While it can be difficult to get branding right at the best of times, this task becomes even more difficult in the luxury sphere. This is a niche market, after all, and when you pit yourself against existing luxury competitors, you inevitably go up against the best.
Luckily, there are still tricks to help you perfect luxury branding. In this article, we’ll consider how you can use the four Ps of marketing to spread the word about your high-end products.
# 1 - Product
In any sphere, your product will always be the thing that either makes or breaks you. When it comes to creating a luxury brand, it’s especially vital to think about quality in your production line. In particular, luxury consumers are looking for long-lasting, high-quality materials and processes. Luxury brands should also invest in additional touches that many companies would skip. Things like hand-finished elements, for instance, could help to set your product quality apart.
# 2 - Price
Price is also key to your branding, though perhaps not in the ways you’d expect. After all, most companies these days are cutting costs. But not in the luxury sphere. Here, many consumers will put more value on high-end products that they’ve paid well for. Of course, this doesn’t mean you can charge a fortune for substandard stuff. It simply means you have more scope for playing around with features that will increase costs, such as hand finishes as mentioned, more expensive materials, and even luxury packaging.
# 3 - Place
If you’re selling a luxury piece of makeup, you want to appear in Sephora stores, not Poundland. The places where your products appear are key to reaching the right audience, after all, and can also ensure that the consumers you reach are willing to pay for what you’re offering. To get this right, it’s important to both narrow down product niche, and consider the price points/clientele of certain stores. It’s also important to perfect a pitch that proves your products as industry high-fliers to the people in charge. After all, you’ll struggle to achieve sales even in a high-end store if your products are tucked away at the back. Instead, you want to win top spots with an eye-catching pitch that proves why luxury retailers should take a chance on you.
# 4 - Promotion
Product promotion is always key to expanding audience reach and interest. Luxury brands, in particular, can still benefit from the connections created by physical promotions like glossy brochures, which should include classy features such as foil stickers or embossed logos. Web design should be of a high quality using sleek colours like black and gold. During online advertising campaigns, luxury brands should use targeted ad placements on highly esteemed luxury sites. Equally, luxury promotional merchandise such as branded handbags, belts, and leather notebooks, can all help your brand to stand out as a stylish name to watch in the luxury sphere.
If you want high-end consumers to look towards your luxury brand, it’s time to try the four Ps of branding.