Are you aware of the principles and rules of luxury goods marketing?
Luxury brands are completely different from other brands and require a specific approach to brand management and marketing. Moreover, due to the extensive market research, this article outlines the marketing principles that luxury brands need to focus on to design and offer to the market.
Create a Special Identity and Reputable Name
It is worth mentioning that the most important thing a luxury brand can have is identity; Luxury brand's names should rely on customers' beliefs instead of brand values. Despite a multitude of brands, luxury brands should not seek to please everyone however they should seek to satisfy specific customers (their fans). A pile of brands compare themselves to other competitors and strive to have better advantages over competitors, but real luxury brands do not. Indeed, they must strive to create a myth for themselves. Chanel, for instance, has been actively promoting Coco Chanel-related legends for its brand.
Be More than a Single Logo
When consumers are thinking of a real luxury brand, they are more likely to think of a complete set of visual icons instead of a single logo. Furthermore, this collection can include brand symbols, logos, colors, patterns, images, and even some concepts. A good sample of this is Bottega Veneta, a decorative accessories fashion house known for its leather models. In addition to its logo and symbols, the brand is known for its leather texture pattern which is another tangible example of Chanel products.
Attracting Customers to Luxury Brands
In global markets, brands mainly focus their investments on several endeavors since they want to gain the widest possible range of customers' attention. However, luxury brands strive to create a suitable focused experience among real and influence customers.
A pile of brands define their customers and then force them to buy their products, But luxury brands have a reversed process in which the consumers are attracted to luxury brands. On the other hand, increasing the number of luxury brand customers reduces their value. In this case, brands must design artificial barriers to accepting their customers. Indeed, this behavior creates a sense of belonging to a particular section and only loyal customers remain.
Engage Customers in An Experience
It is worth mentioning that luxury brands do not stop presenting their products. They need to go further and offer unique products as well. Furthermore, being unique and having an identity among luxury brands has always been considered a factor of success. It can start with something simple as timely customer service, but it requires going beyond and creating a ritual that allows customers to have a good brand experience. Lilabo perfume is implementing this work well; At the moment of buying the perfume, the customer's name and the date of perfume purchasing are printed on the perfume bottle, and this is a personal experience for the customer.
Store Designing
It is worth noting that luxury brands should pay special attention to the sales method and strive to create innovation at the point of purchase. Previously, it was enough to use a simple design process for a luxury brand store, but now they have to consider a multi-purpose design so that the space has to fit the brand beliefs. Moreover, this type of store is almost like a temple to identify consumers. In this case, Prada is a sample that is always designed specially by the AMO / MAO architecture group, led by renowned architect Rome Koolhaas.
Low Product Distribution
Non-luxury goods strive to increase sales by increasing the number of products, and the lack of products leads to customer dissatisfaction. However, luxury brands do not take this and produce a few products to make their products scarce. For instance, Ferrari produces less than 6,000 a year.