- Luxury does not come cheaply. Consider Johnny Walker, Bentley, and Louis Vuitton – all of these well-known and successful luxury brands were formerly unknown
- The worldwide luxury goods sector is expected to produce over $220 billion.
- The most difficult aspect of developing a successful premium brand is maintaining exclusive while consistently providing high-quality products.
The worldwide luxury goods sector is expected to produce over $220 billion by 2020. Luxury does not come cheaply. Consider Johnny Walker, Bentley, and Louis Vuitton – all of these well-known and successful luxury brands were formerly unknown. However, they now have a long history and are well-known over the world.
Can a million-dollar price tag on a product help you develop a successful luxury brand? Hardly. You must first master the skill of instilling a strong desire (or passionate envisioning) for something amazing.
The most difficult aspect of developing a successful premium brand is maintaining exclusive while consistently providing high-quality products. Here’s how to create a powerful premium brand from the ground up.
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Make it clear who your target market is.
There is a distinct group of consumers (your target audience) who are interested in your premium brand.
Determine who these people are and start with just one buyer persona.
Almost 82% of organizations that use buyer personas boost their value proposition significantly
(The value a company promises to deliver to customers should they buy its product).
After you’ve built a strong premium brand, you may begin to define your target customer.
Disturb the Status Quo
Be distinct. Set your company distinct from the competition.
It is sometimes necessary to challenge the existing quo and do things differently in order to develop a successful premium brand.
Take, for example, the LUSH Cosmetics brand.
It has designed homemade makeup to differentiate itself from large boutiques such as Sephora.
The LUSH brand has come to prominence by providing something unique.
Do the same for your company.
For example, if you are a luxury vehicle dealer who provides auto financing,
you can offer better conditions to car purchasers who prequalify for an auto loan.
This allows you to expand your business and attract additional automobile purchasers.
Become a Status Icon
Hire influencers in your niche market to promote your products on social media if at all possible.
Then pay attention to how they use your products.
Making it appear as if only a select few (famous and prominent people) buy from your business will entice your target audience to do the same.
Provide Special Benefits to Existing Customers
Do you want to create a profitable luxury brand?
Create exclusivity by providing exclusive benefits to all of your current consumers.
Alternatively, you might charge a premium price for your products and then use scarcity strategies to increase sales.
Aston Martin used this method when introducing the Aston Martin One-77 model to the market,
promoting the automobile as scarce and charging a high price. It sold 77 vehicles and earned a stunning $138.6 million.
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Improve Your Skills
Improve your game to constantly provide value to your customers.
After all, premium brands establish an unrealistically high standard.
So, remember to uphold your brand’s promise with every customer interaction,
whether it’s to make them happy or to improve their living.
Building a successful luxury brand necessitates consistency from the start.
If you follow the advice above, you can create a successful luxury brand from the ground up.
