5 Tips for Luxury Branding
Have something exceptional that your customers will clamor for? Can you find a niche in the luxury market and, in tern, command luxury prices? Knowing your market is a great start, but making an exceptional product isn’t enough. Turning a product into a brand takes a lot more fine tuning and strategic decision making than most might think. Today, top luxury brands know how important it is not only to have exceptional craftsmanship and longevity, but also the importance of creating an experience for their customers unique to their values. Here are 5 tips for luxury branding.
1) Tell the story behind your brand.
What makes your brand unique? Why should your target audience take interest in you? Quality materials and other product attributes simply aren’t enough. These days consumers are intrigued by a good story. Maybe your product was a family tradition turned business that originated somewhere fabulous. Or maybe your product’s mission is to make everyday experiences luxurious by aligning high end design with industrial grade durability. The combinations are endless. A great example of this is Ferrari. This brand has successfully integrated the lure of Italian culture with the power, speed and intrigue of the racing world. They are most active in the Formula 1 racing event where they hold the most championship titles to this day. Ferrari is one of the world’s most powerful brands and can command the price for their product as a result. Their story as a company is a big part of their success.
2) Do not strive to please everyone.
This is the essence of what separates luxury brands from commercial ones. Luxury brands strive to service a specific segmented market. A good luxury brand will entice consumers to strive to be apart of and fit their lives into the brand, not the other way around. As a luxury brand, aim to align and target consumers who share similar values. An example of this is Stuart Weitzman’s commitment to hand crafted, classic luxury in their shoes. You will never find their line in kitschy or fast fashion stores, even at high price points. Weitzman serves the modern yet classic woman with a sophisticated edge and they align themselves accordingly. Even if this means missing out on the fast fashion market. This strategy has kept them relevant and timelessly chic in an ever changing fashion environment.
3) Maintain exclusivity.
As a customer, there’s nothing worse than forking over hundreds or even thousands of dollars on a product you thought was exclusive just to discover that practically everyone else already has it. Thought that new Michael Kors or Louie V was a total score? So did your friend’s great aunt who lovingly pairs that expensive purse (bought on super sale at Macy’s) with her favorite Payless flip flops. Maintaining a level scarcity and exclusivity adds value to luxury brands. Over saturation of a luxury brand can cause dilution of perceived value, so be selective in how you choose to release and distribute your product. Whether you decide to limit distribution channels or even limit a production run, sometimes less is definitely more.
4) Invest in quality content. Especially video.
When it comes to luxury, creating a unique persona in an aspirational world for your consumers is key. And what better way to illustrate this message than with quality video. Creating video for your online audience can help reinforce your brands image, generate interest and even initiate sharing on social platforms. The idea is to enhance and foster emotional connections to your brand; making it more desirable and help your consumers envision themselves using your product.
5) Customer driven social media is priceless.
There’s no better advertising than willful sharing and word of mouth. Your best advertising can be from the very customers you serve. User generated content can really create buzz in your social circles. Better yet, it gives your customers real world examples of how your product can integrate into their lives. Supporting and integrating solid social media efforts into your brand can enhance credibility among your customers.