How to create your own perfect luxury brand
Branding which is an important aspect of any business and product creation is also an important step to be undertaken if one needs to elevate that brand to something which is unique and comes in the category of a luxury brand. In today’s times, creating your own perfect luxury brand is a feat one needs to achieve to be successful
Brand creation is always one of the most pivotal steps when it comes to floating and sustaining a highly successful brand in any business. The core idea is simple- make something and label it so well, detailing it well, naming it minimalistic yet clearly putting across the vitality of it in such a manner that the particular “name” or “brand” as I call it, stays with the consumer for the next time too (called as the repeat rate). A higher repeat rate indicates a better-built name or brand which is the need of the hour, be it any business or product/service.
That is how a luxury brand too, is created, ensuring that the name/tag stays with the consumer for a long after he/she buys the product /service the first time. It also collectively refers to the complete experience the consumer takes away from the exchange. That is what acts as the differentiator, setting apart an average brand from a luxury one.
So, what are the key factors that allow certain brands to dominate any business landscape better than others? How can any business build a successful brand, create a luxury segment, making it resonate with customers across space and time? (Coz luxury brands are something that do not fall within the scope of time and space continuums)
To begin with, one needs to completely understand that a luxury brand needs a unique positioning as well as niche targeting in mass markets. So, that makes them vulnerable to not only dealing with newness in the market but also competing with the established local players.
Then what is it that can help these luxury brands adopt a more practical based approach towards building their brand by following a more relevant and fruitful strategy? Here are 5 key steps to help create your own luxury brand:
- Identifying a niche segment: The first step is to select a part which is lucrative enough and can be targeted through an enticing positioning. Since, luxury brands are poised to be offering high symbolic value to a select segment of customers, identifying these affluent heads and accommodating their requirements should be prioritized.
- Positioning: The next step is positioning; one must do so by positioning their brand in tandem with their differentiator. Unlike mere product attributes or physicality, companies must focus on elevating and differentiating the entire customer experience in order to take their brand to the luxury bench.
- Emphasis on the symbolic value: One of the most crucial steps, for creating any luxury brand it needs to be able to create as well as communicate its symbolic value successfully to its customers. Brands usually give 2 types of values-functional and symbolic. Whilst functional value comes from the features and the uses, the symbolic one radiates from the social standing of the brand. Thus, the symbolic value actually refers to the extent to which a brand is validated and endorsed by the cream customers. Building a long-standing heritage and storytelling are ways a luxury brand can build upon its symbolic value.
- Exclusivity perception: Creating a sense of exclusivity is another key step to creating the best luxury brand. This exclusive mechanism creates demand in the eyes of the consumers as well as imparts a special status. Helping it sustain its positioning in times of extreme external shocks, recession, and regulation, the exclusivity perception goes a very long way in creating the perfect luxury brand.
- A superior brand deliverance: The ultimate luxury brand creation mechanism involves creating a brand which delivers what it promises. Consistency being the key, continuity at every touch point along with delivering the promised symbolic value is the ultimate synergy a company needs to achieve to create the perfect luxury brand.
So, these were the 5 key steps to be followed to create your own luxury brand. Remember, creating a brand is easier, but creating a luxury brand, and keeping it unique and elevated from the rest is a challenge and one needs to tick the right boxes to create such a luxury brand.
Aslo Read: How to manage your supply chain efficiently
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