No entrepreneur wants to be seen as “just another brand.” No, they want to be the the gold standard, the premium choice. Here’s the catch, it doesn’t matter what your product or service is, it is all in the perception of luxury that surrounds your brand. Without it, you could have a great product but the way you are perceived will not meet your expectations.
Limited Distribution or “Exclusivity”
While those 3 things matter, they are just the characteristics that make up luxury products and services.
However, the reason we buy those goods or services is different.
There are many neuroscience studies out there on how we buy. It all has to do with the triggers and emotions that take place when we see an item or service. So much of this is branding. If I showed you 2 logos, one from a high-end, luxury company and one from a mass-market company, your emotional reaction would be different almost instantly.
They drive sales, create brand affinity and on the flip side tell us what NOT to buy. This is why making white glove service a pillar of your strategy is essential, one bad experience and that person will likely be reminded of that negative experience each time they interact with your brand (if they even return at all).
Emotions help us know what we value in a product or service and what is “safe” to purchase. Clients perceive your premium brand by emotions and quite literally the emotions from investing in you and your business. No positive emotions when they experience your brand equals no sale.
Here are a few things to consider when getting into the head of your consumer:
People’s buying habits are highly dictated by their mood. Confidence, sadness, joy and anxiety all affect desires, needs and inhibitions (ie: when you buy a really expensive outfit after a breakup or get way too many treats at the store when you are hangry or feeling sad).
When it comes to luxury brands, people invest into luxury brands and services because of a few factors including, confidence, status, security, etc.
When something is exclusive or hard to attain, people want it. Remember that “it” toy when you were a kid and the long lines your angel parents waited in to get it for you? It’s the same with any product or service. Having a level of exclusivity or selectivity with the clients you work with or the availability of your product the demand with outweigh the supply (this can be a good thing as long as you continue to show up for your whole audience). In addition to the sense of “exclusivity” they are purchasing emotionally off of storytelling. Storytelling bridges the communication gap between you and your clients and breathes authenticity into your branding.
Premium brands have the power to change the perception of potential clients by delivering a sense of security, status, satisfaction, etc.