Building Luxury – How to Create an Affluent Brand Image That Attracts an Affluent Audience
The luxury market has always been a fertile environment for investors. No matter how hard the economy bites, there are people out there with plenty of money and very specific ideas about what constitutes quality. In fact, entering the luxury sector often represents a ‘high-risk, high reward’ scenario for businesses, as investment increases, but volume isn’t a priority.
In other words, you can afford to sell fewer products, as long as those products are high-ticket items, with hefty price tags. The challenge then is building a brand which looks and feels exclusive. Luxury consumers aren’t really paying for things which cannot be accessed elsewhere. They are paying for the experience associated with being a high-end customer.
This guide to building a luxury brand, with the power to attract luxury shoppers, will help you conquer the market.
Invest In Your Image
For a luxury brand to be successful, a promise of wealth has to run throughout the entire business. You must lead by example because consumers are fickle, visual, and impulsive. For instance, Latitude Finance provides car loans to help businesses boost brand potential.
This is a major asset, as high-quality uniforms, chic office spaces, and premium vehicles do wonders for reputation. If you want people to swoon after your products, make them feel like part of a different world, separate from the stresses of work and domestic pressures.
Make it Mysterious
Status and prestige lie at the heart of all luxury brands.
People want to feel special, so you’ve got to make your products seem rare, mysterious, and hard to get. If just anybody can pick them up on the high street, your customers won’t be willing to pay those high ticket prices.
Often, this sense of exclusivity is driven by limited access. Luxury alcohol brand Prodiguer regularly releases limited edition bottles packaged in high-end materials. This temporary availability, coupled with the lavish design, sends the message that they are extraordinary.
Bring the Customers Inside
On the other hand, a little ‘in-house’ transparency goes a long way.
The aim should be to keep your product exclusive, but your methods and routines very honest. Luxury brands tend to benefit from increased internal visibility because customers want to take a sneak peek inside.
Use social media to demonstrate the type of lifestyle which your product matches.
Make sure to thoroughly document glitzy trade shows, celebrity interactions, showbiz parties, and anything else which your fans are going to be enthralled by.
Go Beyond the Visual
Experiential marketing is very popular with luxury brands because it offers more than the simple promise of a product being the best choice available. It goes beyond the practical and, if carried out correctly, moves to a place of indulgence and tactical wealth.
This is the thing about luxury products. They are considered special precisely because they are based on frivolity and excess. Give your customers more than what they need. Try to give them sensory experiences which they don’t even know they want until they’ve got them.
Why the Key to Luxury Success Is Emotion
For luxury retailers, it’s all about that emotional connection.
You can’t rely on price advantages to pull customers in, so you’ve got to build a whole world around your brand. You’ve got to make sure that it is associated with strong, impactful marketing and messages.
Encourage your audience with high expectations.
Half the battle is inspiring a sense of longing and a keen enthusiasm for quality. This is why you need to position your products at the highest possible level and challenge customers to be worthy of them.