Luxury Brand Strategy
I wanted to talk about luxury brand strategy (again) because I think it's so important. In fact I'd go as far to say it's probably THE most important thing for a luxury business to get right.
Many luxury brands, particularly small and / or new ones, want to jump straight into sales and marketing. This is completely understandable but knowing your brand's purpose: why it exists in the world, where it fits in the scheme of things and what it stands for is critical to it's success.
And for a luxury brand this is often even more important than the product or service on offer!
Because people don’t want reasons to buy products (or services), they want experiences that make them feel a certain way. With this in mind, the first three questions you should be asking about your luxury brand (whether you are just starting out or need to re-asses where you are are) should be...
- Why does your brand exist, what is it's purpose in the world?
- What is the experience / feeling that my customers get or should get from my brand?
- How does that develop into a position / gap in the market - i.e. where does your brand 'sit' in the world?
There are many other questions that make up a comprehensive luxury brand strategy - like who your customers and competition are, your brand's values and benefits, etc - but this is a good starting point. Once your brand strategy has been completed then and only then should the creative process kick in - i.e. your story, brand identity, branding (logo, signage, stationery, etc), website, marketing, and so on and so forth.
Do you have a strong brand? Does it have a meaningful purpose? Does it have a strong position in the market? If not let's chat!