Did you know the global luxury brand market revenue is more than $1 billion annually?
From fashion brands like Gucci and Prada to luxury car brands like Lamborghinis, there’s no end to what you can sell.
However, if you’re also thinking of starting your luxury brand, you’ll have to compete with the big brains of this industry. The rules for luxury brands are different than what you follow for FMCG ecommerce.
But starting the luxury brand business can get a lot simpler if you follow a few simple tips and tricks. Want to know what they are? Then keep reading!
1. Identify your niche
Before starting with the nitty-gritty of building a luxury brand, finding your area of interest or niche is important.
A clear niche will help you to strategize your marketing abilities and choose a target audience. Remember that the niche should be lucrative enough for wealthy people to buy from you.
Since a luxury brand isn’t going to cater to large masses, you have to be selective enough to go for a field that is high in demand. Wealthy customers are the ones who will give value to your brand and make it look like a luxury one.
You can highlight your brand by leveraging the user experience or offering exclusive price ranges and offers.
2. Make quality a priority
Every business needs to prioritize the quality of its goods but a luxury brand needs to take way more care in providing only the best to its customers.
If a customer, who has spent hundreds or even thousands of dollars on a product, finds it unappealing or generic, they’ll simply move on to a different luxury brand.
So, after you identify your niche, it’s time to find raw materials and craftsmen who will give your users a completely different experience.
Make sure that you can supply distinguishable and high-quality products to all your customers.
In case the customer doesn’t like the product, take steps to ensure that they receive something even better the next time.
3. Make your customers feel valued
Since the biggest strength of a luxury brand is its wealthy and affluent customers, you have to give them the best kind of service.
From hiring full teams of customer care support to adding a chatbot on your website, many things can be done to please them.
For example, when you first promote your business, it’s customary to distribute business cards to interested clients.
But your brand wouldn’t be considered a luxury if the cards were printed on low-quality paper.
Instead, spend a little more money and go for a stack of premium business cards printed on high-quality paper. Show your customers that you take them very seriously.
4. Emphasize the symbolic value
Mainstream businesses focus on functional value, which is based on the product’s functionality and minimum cost. In addition, the customer will expect the product to be in good condition and that it will work well.
But luxury brands are based on the idea of symbolic value. This means your brand will be based more on its charm and exclusivity than on how long it lasts.
Global luxury brands have all emphasized the symbolic value of the brand based on each of their social standings.
They have stood out from conventional brands by catering to the upper layer of the customer segments. You must also do the same by setting a symbolic target value for your company.
5. Make personalized items
Another important thing that can help you set up your brand is offering customization services.
For example, the classic car company Rolls-Royce produces only luxury cars, and if a customer has enough money and power to buy one, they can get it customized according to their needs.
Similarly, the luxury fashion brand Gucci allows customers to add their initials or name to their bag tags.
Promote it by giving customers a special customization option no matter what business you set up.
Through personalization, a customer can speak about your brand to their social circle and tell them how great your services are.
Over to you…
These are some of the important steps you must take while building a luxury brand. Even though the entire process might seem tedious, it’s important to be consistent and patient.
