Luxury brand marketing is defined as a marketing strategy that focuses on creating the optimum brand value and pricing power for a luxurious brand by using different brand elements like lineage, heritage, craftsmanship, country of origin, prestigious clients, scarcity, uniqueness, etc to maximum advantage.
A luxury brand signifies affluence, prestige, and quality. While making a branding or marketing strategy for such a brand, it is important to focus on your clientele, brand promises, and visual elements.
What qualifies as a Luxury Brand?
Luxury products usually uphold a luxurious reputation, status, rarity, or class.
When you hear the name of such brands, you know that they are luxurious. Rolex, Gucci, Louis Vuitton, Ferrari, etc are some of the popular luxury brands.
Opting for such a brand indicates that people are successful in life, as people often tend to believe that status symbol is a medium of portraying success. In another way, a brand could qualify for the luxury status, if it incorporates 3 Es – Excellent, Exclusive, & Expensive.
A luxury product or luxury fashion is designed by the best designers in the world and they come up with high price tags. Plus their quality, styling, rarity, and appeal should also match the price. Pricing, quality, lineage, and brand value are also key ingredients of achieving exclusivity.
Characteristics of a Luxury Brand?
Some of the notable features of luxury marketing are-
https://www.marketing91.com/luxury-brand-marketing/
Price Quality Bias
Motivations
Savvy customers are looking for ways to connect and identify with the products or services they buy. One powerful way for them to build that connection with your brand is by finding themselves with your origin story. Your business origin story should share the catalyst for building your business in such a way that your ideal customers can relate to it and feel loyal to you.
Consider how the brand promise is reflected in the actual customer experience delivered. For example, if the brand promise is centered on trust, how is that value reflected in the touchpoints a customer has? Does your invoice only mention punishment for not paying? How does that honor the promise? It’s important to consider how your brand is tied to each step of the customer journey.
Organizational leaders often miss the fact that their employees are their biggest brand advocates. If they treat their employees with respect, leave them feeling valued and appreciated for the work they were hired to do and empower them to innovate, they will strengthen their brand more than they imagined. Focus on your internal customers, they will take care of the rest.
Building a tremendously effective brand strategy is almost impossible if you don’t know how you are perceived by those you are trying to target. Having an understanding of your unique business value is imperative, and it is also not the same as simply telling others why you are good at what you do. Don’t get the two confused. This is why major brands invest heavily in focus groups.
Successful businesses comprehend that consumers are driven by emotion. Companies should avoid focusing on their product’s latest feature or distinguished benefits and direct their marketing toward the “feelings” their product evokes from their potential or existing customer base. Behavioral economics unequivocally tells us that consumers construct their identity through the brands they purchase.
The brands that stand out in the marketplace are those that respond to an unmet need. One that they capture and articulate to the audience in a bold way and that resonates with passion and authenticity. However, many brand managers are fearful of stepping out into the unknown and doing something different. Being similar to the competition is death. The market is craving novelty — be it and they will buy.
Today, marketing is about being authentic, involved and visible. The medium of choice for the public is video, wherever your market hangs out (online, TV). Even slick high-end brands need to get granular here with real people in relatable situations. For entrepreneurs, it’s time to stop worrying and put yourself, your message and your expertise out there in the video. Create a video blog to connect.
Your brand is what your customers say it is, not what you tell them it is. So have your customers tell you what they think is authentic about your brand, choose those characteristics you want to invest in and build on that existing success by turning up the volume. Most importantly, find ways to reward your employees for living those brand attributes every day, entrenching it into your culture.
Regardless of the communication medium you use, I think the best way to promote your brand is to be of service to your audience. Address their pains. Answer their questions. Assuage their fears. Inspire them. If you make yourself a resource of information for your area of expertise, your brand will naturally attract the right audience and your brand will flourish on its own for the right reasons.
Knowing your “four P’s” of marketing (product characteristics, price structure, placement strategy and promotional strategy) can assist businesses with improving their branding strategy. When you have identified your four P’s, you are able to clearly identify your unique selling proposition (USP) which allows businesses to identify what’s unique about their business compared to their competitors.
Branding is squishy, much like a culture. Every action of every employee seems to affect it. By periodically sharing the brand and getting feedback as to whether the company is living up to its brand attributes, companies can gain valuable data as to their brand’s authenticity. Periodic audits through surveys can be an effective way to measure the strength and integrity of the brand.
It is imperative for you and your team to realize that you are your brand. As much as you might strive for your brand to be known for certain values or differentiators, your brand is only as sharp as the engagement you and your team have with clients, customers and other collaborators. If your team cannot embody your values, it might be time to take a hard look at what you are aspiring to be.
Offering too much to too many will confuse the market and drive revenue down, not up. Instead, pick a lane of products and customers that are at the core of what you stand for and remain focused on serving them and their needs with what you have to offer. This will ensure you become memorable and referable to those who seek what you offer while remaining true to what is most important
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