And No, It's not the quality of the product.
I just came back from one the most luxurious holidays I have experienced and here's what I have learned about Luxury Branding.
The biggest difference between a luxury brand and a regular brand selling the same item is hardly ever the product quality.
The luxury brands do their branding right. They are extremely aware of their ideal customer and they know exactly how they need to show up in front of this audience.
The luxury brands pay attention to the finer details that regular brands don't. This again has nothing to do with the product itself.
Let's take PRADA for example: Here are some things I would ask myself if I am the buyer of this luxury brand.
What does the packaging feel like in my hands?
How well is the Store manager dressed?
How do they speak to me?
Am I offered beverages while I browse around the store?
What is the ambience like?
What about the fragrance and the lighting around this space?
Am I being offered anything that makes me feel like I got an additional happy surprise? Like Lifetime repairs or warranty? Or maybe a kit for maintaining the product well for years?
What really is my experience while I buy and how good am I feeling about myself as I leave this place?
They don't offer discounts. Period.
I was surrounded by luxury brands during a season when every single mid range brand was offering heavy, massive discounts on their products due to an upcoming festival. So you could clearly see many of those red tags and posters that scream 'SALE'. I could not find a single of those in a mall that had brands such as Louis Vuitton, Bulgari, Tom Ford, Roberto Cavalli etc.
They craft every brand touchpoint from their signages to the billing receipt in right aesthetic because they understand that anything the customer comes across in their store is an interaction and they want to maintain their luxury status in front of their audience in every possible way.
They associate themselves with a very exclusive set of influencers. These influencers could be actors, sportsmen, models who then instantly become the aspirational factor for the customer to associate with the brand.
Luxury Brands thrive on people's desire to 'Look Rich' regardless of how rich they actually are.
So the next time when you price your product low knowing that it's quality is 10/10...think of this post...there is so much of missed opportunity.
And if you are looking for help in turning your business into a thriving premium brand, you know how to reach out to me. Don't you?
OKAY BYEEE!
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