound-bytes – must-have deals that spur clicks and sales, an endorsement, a statement on news, sharing of opinions, etc. Chuck Todd, NBC’s chief White House correspondent, even likens Twitter to a newswire for the digital age (Adweek article – October 29, 2012).
Today, we rely on the consumer to further our messaging more than ever before (consider the analogy of Twitter being like a coffee house where people come together to share ideas and drive conversation). Consumers become our brand advocates, and they emerge as valuable influencers among known, and in some cases unknown, social networks. When a luxury brand’s tweet is re-tweeted, we know we’ve done something right – the message was worthy, relevant and spot-on, and it inspired our followers to share it with their network of followers.
Monday, November 12, 2012
Consolidation Breeds Confidence & Renewed Focus on Partnerships
As marketers, we spend a great deal of time exploring consumer-related trends – what they seek from travel experiences, what influences their purchasing decisions, and more – but it is important to take stock of our own industry trends and how these impact stakeholders in our business.
These days, it’s all about mergers and acquisitions! Recent news of the merger between Protravel and Tzell as well as Travel and Transport’s purchase of Ultramar reflects the changing business landscape of our industry. These are two examples in the U.S., but consolidation is happening in other parts of the world as well. These recent deals are a sign of confidence in the travel business, and this eventually trickles down to the benefit of the consumer.
Consolidation Yields Buying Power
After several years of tumult in the travel industry, the past 12 – 15 months have seen steady increases in business, and the money spent on recent agency acquisitions is a reflection of “the strength of travel.” Consolidation means larger agencies have greater buying power when dealing with travel suppliers – and that likely translates into better prices and enhanced value and experiences that can be delivered to consumers.
In the luxury travel sector, agency consolidation signifies a merging of “talent pools.” Travel advisors possess a breadth of knowledge and valued contacts that make them tremendous assets to their agency owners as well as their clients. This talent is the foundation of a strong and thriving agency group and is what breeds future prosperity for these mergers.
These days, it’s all about mergers and acquisitions! Recent news of the merger between Protravel and Tzell as well as Travel and Transport’s purchase of Ultramar reflects the changing business landscape of our industry. These are two examples in the U.S., but consolidation is happening in other parts of the world as well. These recent deals are a sign of confidence in the travel business, and this eventually trickles down to the benefit of the consumer.
Consolidation Yields Buying Power
After several years of tumult in the travel industry, the past 12 – 15 months have seen steady increases in business, and the money spent on recent agency acquisitions is a reflection of “the strength of travel.” Consolidation means larger agencies have greater buying power when dealing with travel suppliers – and that likely translates into better prices and enhanced value and experiences that can be delivered to consumers.
In the luxury travel sector, agency consolidation signifies a merging of “talent pools.” Travel advisors possess a breadth of knowledge and valued contacts that make them tremendous assets to their agency owners as well as their clients. This talent is the foundation of a strong and thriving agency group and is what breeds future prosperity for these mergers.
Tuesday, June 26, 2012
The Highs, Middles & Lows of Today
Now that we’re at the half-year point, I’d like to take the time to pause and reflect on the past six months of 2012. One thing we know for sure is that U.S. consumers are indeed traveling again but there is still some skepticism among them. The psyche of today’s high-end consumer requires constant examination to ensure that our messaging is spot-on. Plus, economics around the world (think of the state of the Euro) and U.S. politics (the Presidential election and Wall Street in particular) continue to impact consumer mindsets and tourism in various ways.
Therefore, as we recall the past and look toward the future, I’ve outlined some highs, lows and of course, some points that fall into the middle for us luxury travel marketers to consider.
High #1 – Understanding Today’s Affluents
The most recent “Survey of Affluence and Wealth in America,” produced by American Express Publishing and Harrison Group, delivered some great news for our industry! “Travel is the number one discretionary spending category for affluent and wealthy families” – and this is because travel is a means towards achieving the goal of spending quality time with the people who matter most.
Additionally, enjoying positive and enriching experiences that encourage ‘quality in life’ are paramount to this audience. “Affluent and wealthy consumers across generations wants experiences that support their goals, values and passions in very personal ways, within an environment that shields them from the noise of the debate over wealth and success.” As luxury travel marketers for the finest experiences and products, we are poised to continue excelling as long as our delivery, attention to detail and customer service are flawless.
Therefore, as we recall the past and look toward the future, I’ve outlined some highs, lows and of course, some points that fall into the middle for us luxury travel marketers to consider.
High #1 – Understanding Today’s Affluents
The most recent “Survey of Affluence and Wealth in America,” produced by American Express Publishing and Harrison Group, delivered some great news for our industry! “Travel is the number one discretionary spending category for affluent and wealthy families” – and this is because travel is a means towards achieving the goal of spending quality time with the people who matter most.
Additionally, enjoying positive and enriching experiences that encourage ‘quality in life’ are paramount to this audience. “Affluent and wealthy consumers across generations wants experiences that support their goals, values and passions in very personal ways, within an environment that shields them from the noise of the debate over wealth and success.” As luxury travel marketers for the finest experiences and products, we are poised to continue excelling as long as our delivery, attention to detail and customer service are flawless.
Wednesday, May 23, 2012
As I 'C' It
Times have changed dramatically from when the “four p’s” of product, price, place and promotion dominated marketing strategy. Now, this is “How I ‘C’ It” – Content, Community, Channels, Commerce and Collaboration are the pillars on which to create an effective course of action to target today’s affluent consumers.
The ‘Consumer Age’
Our social and business climates have changed in immeasurable ways during the last decade, and the pace of transformation is best reflected in this quote from author Thomas Friedman:
“When I wrote The World Is Flat: A Brief History Of The 21st Century, Facebook didn’t exist. Or for most people it didn’t exist. Twitter was a sound. The ‘Cloud’ was in the sky. 4G was a parking place. LinkedIn was a prison. Applications were something you sent to college. And, for most people, Skype was a typo.
That all happened in the last seven years. And, what it has done is taken the world from connected to hyper-connected – and that has been a huge opportunity and a huge challenge.”
In the ‘consumer age,’ today’s luxury travelers are intelligent and well-researched, possess distinct expectation, and face diverse influencers. This consumer psyche has resulted in dramatic shifts in marketing strategy amid the constant evolution of the digital and social landscapes. Among the changes, one core point emerges as stronger than ever before – engagement is the cornerstone. It drives relationships, and that ultimately drives sales and profits.
The ‘Consumer Age’
Our social and business climates have changed in immeasurable ways during the last decade, and the pace of transformation is best reflected in this quote from author Thomas Friedman:
“When I wrote The World Is Flat: A Brief History Of The 21st Century, Facebook didn’t exist. Or for most people it didn’t exist. Twitter was a sound. The ‘Cloud’ was in the sky. 4G was a parking place. LinkedIn was a prison. Applications were something you sent to college. And, for most people, Skype was a typo.
That all happened in the last seven years. And, what it has done is taken the world from connected to hyper-connected – and that has been a huge opportunity and a huge challenge.”
In the ‘consumer age,’ today’s luxury travelers are intelligent and well-researched, possess distinct expectation, and face diverse influencers. This consumer psyche has resulted in dramatic shifts in marketing strategy amid the constant evolution of the digital and social landscapes. Among the changes, one core point emerges as stronger than ever before – engagement is the cornerstone. It drives relationships, and that ultimately drives sales and profits.
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