Designing an effective luxury brand strategy can be a challenge; the idea of a luxury commodity is a double standard, in short, you are aiming to persuade people to invest in something they don’t really need, and that takes creativity, curation of identity, and apt communication to make it possible. With an effective luxury brand strategy you have the chance of making history, think of those exclusive names that paved the way for the elite market.
Rolex, Hermes, Louis Vuitton, Ferrari – these are a few of the brands that have emerged as leaders in luxury, and it was their luxury brand stories and strategies that helped to make them successful. Familiarizing yourself with the major components of a traditional luxury brand strategy can help you to start weaving your tale, to inspire you to plant your own seeds, and to tend to your garden so that it can flourish and grow.
brand personality
Personality is the hallmark of a strong luxury brand strategy because in the luxury niche you are gifting experiences rather than selling a product. Consumers aren’t inspired by the dull and emotionless exchange of paper for a product, it is tasteless, it is boring, and it is an everyday chore that leaves them listless. They want to be wooed, they want to hear stories, they want myths and magic to come alive, and they want to hold something in their hands that actually means something. You can paint a picture with words, history, art, and imagination, something that lingers like an echo in the mind of the consumer.
Think about La Prairie and you will see hear the whisper of stardust and see the spa nestled beneath the snowcapped Swiss Alps, think about Chanel and you hear the throaty feminine allure, you see the black and white purr of Paris and the flash of pearls against a little black dress. These are the elements of a great luxury brand personality; these are the stories that make you famous.
To learn more about luxury branding or to perfect your own brand personality, consider sign-up for our Luxury Branding & The Art of Luxury Storytelling online course.
influencer & celebrity endorsement
Remember when Nicole Kidman spritzed herself with Chanel Number 5, when Natalie Portman captured the red carpet essence of Dior and when David Beckham sported Armani. We are a culture of celebrity and influencers and for luxury brands to seek recognition and inspire awe sometimes it helps to cast a figure of well-known prestige to help boost your brand. People look up to celebrities and influencers as these can be the physical embodiment of individuals living the good life.
Those who have succeeded in their chosen field inspire others to follow in their footsteps, encourage ambition, and the want for emulation. Having a celebrity or influencer endorse your product can work wonders for brand recognition and bringing a trustworthy glow to your name, something that is indeed worth its weight in gold.
To learn more about the importance of celebrity and influencer endorsement in a luxury brand strategy, sign-up for our Luxury Touchpoints & The Experience of Luxury online course.
public relations
Perfect PR can be as smooth and beautiful as a glassy lake on a summer’s day, a stone can cast a ripple but in moments everything returns to a picture of pure class, tranquility, and seamless beauty. There is no place in the world where PR matters most than in the world of luxury. The whole deciding, purchasing and owning experience should be a ritual and one that makes the consumer feel as though they are the only person in the world.
Successful luxury brands will go beyond that extra mile; they will take their elite loyal customers to the moon and back. From something as simple as offering champagne and petit fours in store to calling your top clients personally to offer them a first look at the seasonal new range before it hits the shelves, these are things to keep consumers feeling drawn into the inner circle, a place that encourages belief and sales.
To learn more about the importance of public relations consider taking our Luxury Touchpoints & The Experience of Luxury online course.
premium pricing
The mantra behind luxury pricing is always a twofold discussion; there is the real price and there is a perceived price. An exceptional luxury brand strategy will be the driving force that glides the real price out of sight and replaces it with something that exudes a higher premium value. After all what is a Rolex other than cogs and springs? What is a Louis Vuitton other than leather and seams? These items are thousands of dollars all because of their name, history, and heritage.
If you want to turn heads when it comes to your luxury brand you need to first lay the foundations, then you build up the hype, then you lay out the price –a price that speaks volumes, that doesn’t bow down to the need to shift a product and make sales, a price that clings to its worth and doesn’t let go.
To learn more about the importance of premium pricing in a luxury brand strategy, take our New Luxury & The Values Redefining Luxury online course.
uniqueness & scarcity
An arctic fox tumbling in the blushing pink snow, a scrap of parchment paper said to be the dead sea scrolls, an antique diadem dull in gold but with rubies that glitter the darkest blood red – these are all things of mystery, things that arouse our curiosity and things of rarity. Premier luxury branding follows in the footsteps of rarity and tiptoes far from the beaten track.
Elite consumers’ desire things that are scarce in this world, things that make them feel unique, things that are one of a kind. If you want your product to be worth its weight in gold then you need to build a mystery around it, cloak it in rarity, and let the whispers build to create a buzz.
To learn more about the importance of uniqueness & scarcity, sign up for our New Luxury & The Values Redefining Luxury online course.
selective distribution
Selective distribution can save a brand, remember when Burberry nearly went down to the pan thanks to fake design items being passed out left, right and center? The brand was in a dire state, stumbling on broken hind legs, but it was the ability to reign back and make the scare and selective again that saved it from titanic disaster. The underscored truth is; that if everyone has your brand, then no one will want it.
In effect luxury branding goes against the grain, usual sales techniques is to make everyone hold your product in their hand; luxury branding is about making everyone want to hold your product in their hand, but only letting an elite few have the pleasure.
To learn more about the importance of selective distribution in a luxury brand strategy, sign up for our New Luxury & The Values Redefining Luxury online course.
pedigree & heritage
The sooner you understand the significance of heritage, the sooner your brand will succeed. Pedigree and heritage are the divine forces that will separate you from thousands of other companies competing on the modern day market. Use legends to inspire myth, fables to fascinate, and storytelling to build a history behind your name takes you out of the plastic consumer world and makes your product something that lives and breathes.
Many elite consumers would rather own a tea chest that traveled on a camel’s back along the silk route, or a broach that once belonged to their great-grandmother than a brand new designer piece without a story attached to its threads. Building brand heritage means tying the story of something with the exclusive appeal. Myths feed a brand, they are the pure spring water to a parched flower, something that will make it bloom in its beauty.
To learn more about the importance of pedigree & heritage, enroll in our New Luxury & The Values Redefining Luxury online course.
performance
The previous factors are all elements of building an innovative and inspiring strategy to help elevate your brand, but that doesn’t mean that performance should be overlooked. From the speed of a Ferrari to the silent gliding hand of a Rolex, the alluring feel of soft leather between your fingers, or the touch of cashmere. It’s not just the myth of these products, but it is the magic too.
If you build something beautiful, create something that shines, and deliver something that stands up true to its name and surpasses expectation, then that is already half the battle won. The rest is using the threads of storytelling, trust, awareness, market understanding, and public relations to weave a tapestry of sheer wonder.
To learn more about the importance of performance in a luxury brand strategy, sign up for our New Luxury & The Values Redefining Luxury online course.
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