Luxury branding: A new age marketing to influence audience
With the improved purchasing power among masses, demand for luxury brands has increased a lot. Today’s youngsters are wanting to lead a lavish lifestyle. Hence, they usually look forward to investing into a luxury brand. Whether it’s eating outlets, resort stays, mall shopping, buying clothes, watches, jewellery or cars, they only look for luxurious brands.
Moving firstly, let’s understand what is a Luxury Brand?
A luxury brand is a brand identified by a high level of uniqueness and quality. Luxury brands enhance the status of their users. They are generally expensive, but not overpriced. A luxury brand is aesthetically pleasing and usually, quite difficult to access. Most of the time, the concept of minimalism is adopted by a luxury brand.
According to Kurt Danziger, the great German psychologist, a luxury brand is known for its craftsmanship, innovation, sense of place, creative expression, and sophistication. Luxury goods are not essential but desirable. Mainly associated with the wealthy or affluent class, they are generally bought to enhance self-worth and status.
What is luxury branding?
A Luxury brand provides an unusual experience which is outstandingly and surprisingly beautiful, memorable, and pleasant. It is important that luxury brands showcase a touch of class, & an element of sophistication, to attract towards them. Luxury Branding is the art of maintaining this philosophy and always remaining desirable across all the touch points of the customer journey.
Importance of luxury branding
Luxury branding is important because it leaves a memorable impression on the consumers. It helps to portray that you as a brand, is the better choice amongst many. You can provide them the delightful brand experience that customers may have been dreaming of. So, without any further delay, let’s understand the importance of luxury branding:
- Improves recognition: Luxury branding aims at creating a memorable recall value in the minds of its customers. A logo helps people recognize the brand instantly, irrespective of whether they are scrolling their mobile phone or simply searching for the related product category. Powerful luxury branding gives the desired impression of your company and helps build effective brand positioning with the target audience.
- Builds an emotional connection: With the help of convincing taglines and storytelling, the audience feels more connected with the luxury brands product. However, luxury brands have to make sure that their brand management through branding must be flawless and touch customers’ emotions.
- Generates new customers: A good brand leaves a positive impression amongst the customers. Once the brand gets well established, word of mouth will be the company’s most effective branding strategy.
- Wins trust of customers: By featuring the benefits of the products in luxury branding, you can win the trust of customers. They will prefer your brand anticipating a lot more benefits by using your products for a long term.
- Unites audience: The best way to communicate your brand is to make the messaging universal, so that every prospect can connect with your brand on the same ground. Every mode and platform of branding must follow similar strategies.
What makes a luxury brand?
There are brands and there are extravagant brands. Extravagant brands are rather loud and have an aura of grandeur. Let’s understand in detail what makes the brand exceptional and sensational. Here are a few attributes:
- Design: Luxury brands follow the minimalistic approach. They keep things simple in terms of colour palette, layout, and product visuals. A lot of white space is incorporated in the design. Another trick of luxury brands is that they focus on neutral colours, mainly black and white. Monogram logo is another iconic element of luxury brands. Successful luxury brands like – Louis Vuitton and Gucci use their monograms effectively.
- Rarity: Limited edition is the key of leading luxury brands. In this way, they become valuable in the eyes of their loyal audience. Successful luxury brands usually convey the perception of rarity through smart messaging.
- High quality: An attribute of luxury brands is that it matches the expectations of their target audience. They add longer – than – necessary warranty that ultimately wins the confidence of the customers.
- Timelessness: Another attribute of true luxury is that it doesn’t follow a trend, in fact, it focuses on being timeless and succeed beyond 100 years and more. Luxury brands can be expected to become preferred choices of upcoming generations.
- High price: You might be wondering how high pricing enhance the prestige of luxury brands. But, let us tell you that it is one of the most effective branding strategies to attract customers. A general perception in the minds of the customer links price with quality. ‘Higher the price, higher is the quality’ is an established theory called ‘The Veblen effect’
What are the steps of strong and sustainable luxury branding? Sustainable luxury branding is the process of creating and maintaining an identity and delivering extreme value to its clients. The specific product or service must reflect the special added value in terms of social and environmental benefits.
Here we share the effective key steps that every CEO and brand manager must check to create a resonating luxury brand:
- Know your audience: One of the fundamental principles of effective branding is to diligently select your target audience. The brand needs to find the niche segment of affluent customers whose aspirations and desires must be fulfilled satisfactorily.
- Focus on quality: Next step that the companies must initiate during sustainable luxury branding is to focus on functional as well as symbolic value. The functional value highlights the base value, i.e. it features the potential uses of the brand. Symbolic value creates a sense of social standing for its customers.
- Tell a story: Never underestimate story telling as one of the most important steps of luxury branding. It seems whimsical, but highly impactful. Story telling is based on the foundation of articulation of values and helps portray what people want to believe. It grabs attention, ignites emotions and engages people across all the mediums.
- Create memorable experiences: Brand experts must strive to portray the brand in a manner with which the audience can relate themselves. The combination of colours, web content, pictures and other marketing materials must leave a long – lasting impression on the users.
- Prize truth and authenticity: Consumer behaviour has changed a lot in today’s time. People expect a lot from businesses. Hence, brands must strive to maintain authenticity of brands. Maintain consistency of personality and tone across all the channels. Try to define your business missions and vision through advertisements.
LUXURY CONNECT: A LUXURY BRANDING AGENCY SINCE 2012
Design is the silent ambassador of your brand. Make sure it is curated with due diligence. We at Luxury Connect, a leading luxury consulting firm, offer you tailor – made solutions to let your brand stand apart from competitors. So, what are you waiting for? Get in touch with us today and discover the right approach to portray best image of your luxury brand in the mind of customers.
Q1. What is the concept of Luxury?
Ans. Luxury can be defined as something desirable, but not necessary. It is usually difficult or hard to find.
Q2. What makes the brand luxurious?
Ans. High attention to detail, impeccable quality and rich craftsmanship make a brand luxurious.
Q3. Can you mention a few luxury brands?
Ans. Gucci, Hyatt, Louis Vuitton, Moet Hennessy, and Tiffany etc are some of the renowned luxury brands.
Q4. Why is digital marketing important for luxury brands?
Ans. Digital marketing tells the story of your brand in more interactive, immersive and compelling way.