A luxury brand is a company that sells high-quality goods characterized by exclusivity and expensive prices. The products aren’t essential everyday items. Consumers who buy these products are usually wealthy or affluent. They buy the products to promote status or to admire the products’ craftsmanship.
- Louis Vuitton, a French fashion brand
- Cartier, who sells high-end watches and jewelry
- Moet & Chandon, a French winery that produces the most champagne in the world
- Porsche, a German luxury and high-performance automotive brand
- Marriott International has a long portfolio of luxury hotel chains, including The Ritz Carlton
Come up with an idea or niche for your brand
Luxury brands can be apparel, automotive, food and drinks, or hospitality. There are many lanes you can traverse with ideas. It’s important to remember the characteristics that categorize a business as luxury. Quality workmanship, high price tag, heritage, availability, and superior performance.
It’s also important to consider your target audience. Luxury brands are usually targeted toward adults from upper-class or upper income demographics. It’s different from a premium brand because of the consumers it’s targeting.
A premium brand targets anyone who is looking to pay more for high quality. This isn’t associated with individuals of high status. Luxury brands put expensive prices so the exclusivity is stable.
Buying luxury products is an investment in wants, not needs. Your idea has to bring increased self-esteem for a potential customer.
For example, shoes are an essential need for most human beings. It helps you walk on different terrain in comfort and protects your feet. Shoes are an accessible piece of apparel for people of low, middle, and high classes.
They sell in many shops and online stores, new or second-hand. If your idea is to create a luxury shoe brand, you must consider what will make it non-essential.
The difference between a shoe from Payless and a shoe from Gucci is accessibility. Gucci shoes aren’t sold in a Payless store or The Shoe Company. You can only find it at the Gucci Store where affluent individuals shop. Everybody needs a pair of shoes, but why is a pair of Gucci sneakers different from a random brand from Payless?
They are more expensive because of the designs and materials used to create the shoes. A budget-conscious consumer would be fine with any sneaker that was half the price if they are affordable. But wealthy individuals would buy Gucci sneakers for a different reason. They might not even need sneakers in the first place, they want to wear something that shows their wealth, and is made from the highest quality.
Gucci shoes feature on high-fashion runways and get endorsed by Harry Styles and Blake Lively. These aren’t everyday events or everyday people, so there will be a limited number of people wearing them. There are more people who wear Converse sneakers, than people who wear Gucci sneakers. They are a small number of rich consumers who are looking for a brand with rich history, and rich quality.
Network and build a team
You have to find people who are knowledgeable in your niche and dedicated to creating a luxury brand. You could be looking for designers, seamstresses, engineers, social media managers, and more. Networking is the process of meeting new people in the industry you’re working in or interested in.
You’re pitching yourself to others so that they will join your venture and provide their own skills. Utilizing social media is a great and easy way to connect. It’s important to ensure the person you’re chatting with is credible. Be cautious of what information you give them.
Going out to industry talks in your community is good for face-to-face interaction. You could also try calling up former colleagues or friends and figure out where each of them could fit on the team.
Differentiate your brand from the rest
Uniqueness is the key to making your brand stand out from the rest. Out of all the hundreds of brands that exist, what will separate yours from theirs?
High-quality brands rely heavily on brand experience. Consumers want to experience the luxury of your brand. This includes large marketing campaigns that feature eye-catching graphic designs and celebrity endorsements.
Highlighting the key features of your products helps customers recognize the brand. A unique logo design is the face of the brand. This will also increase customer loyalty. To figure out the key features, ask yourself, what will my brand do for customers?
Symbolism is one of the highest values for luxury brand consumers. How will your product bring a sense of high status for them? This could be the quality of materials used in the product, emphasizing its limited supply, or highlighting the decorated designer of the product.
Consistency will help you keep customers and gain new ones. False promises are the downfall of luxury brands. So, it’s important to deliver on all the branding characteristics of your business.
Ready to Make Your Luxury Dreams Come True?
Do you need support in the creation of your new brand? Give Paper Lime Creatives a call today! We specialize in branding and can help figure out your luxury product or service, graphic design and more. Book a call today!