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A luxury brand is not necessarily a prestigious brand. However, a brand can have the elements of both. Although not mutually exclusive, the two concepts deliver different functional, emotional and social benefits. And, the values of the target customer may be profoundly different.
- The sub-layers of High-End Brands
- How to Build A Premium Brand
- How We Can Help
So, how did you do with our quiz? The answer is that NONE of the brands mentioned at the top of this article are technically Premium brands. There are actually FOUR different flavours of ‘premium’, and if you don’t understand the differences between them, when it comes to your branding, you could be making a costly mistake. The four different categ...
So how do you go about building a Premium (or Prestige/Prosumer/Luxury) brand? There are several strategies you need to adopt;
Positioning your business as a premium brand can bring great rewards, but it needs to be thought through and managed properly. If you’d like to find out how we could help you with your positioning and brand identity, get in touch. If you’d like help developing a pricing strategy to support your premium brand, we recommend speaking to Mark Peacock a...
- Client persona. Both premium and luxury brands know exactly who their ideal clients are, and they understand what makes them buy. They are solely focused on attracting these clients and ignoring everyone else.
- Exclusivity vs gated doors. While both brand categories are only for the ones who can afford them, the main difference between these types is that the premium brands are available for anyone who respects and desires high-quality services/products, while luxury is only available for those selected ones.
- Features. Premium brands aim to set industry standards with their exceptional quality and working methodology. Premium brand businesses stay ahead of the competition, investing lots of resources – time and money – in improving the experience for their clients and setting benchmarks for their industry.
- Product/service quality. For premium brands, the price and quality of a product are often aligned. The consumers understand that with the higher price point, they will get better quality, and they happily invest in it.
- A superior brand image. Maintaining a superior brand image is essential for prestige branding and managing it should be a top priority for all practitioners.
- Intangible brand associations. Consumers are attracted to a profound meaning. Something of which luxury brands have in abundance. These are companies of old age and many of which have contributed significantly to historical events.
- Delight at every touchpoint. Prestige branding requires an uncompromising drive to fulfill brand promises. At every stage through the purchase journey, the customers’ expectations are met and exceeded.
- Selective distribution models. A brand manager’s biggest fear is to dilute a brand through improper distribution channels. Giorgio Armani would lose a lot of its appeal if it were available on every street corner.
Jan 1, 2002 · ... According to Barkow (1975), prestige forms an important factor in how people augment their social status in relation to other members of their social group. According to Dubois & Czellar...
Mastering luxury brand guidelines: the path to prestige. For luxury brands, strictly following brand guidelines is particularly important. This is because of the expectations set by the premium nature of the products or services offered.
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Jun 1, 2019 · In spite of considerable prior research on luxury branding, no widely accepted definition of “luxury brand” exists. The purpose of this paper is to review the literature in order to: a) summarize the state of knowledge on luxury brand marketing; and b) provide a new and usable definition of a luxury brand.
