Business, Thought, and Management Articles --- Luxury Brand Strategy --- Reason and Purpose
It is important to clarify the reason and purpose of launching a luxury brand, why and what for. By clarifying the reason and purpose, you can firmly imagine your presence as a luxury brand.
When launching a luxury brand, there is often a strong desire to raise profits for the company. There are many brands created based on the desires of companies, such as wanting to sell products at higher prices, attracting the wealthy, and "sale theory".
However, brands created solely based on the theory of the seller will never last. Successful launch of a luxury brand must always be based on consumer needs and the logic of the buyer.
Brands do not become luxury brands overnight. No matter how much you sell, you can't be a luxury brand. A brand can only become a luxury brand if it matches the needs of consumers and is recognized by consumers.
People always have a desire to have something more exclusive and to have something different from others. Launching luxury brands is to stimulate and satisfy those needs that people have.
In order to stimulate people's desires, the brand must become people's longing.
Stimulating and satisfying people's needs, and continuing to provide "longing," is the reason and purpose of launching a luxury brand.
*Return to Luxury Brand Strategy
Reason and Purpose
It is important to clarify the reason and purpose of launching a luxury brand, why and what for. By clarifying the reason and purpose, you can firmly imagine your presence as a luxury brand.
Target Customer Segments
When launching a luxury brand, who should you target? Where do luxury brands need to stimulate consumers and what kind of customer segments need to be “admired”?
Differentiation Strategy
What makes a brand a luxury brand? What is the difference between luxury brands and other ordinary brands? Being called a "luxury brand" should be something different from a normal brand.
Luxury Brand Symbol
Luxury brands must stand apart from other products and services. In order to establish a status as a luxury brand not found in other products and services, consumers need to be able to distinguish and identify them.
Commitment
Luxury brands are particular. People who stick to something and stubbornly protect something will want to cheer. People sympathize with their feelings. If people are satisfied with the commitment, they will recognize the product or service as a luxury.
Advertising Style
Luxury brands also advertise. If you don't advertise, people won't see it, and if people don't know it, you won't sell any goods or services. So even luxury brands have to advertise.
Advertising Media
When high-end brands place ads, they have to be careful when choosing their advertising media. No matter what great product or service you offer, even if you run a full-fledged ad, you can hardly get any effect by using the wrong media.
Word-of-mouth Communication
It's important for businesses, not just luxury brands, to make the most of word-of-mouth. Advertising costs money. If possible, we want to increase sales by attracting customers without spending much on advertising.
Performance and Quality
Speaking of luxury brands, there is an image that they are costly and expensive compared to other general products. Because they have to pay extra for other products, they are expected to have superior performance and quality.
Special Features
Luxury brands have some special features not found in other common products. Special features distinguish the brand from other products. It becomes an image and remains in the mind of the consumer.
Package
When buying a luxury brand, consumers often get lost and think that they have made a big decision after thinking. Because they decided to buy something expensive, they would want a certain amount of satisfaction.
Service Strategy to Keep You Waiting
For a luxury brand to be luxury, it must also have a thorough service. One of them is a service strategy that makes you wait. When offering luxury goods, it is necessary to let customers wait and take time.
Dare to Push
Dare to leave the customer and try to treat it cold. Make a complaint to the customer and even say, "Please don't come." That may seem like something that no ordinary salesperson can do.
To Be Loved for a Long Time
Some brands are short-lived and do not last long, even if they are launched with great effort. On the other hand, some luxury brands have been loved for a long time. Once a brand has started up, we want to be loved for a long time.
