What Makes a Product or Brand Premium or Luxury?
Here are (some) of the E’s of luxury marketing:
👉 Emotions – using storytelling to align with customers’ values, luxury brands can tap into emotions to create desire and aspiration.
👉 Exclusivity – high net worth individuals (HNWI) and aspirational consumers want with others cannot have. Luxury brands can make customers feel important by offering rare, limited edition products or unique personalized services not available to the general public.
👉 Experiences – Luxury brands can offer value beyond their products or services with custom offerings, or experiential events. Again, this can tap into the element of exclusivity.
👉 Exceptional Quality: exceptional quality is paramount in luxury marketing. Luxury products are known for their superior quality, durability, and attention to detail.
👉 Exquisite Craftsmanship: Luxury items often feature handcrafted or artisanal details, highlighting the craftsmanship that goes into creating them.
👉 Elevated Price: Luxury products typically come with a premium price tag, which adds to their exclusivity and perceived value. This alone can make something appear to be more valuable and coveted. In economics, this is known as ‘Veblen Goods’.
👉 Expertise (aka heritage) – Luxury brands often leverage their long histories and traditions, emphasizing their heritage as a symbol of authenticity and expertise.
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