Certain brands just communicate luxury. They have established themselves in the minds of audiences around the globe as the top choice within their industry, a status symbol as much as need-satisfier.
But what are the characteristics that lead to these brand images? Knowing what traits make up luxury brands and products can give your brand important pointers on how to position yourself as a brand of grandeur and desire.
6 Luxury Brand Traits: What Your Brand Can Learn
1) Luxury Brands are Rare
Above all, luxury brands take advantage of a simple economic principle. If the demand for a product seems to exceed its supply, that product becomes more desirable in the eyes of the audience.
This is how sneaker brands like Air Jordan have established themselves atop their market. Because every new shoe is released as a limited edition, it becomes more valuable in the eyes of its loyal followers.
In theory, every brand can take advantage of this rarity principle. But in practice, it involves a significant risk: unless your brand is already established, reducing its supply may lead to less revenue than needed. The safer alternative is increasing the perception of rarity through smart messaging.
2) Luxury Brands are of the Highest Quality
Another essential component of any luxury brand is its quality: it’s perceived to be simply ‘better’ than its competition, on every level. Think luxury car brands like Jaguar, who tend to come with reputations of longer-lasting engines and chassis than their lower-cost alternatives.
In marketing your brand as high-quality, you need to be sure that perception actually matches reality. Almost every brand seeks to communicate its reliability and product quality, but only those that follow through and actually perform up to (and above) standards are actually perceived as such. Consider adding a longer-than-necessary warranty, which communicates your confidence in your product.
3) Luxury Brands are Expensive
Price itself is also a distinguishing factor for luxury brands. Studies have shown time and again that higher-priced products are automatically perceived as performing better, in many cases pointing toward the fact that customers who pay more have a tangible interest in making sure that their product performs better than its lower-priced alternative.
Of course, simply raising your product’s prices will not establish you as a luxury brand. It can only work as an indicator for luxury if the brand itself is already somewhat established, and communicates just why it’s higher priced than it’s alternative. Rolex and its watches constitutes a great case study in how price can drive perceptions of luxury.
4) Luxury Brands are Timeless
Luxury products don’t appear because of a trend or fad. They have existed throughout time periods, and could easily succeed 100 years from now – regardless of how our planet develops. At least that’s the perception that many luxury brands encourage.
Fashion houses like Louis Vuitton and Chanel embody the timelessness factor of luxury brands. It’s easy to imagine the latter’s signature perfume, Chanel No. 5, to be worn by the kings of centuries past – and is it quite difficult to imagine future generations making due without Eau de Voyage or other high-end perfumes. This sense of timelessness is difficult to accomplish, and involves a complex brand-building process that includes a brand history and ubiquity.
5) Luxury Brands are Personalized
Finally, in the perception of their audiences, luxury brands are almost the exact opposite of mass-produced products. They are seemingly made to serve the needs of each individual customer, even if reality may not quite be as simple. Think high-end tailors who custom-make every suit for their customers.
Achieving a sense of Personalisation cannot be possible without being personal in your messaging. This personal touch turns buying the product from a process into an experience, a sense of connecting with a brand on a deeper level. Achieving this sensation in the minds of your audience involves a carefully crafted, consistent message throughout your marketing that seems to speak to each individual audience member.
All of the above Luxury Brand Traits have one crucial thing in common: a strong brand identity. Without such, no brand can ascend to luxury status, and building it involves both time and strategic use of resources. To learn more about luxury brands, and what it takes to turn yours into one, contact us today!
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