The Eternal Principles for Creating Luxury Brands
Luxury brands are built on a foundation of quality, exclusivity, and creativity. Like any company that is looking to serve the upper class, luxury brands must understand the competitive landscape and provide a product that people can't get anywhere else. Luxury brands must be aware of society's ever-changing values and trends--and should especially focus on catering to customers who have money but not time.
This post will outline how luxury brands can stay ahead of the curve and give you six golden rules for making sure your brand is well positioned in today's ever-evolving world.
1. Empathy and Understanding
The first step to building a sustainable brand is understanding who you're trying to serve and making sure you have products that are right for them. When developing a new product, it is important to understand the person's lifestyle. Consider your unique target audience and what they value--what they treat as an experience, what gives them pleasure, their style and tastes. Address their concerns through research--what do they want in a smartphone, phone case, laptop case or tablet case? What sort of materials would they prefer? How do they like the way their gadgets look? What kind of accessories can be used with your product? What words describe how your target audience feels (e.g. classic, sophisticated)?
If you want to build a luxury brand, you will have to truly understand your customers and their needs. This is the first step of building a strong relationship with your target audience.
2. Create an Experience
A luxury product must be more than just a product--it should be an exclusive experience that people can't get anywhere else. When designing a product or service, aim to create something that stands out as unique and exceptional. Consider the entire experience--how do you want customers to feel? What sort of emotions do you want them to feel when they use your product? For example, Louis Vuitton makes handbags from high quality leathers that are dyed and take time to produce. The leather is hand-stitched and the colors are unique--it is a luxurious experience.
If you want to build a luxury brand, you will have to be creative in ways that go beyond what what a commodity product can do. You have to create an experience that goes beyond the ordinary.
3. Be Ahead of the Curve
It is important for luxury brands to be ahead of social trends and changes in society--to anticipate consumers' wants before they become trends themselves. In fact, many luxury brands depend on trends to boost sales and are often very aware of consumer behavior and social media trends online. When developing a new product, you should research how the world is changing and prepare a plan for how your brand will adapt. For example, some luxury brands are very aware of how people are increasingly mobile and want to be able to access their products from their phones.
If you want to build a luxury brand, you must be aware of the changes taking place in society and use that information to prepare for the future. This can help you stay ahead of major trends and make sure that you are on target with consumer preferences.
4. Value Quality
As consumers become more knowledgeable about products and trends, they have higher expectations when it comes to quality. Some of the biggest luxury brands are even making a point to remove chemicals from their products and doing as much as possible without using artificial ingredients.
If you want to build a luxury brand, you should source your products from only the best suppliers--choose vendors that are ethical, environmentally sound and use fair labor practices. You should also seek out materials that are of high quality--that do not fade, scratch easily or lose their luster over time. When it comes to sourcing materials, explore high-quality natural fabrics like leather, suede and silk that last longer. Invest in high-quality designer shoes and accessories made from natural materials such as wood or leather that do not break down over time.
5. Provide a Smooth Experience
People generally want to spend money on products that provide a smooth and effortless experience. Luxury brands are those that provide products and services that are easy to use and make life more convenient for the customer. During the design process, pay attention to details--how does your product look? How does it feel? How does it function? Consider how people will actually use your product. Consider the kind of packaging your product comes in as well--if you can, produce packaging that is recyclable or reusable.
If you want to build a luxury brand, know what your target audience values in terms of convenience and quality while they enjoy using your product. Focus on excellence in design and development.
6. Create a Sense of Community for High-Networth Individuals
Luxury brands must cultivate an aspirational sense of community among high-networth individuals. They provide their customers with helpful content, encourage them to express their feelings, provide opportunities to network and interact with other customers, and offer access to exclusive events. Luxury brands also encourage their customers to feel like they are part of a higher social class--they provide a sense of belonging and make people feel like they're part of something special. In addition, luxury brands often create "hero" products that only certain people have access to--this makes the brand seem even more prestigious.
If you want to build a luxury brand, create an environment that helps your customers connect with each other or express their feelings. Provide exclusive content and opportunities to connect with other customers.
7. Offer High-Quality Products
Luxury brands are known for producing high-quality products that last a long time and offer value for the price premium. They often use proprietary materials and processes to make sure that the products are of superior quality. This ensures that their customers have confidence in their brand, will use it for a long time and will be satisfied with the product at all times. Luxury brands also tend to do more customer research than commodity brands--they spend more time learning about their target audience, including buying habits and preferences. This helps them make better products that customers will use and that are of good quality.
If you want to build a luxury brand, invest in research and development. Focus on making high-quality products that will provide superior value for your customers.
8. Invest in Media Channels
Luxury brands invest a lot in advertising, media channels and PR efforts to help the public learn more about their brand. This is particularly important when they are launching a new product or expanding into new markets. They also use PR efforts to ensure that customers associate their brand with luxury, exclusivity and high standards--otherwise, it would simply be another commodity product. Most luxury brands have a PR department that manages the company's reputation and communicates what the brand stands for. They also launch product or service lines based on these values.
If you want to build a luxury brand, create a strong media strategy that communicates your brand's identity, values and mission to the public in a compelling way. If possible, choose established PR agencies with experience working with luxury brands.
9. Offer Premium Packaging
Premium packaging is additional packaging that adds value to your product in terms of design or material quality--it makes customers feel like they are getting something special when they purchase your product because it comes in such great packaging.
Conclusion
Building a luxury brand will require you to do an extensive amount of research and work, but it also presents a number of opportunities. It's also important to note that building a luxury brand is not just about spending money. It takes real knowledge, hard work, creativity and innovative thinking to develop a great luxury brand--and if you want the best return on your investment, you should take the time to do it right. If you follow the tips mentioned above, you'll be well-positioned to build your own successful luxury brand within 12 months.
About The Author: Alyx Baldwin is an entrepreneur and author who writes about business topics including marketing, branding and retail trends. She owns http://www.silkfred.