What is Luxury Branding?
Creating a strong brand is the first step in establishing an image that reflects the values you want to be associated with your brand. A successful brand resonates well with your target audience, and it will be a clear indication of what they can expect from your brand. Without a strong brand, companies would have a hard time surviving the fierce competition in today’s world. Luxury branding is a captivating concept that many entrepreneurs and business owners have pursued over the past few decades, as market segmentation and product placements have become an essential part of marketing. Luxury brands have been created to offer products or services that directly target market segments with ample financial resources. The Goal is to provide a product or service that exceeds the quality of existing offerings in the market or to present something more than just a commodity.
What Makes a Brand Luxurious?
What makes a brand luxurious or upscale compared to others? Many factors affect a brand. First, you have to find a specific niche. Your brand must be appealing to a particular segment with defined interests and common traits and doing extensive research before the branding process is a critical factor that dramatically increases the success of a brand. If you know your product, your market and what they need, you can satisfy them. After identifying your niche market, you have to differentiate your product based on the value you offer. What makes your product better compared to what already exists in the market? Is its craftsmanship, design or technology? Remember product value is something that customers perceive, not necessarily the reality. For example, you may have two pieces of chocolate, wrap one in a cheap, simple paper and the other one in a beautiful, colorful and high-quality box. Can you charge more for the chocolate with the premium package? The answer is yes. Packaging is essential when it comes to marketing since it creates a perceived value for the customers.
How to Create a Luxury Brand?
As mentioned before, research is vital. You have to know what you do and how you do it. What is your product? Whom do you serve and why? After finding an honest answer to these questions then we can move to set brand values and a mission statement. Crafting brand values and on a grander scale mission statement is an essential step since your brand values guide you when making important decisions about your brand. The visual branding must reflect your values. Generally speaking, luxury design tends to favor a more minimalistic, traditional and straightforward approach, which enhances the value perception associated with the brand. This doesn’t mean that all luxury brands must follow the same pattern. An effective creative design process can dramatically enhance your luxurious brand and differentiate you from other brands while effectively communicate your values to the public. If you are interested in turning your business into an upscale brand, here at Kiwiative, we can help you to elevate your brand, and you achieve your goals.