Steps for Starting a Luxury Brand
If you are contemplating finally working on that luxury brand you have been brainstorming for years, here’s a short roadmap
What factors in for luxury brands to be desirable and a symbol of wealth and prosperity? Quality, design aesthetics, brand image, rarity, a grand symbolic meaning and service. When you are selling a luxury product, you are doing business with a niche segment– lucrative and appealing one, and this alone is the game-changer.
Here are three crucial steps to ease the start for you:
Explore a Niche Segment
You would want to distinguish your product to create a strong market presence. Although middle-class and rising middle class could now access luxury services, and increasingly so by doing away the class disparities, affluent customers are still the foundation on which the brand would thrive. Therefore, research if the product would have a strong demand among consumers. Whether they would seek out the product or prefer your brand over the competitors. Here, besides adding a unique angle, balance the utility and demand for the product.
Strive for Distinguished Quality and Craftsmanship
Aesthetics is one of the essences of any luxury product. It is a remarkable quality that sets elevates the product on a pedestal. Besides identifying your niche, work on the design and materials to lend the service an exclusive and aristocratic flair. Unless the brand is successful in creating a sense of exclusivity, it might never fascinate or lure customers into splurging. Many brands sell the concept of “ultra-premium luxury” to make their presence felt. Nonetheless, it is imperative not to splurge since businesses should be built on a model that helps them sustain through thick and thin. Extravagance certainly is not a great start.
Focus on the Symbolic Value
Symbolism is not an abstract concept. When you are launching the product, it should cater to both functional and symbolic value while emphasizing quality, trust and reliability, simultaneously. The symbolic value is relevant to heighten the social standing of the brand; to endorse and validate the product further among customers. Established brands still resort to the age-old format of story-telling to cement their legacy. It is this time-honoured sentimentality and brilliance that would sustain a strong relationship with customers.
Besides investing in creating a distinct product identity, engage in marketing and brand activism without disrupting your brand identity, of course. Since building a luxury brand from scratch is all about strategising and risk-taking, proceed meticulously to become the next big shot in the luxury scene.