Do you ever wonder why luxury brands have die-hard fans willing to pay exorbitant prices for their products? Many say it’s because of the outstanding customer service while others might argue it’s about the quality of their products. What if I told you that it’s about all that and more! Luxury brands exude this sense of belonging to an exclusive club tailored just for you- the customer. This kind of strategy isn’t by accident. These brands are very deliberate and precise in the methodology they present to you.
If you study any luxury brand they will have at least 3 if not all of these kinds of strategies implemented. In conjunction to strategy these brands carefully select the words they use in describing their products such as quality, elegance, sophistication etc. An example of this is Rolex watches. They had created ads with the taglines, “Powered For Precision” and “Live For Greatness.” These are words that point to the wants and desires most coveted by consumers.
You can easily harness these same strategies to transform your own business.
Aggrandize the product and the way it was made
Notice how luxury brands speak about how each of their products were made. A great example is Gucci, they passionately speak about the embossing process on their leather handbags.
Value in history, traditions, and the craft
There’s a deep rooted value in the traditions and history of many luxury brands. It’s always part of their story such as Coco Chanel for Chanel.
Pay Tribute to the innovator
They honor the person, the creative visionary, the brains behind the product.
Glorify the obsessive fascination of collectors to a point of sophistication
Luxury watch brands do a great job in this category when they launch exclusive collections and hold private launch parties for their best collectors.
Pay Homage to the place or location where the product was made
If the product can only be found in certain part of the world, it adds to the exclusivity piece of the story and can command an even higher price on the market.