In Part 1 of this article series we told the sad tale of three luxury brands, Saks Fifth Avenue, Louis Vuitton and Ruth Chris that shuttered their doors in Santa Barbara because they did not appeal to the population here. Although, we have a sizable affluent sector their merchandising and pricing missed the mark. “On paper” the demographics met their criteria. But, they did not factor-in our informal, unpretentious lifestyle that comprises our local psychographics.
If you want to achieve top-of-mind status in the luxury realm you must understand not only the demographics but also the particular mindset of buyers and sellers in your marketplace. Not all luxury markets are the same.
Recently, we decided to stop for dinner at Lure Fish House in Westlake Village on our way back from LAX airport because we heard that Lure was also taking over the Ruth Chris space in Santa Barbara. For us, it was love at first sight and first taste. We loved the look and feel of the décor (casual elegance with marine styling). The place was packed at 8pm, the food was delicious and the pricing was very reasonable. Our server, Genevieve, was knowledgeable with every aspect of the menu, wine, appetizers and main courses.
When the manager came by to greet us, he told us that the Santa Barbara location had already opened in December and was doing extremely well. He also said, “We have a niche. Our concept is to serve the community and not the tourist trade. We understand the community and how we fit there!”
The next day we went to Lure in Santa Barbara for lunch. At 11:35, the restaurant was full of happy customers (5000 square feet). Once again, we spoke to the manager, and she informed us that in the evenings, there is a two-hour wait for dinner. Word-of-mouth advertising worked its magic already creating repeat business.
Lure understood what was needed and wanted by our community, and they nailed it! They understood our psychographics. Are you in tune with the psychographics of your market place?
Written by Ron & Alexandra Seigel-
ABOUT: Napa Consultants, International is the leader in brand strategy for the luxury real estate industry. They work exclusively with professionals who are passionate about gaining or sustaining market leadership. With an expertise in personal branding, company branding, luxury real estate website design and social media marketing they help their clients become the breakaway brand in their marketplace.