Now, how has a brand that has been around for so many years been able to stand the test of time? The answer is very clear. Neiman Marcus has not stopped working. And through its marketing plan, it has given an innovative touch to its shopping model and offers a quality service.
Therefore, it is important to know about Neiman Marcus' marketing strategy , and in this article we will talk about it.
Who is Neiman Marcus' target audience?
Neiman Marcus operates a customer-centric operating model that aims to drive decision-making so the brand can stay competitive and one step ahead of the competition.
In this sense, Neiman Marcus' target audience founder email lists is highly exclusive, that is, it is located in the upper socioeconomic class. Therefore, it is specifically made up of elite buyers who tend to frequent renowned brands and luxury boutiques. Brands that offer top-level personal items and clothing.
How does Neiman Marcus develop its marketing strategy?
When it comes to the luxury retail industry, the Neiman Marcus brand cannot go unnoticed. It has been consistent in implementing innovative strategies that boost its recognition in the luxury market.
Let's see what strategies are developed in the Neiman Marcus marketing plan :
Brand positioning
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Neiman Marcus' brand positioning goes far beyond the sales of its products. To meet the needs of its customers, it offers an exclusive and personalized experience. But without neglecting its firm commitment to quality in each of its products.
On the other hand, they understand the value of their customers' loyalty, considering that they do not skimp when it comes to buying their products. In this sense, positioning themselves within a wealthy clientele, the 2% of their wealthiest audience contributes 40% of sales. Therefore, this demographic is the core of their business. And as a curious fact, approximately 75% of them maintain a net worth of at least 1 million dollars. Incredible, right?
Neiman Marcus therefore recognizes the status of its target audience, giving priority to its personalized service and unsurpassed quality in its products. As a result, it continues to strengthen its position as a leader in the luxury fashion industry.
Exclusive collaborations
Neiman Marcus’ event marketing focuses on exclusive collaborations to showcase its product offering. Among its initiatives to encourage brand loyalty and increased engagement is “Shop the Runway.” This is a twice-yearly event that showcases the most coveted designer collections. Its appeal is such that attendance at this event is high, allowing customers to immerse themselves in the world of fashion and true luxury…
Neiman Marcus also has a varied calendar for organizing exclusive events. For example:
Beauty workshops: favorable to provide your clients with professional knowledge and information related to your products.
Meet-and-greets: offer the opportunity to interact with industry icons in a personalized way.
Trunk Shows: Provide access to exclusive designers and their collections.
These strategic partnerships, by Neiman Marcus , are added to other collaborations to offer a unique experience or create limited edition collections. So its partnerships with brands like Dior or Target, a retail company, foster a sense of exclusivity. And they maintain its luxury position in the fashion industry.
Omnichannel presence
Based on its target audience, Neiman Marcus does not limit its efforts to offer a complete and 100% personalized experience. Likewise, by giving importance to its omnichannel presence , it can count on several points of contact to provide fair treatment. In addition to a unified shopping experience for its demanding customers.
The brand's flexibility is certainly tailored to the individual preferences of its customers. They can make their online shopping trip in Spain or wherever they are, without any inconvenience. In addition, by using the app they can check if a certain product is available in a nearby store.
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Let's look at the key points of Neiman Marcus' omnichannel strategy :
Fascinating presence on social media: Through social media, you can create brand awareness by connecting with your customers, showcasing your products and keeping them up to date with promotions.
Feature-rich mobile app: Here, customers have quick access to all products to make their purchase quickly. They can also get information on the latest offers, track their orders, and access their loyalty rewards. Plus many other features to deliver exceptional experiences.
Pleasant loyalty program: Customers can earn points for every purchase made across different channels, whether in-store, online or in-app. In this way, the brand increases its sales and fosters brand loyalty.
For its marketing efforts and omnichannel strategy, Neiman Marcus was chosen as “Omnichannel Retailer of the Year” in 2017. This recognition allows the brand to maintain its commitment to omnichannel excellence in order to continue offering unique and luxurious experiences to its customers.
