Who should read this – Marketing, Brand Strategist, SMB owner
Why – understanding luxury brand management
As the age of specialization evolves in the consumer technology industry, some firms (integrators/manufacturers, etc.) will look at the luxury market as a niche for their particular offerings. In my last article, we defined luxury as a singular type of product/service that is exclusive, elusive and without peer. A singularity. So let’s now take a look at some of the basics of luxury brand management.
First of all, forget all about positioning yourself with respect to your competition. This is a difficult concept to embrace, as most of us are conditioned to be comparative shoppers. What does product A offer versus product B when it comes to costs/benefits?
However, in the luxury market, there is no need for comparative analysis, because what you are offering is unique. The best of the best. And this powerful message and boldness of thought is what attracts the luxury consumer.
A key ingredient in your marketing strategy is to keep in mind that only the few, the chosen will become your clients. Therefore, you need to make them feel special by communicating that not everyone is welcome or invited to the party.
Always remember that you are the one in control and you set the prices, not the consumer or your competitors. Better to be “over-priced” than competitively priced.
Always remember that you are not selling anything. Get out of that mindset. You are merely describing and cultivating an image of perfection. Describing what it is your clients will experience by doing business with you, beyond the product or service. You need to describe that illusive, ethereal pleasure that only the few will be fortunate to enjoy.
Luxury brand management leverages the intangible elements of a product or service: prestige, heritage, craftsmanship, hand-made, limited edition, prestigious clients, etc. Luxury is an expression of taste and timelessness.
In today’s consumer technology market, all brands have to connect with customers in more creative ways than ever. Mainstream brands are moving up into the premium category while premium brands are moving into the mass market. That means real luxury brands have to distinguish themselves cleverly and distinctively to emphasize the mystique of the product/service.
These are just the basics that will help you to begin defining your brand strategy. Be exclusive and elusive. Consult a marketing specialist and explore the best ways to craft and deliver your ethereal message.