Luxury is for the elite, the leisure class, or for those who want it enough and can afford it. That’s the concept we have of luxury goods today. However, from the branding perspective, luxury good are not so easy to brand as they require any premier branding agency in India to think out-of-the-box.
Customers in this segment tend to be a bit irrational, purchasing on whim rather than on need. Moreover, there’s a strong psychological element of buying luxe goods. People buy these goods with an aim to boost their self-image. However, true aficionados of luxury items do not mind spending more money if it means they can get quality products.
So in this blog, we leave you with 5 tips to perform luxury branding. Check it out!
The first thing we do in branding is competitor analysis. Learning about the different competition that is there in the market is key to understanding how your client is different from them. Every client needs to have a niche, otherwise it’s hard to occupy a particular market segment and gain customers. Even when the products themselves are very close, they do have some USPs which make them different from the competition.
People in general are snooty and enjoy being so. They love to make others feel small at the expense of feeling “big” themselves. Hence, one of the branding tactics is to create an air of exclusivity. People like to feel they are a part of something unattainable and by owning a luxury product, it gives them a rush that they are in the top 1% of the country. Hence, creating this aura can certainly work when branding for luxury goods.
To engage in luxury branding one needs to be a good raconteur. Telling stories about the brand in a way that captures the imagination of the people is key to creating a sense of connection with the brand. Storytelling can be done in several ways. One can choose to talk about the tough times of the brand, the founders’ story, or the ethos of the brand and the type of people it attracts. For instance, think of the unique storytelling in Tiffany and Co.’s ads. They lure in the audience and make that all-important emotional connection between brand and buyer.
This is another psychological tactic that does not fail at all. Customers love to be promised the world. They buy into that kind of ideology time and again. Hence, if a brand promises to make you feel a certain way, or look or be a certain way, buyers are more likely to give in to that persuasion. As this branding agency in India knows, dangle the promise of a better life and you will reel in disillusioned wealthy people.
Luxury branding is a journey, one that will continue into the future, as the brand grows and evolves. If you want your brand to be a long standing brand, you need to have a picture in mind of the future. What’s the evolution of your brand going to be? How are you going to take your customers on an unforgettable journey? Brand journey is therefore very important.
As can be seen, BUSFAM, branding agency in India, is very involved in the promotion of luxury brands. We have adequate experience and knowledge about what works for a luxury brand and what doesn’t. Hence, if you have any luxury branding requirements, reach out to us today.
