Luxury Brand Strategy: How to Create Exclusivity for High-End Products
Luxury is synonymous with quality, prestige, and affluence. To create a luxury brand strategy for your business, you have to focus on your ideal clients, visual elements, and deliver on your brand promises. You don’t need to sell the next Hermes Birkin bag or Tesla to achieve high-end status for your business.
Whether you sell a product or service, we’ll explain how to create a luxury brand strategy to cultivate loyalty.
Steps to Creating a Successful Luxury Brand Strategy:
- Know Your Clients
- Focus on Your Visual Elements
- Make Sure You Stand for Something
- Establish Credibility
- Create Exclusivity
- Don’t Neglect SEO
- Deliver a Quality Experience
- Schedule a Brand Audit
- Know Your Value
Know Your Clients
Luxury brands know their ideal clients and what they stand for. They know not everyone can afford to pay $10,000 for a bag, so they’re not trying to reach just anyone. The more you know about your customers, the better you can serve them.
Do your research and develop a client persona, so you can focus your marketing and branding efforts, creating content that resonates with them.
To build a client profile, ask yourself:
- Who are my ideal clients?
- What do they do?
- Where do they shop?
- What are their hobbies?
- How do they like to receive their information?
Get to know even the smallest details. People will invest in quality and pay more if they know they’ll get value and results.
Focus on Your Visual Elements
This is not the time to hire your best friend’s neighbor to shoot the visual elements for your brand. While they may be talented, you want to make sure you’re working with the best of the best. Your images help tell your story. Before you hire someone to shoot photos for your website or capture your product photography, look at their portfolio. Ask about their luxury brand experience.
Even if you’re just getting started, and don’t have a big budget to spend, don’t skimp on quality. Your visual elements are often the first impression for your brand, create a luxury experience from the start.
Make Sure You Stand for Something
You don’t need to post pictures of yachts or jets to communicate luxury. People aren’t dumb. While that may have worked a few years ago, they’ll see right through it now. Instead of trying to perceive luxury, make sure you stand for something. Create a compelling brand story that highlights what your business is all about and what makes you different.
Personalize the experience for your customers. You’ll want them to walk away feeling like they were treated exceptionally.
When you think of the top luxury brands, they typically don’t advertise sales or discounts. They know they can charge top dollar because people want to buy from them. Create a sense of mystery around your products or services through your content marketing and social media marketing. Everything should be done with quality in mind. Pay attention to the details, and make sure your branding is consistent in everything you do.
You can’t just walk into a Hermes and buy a Birkin bag. There’s a waitlist. This luxury fashion brand has created a level of exclusivity for this iconic handbag. The relative scarcity and high price point have created an insatiable demand for the Kelly and Birkin bags.
While you may not be able to charge $500,000 for a handbag, you can create exclusivity by offering perks to your existing customers. Use your email list to share VIP-only incentives and reward customers with unique offers.
Don’t Neglect SEO
EVERY business, including luxury brands, should focus on reaching new customers through organic search. It’s a wonderful way to connect with your ideal audience without spending money on ads. Create a content marketing strategy with long-tail keywords related to your business. Write quality long-form content that answers your audience’s questions about your products or services.
Deliver a Quality Experience
To create a luxury brand strategy, focus on quality, not quantity. Remember, you don’t need to get everyone’s attention. Wow, your ideal clients by giving top-notch service. Create a personal experience for your customers by sending handwritten notes or gifts with their purchase. Create a genuine connection and deliver an experience they won’t be able to stop raving about.
Schedule a Brand Audit
Are you delivering on your brand promises? When you first launch a business, your goals and ideas are top of mind. As your brand evolves, check in with your team to make sure you’re delivering on those promises. Look at your mission statement and vision statement, and make sure your brand is aligning with those messages. Get feedback from your existing customers to make sure you’re delivering a luxury experience. Schedule regular brand audits to make sure your branding is consistent, and your brand strategy is working.
Know Your Value
While it’s important to create a unique luxury experience for your brand, look around to see what your competition is doing. Are they selling at a higher price point? What makes their business so unique?
When setting your rates, be confident. Know your value, and don’t be afraid to price high to attract the right clients. If your price is too low, you may attract a different type of clientele. When you know your audience well, deliver on your promises, and create a world-class experience, you’ll be able to create a luxury brand that people will love and won’t mind paying for what you ask for.
Our Creative Workflow Software solution helps connect your creative team to great outcomes. Or are you looking for a Digital Asset Management solution to help you centralize all your brand elements, instead? Explore our solutions and get in touch with us to learn more!