Chicago rebuked their former mayor and elected a new one with somewhat similar policies. Forbes reported that last year, Bezos and Musk lost a total of $96 BILLION of their wealth, while Bernard Arnault, the head of luxury goods giant LVMH, gained $53 BILLION in wealth catapulting him into FIRST place as the world’s richest person.
This past Thursday, LVMH stock rose to a record high, adding an additional $12 BILLION to Arnault’s personal wealth. He’s now worth $210 BILLION.
In Wisconsin, a liberal judge won election to the State’s Supreme Court for a 10-year term, giving that court a liberal-minded majority, flipping the existing ideological balance.
Chicago, Wisconsin and Arnault tell us that something important is happening in our society. It’s relevance to business owners, including dentists should not be underestimated.
Younger voters showed up to make the difference in the Chicago and Wisconsin elections. For the most part, they have different political, social, and even moral values than previous generations, who often struggle to understand their positions and perspectives.
The line it is drawn
The curse it is cast
The slow one now
Will later be fast
As the present now
Will later be past
The order is rapidly fadin‘
And the first one now
Will later be last
For the times they are a-changin‘
Somethings are rapidly changing and some things remain the same. Knowing which is which can be the difference between success and failure.
Arnault’s company, LVMH includes brands such as Louis Vuitton, Tiffany, Dom Pérignon, Gucci, Bulgari and others. Their commonality is in their marketing to the affluent or wanna-be affluent.
Apparently, even younger consumers, while decrying some of their predecessors’ values, still like the trappings and benefits that wealth affords. Hence, even during the current economically uncertain time in which we live, luxury brands still sell and sell well. It is estimated nearly 60% of luxury spending is by Millennials and Gen Z consumers.
And it’s in accepting this dichotomy and understanding how this new reality impacts their audience, that business and marketingstrategy might benefit.
People, despite what they might say or how they might vote,want what is perceived as “the best”. LVMH stock hit a record high this past week.
So how can a dentist say that they are “the best” or provide “the best”, without actually saying it, because in most States, doing so would land one in front of the Board of Dentistry for breaching the Code of Conduct?
How does Louis Vuitton, Tiffany, Gucci, Bulgari, and Dom Perignon communicate status?
It’s all in their marketing.
A former retail director at LVMH’s luxury watch brand Hublot, when asked about younger consumers said that they are “asking more questions…around how products have been manufactured,and what your brand is doing for the community”. Apparently, ‘authenticity’, for this group includes social and environmental relevancy. For them, diversity, inclusivity and sustainability drives passion and fosters loyalty.
Yet ‘ESG’ has not been received by all as a positive. People who are older and more conservative look at it with skepticism or even distain, as a culture-changing policy.
If your market includes Millennials and Gen Z’s, these are ideals that must be connected to what you do and who you, as a brand, are. And these ideals must be communicated via effective messaging and through a media that these potential patients are using.
For many dentists, this represents a quantum shift from ‘business as usual’. No longer is it good enough to promote ‘excellence’. To attract this market, ‘goodness’ must extend beyond the walls of the office. “What you stand for”, whom else your services benefits, and how the practice interacts with the environment, will make a practice stand out and be more appealing to this generation.
“Influencers” matter too. Their version of ‘authority’, these individuals promote what they do to their social network. Using an ‘influencer’ that has a substantial network can be an effective, fast, and inexpensive marketing strategy. The Whitehouse appreciating this, just announced that “influencers” would have their own briefing room…appreciating the rapidly declining relevance of traditional news sources to the younger voting demographic.
Regardless of whether you currently have patients in this population in your practice, as the practice matures and youngerpeople age, they will become your market. Understanding what marketing to this generation looks like can help you build a system that will assure a consistent flow of patients now and into the future.
And, if you think this isn’t currently relevant to you, you would be mistaken. Your staff are probably Millennials or Gen Z’s. Attracting good employees involves evolving your marketing too.
There are dangers of not fully identifying or understanding your market. Anheuser Busch lost $5 BILLION of market value in just a week after their marketing company embarked on a promotional campaign utilizing a transgender “influencer”. The resultant uproar culminated in a brand boycott and stock selloff.
How can one navigate the everchanging landscape of the marketplace?
This coming Thursday, April 20th, at 8:00 PM Eastern, The Liberated Practice and Coffee With The Coach will be pulling back the curtains on the most effective marketing system ever developed for dentistry. It’s nothing like anything you’ve done before and it’s effective with ANY demographic.
Whether you’re a general dentist or specialist, this marketing system will do what any good marketing system should…provide a consistent flow of new patients that want what you have to offer.
Start evolving your marketing and stop doing the same old stuff that’s costing more while producing less. ATTEND THIS FREE SEMINAR!
To Using Trends To Help More People,