When you buy something, how do you know if the price is right? The simple answer is the perceived value of the product. To elaborate a little, have you ever thought why some people choose to spend on Apple iPhones, which are so much more expensive? Even though they clearly lack in features that are offered by some lesser-known and much more affordable brands. Yes, perceived value is the reason. People perceive Apple iPhones as a symbol of status and luxury, and they are ready to spend much much more on these than what the actual product offers.
So, the point is by making your brand appear luxurious you can appeal to people more and grab their attention. But as a small business owner, how do you go about achieving this? If you are thinking you have to spend an exorbitant amount on branding, think again, because it is not at all about money, but about strategy.
Strategies to create a luxury brand
- Incorporate art into your logo and design – Did you know that there is actual research that shows art can make a brand appear more luxurious? It is like a spillover effect. To explain it more clearly, just consider this scenario. You see a very famous public figure talking to someone personally, one-to-one, most will assume that this person must be very important too. Similarly, when you associate a great work of art into your brand, it automatically appears more sophisticated and luxurious to most people. There are some amazing artworks on the internet free for download. Just use them strategically into your logo, packaging, posts and see how it positively affects the image of your brand.
- Make your products one of a kind – Personalise and customise wherever you can. People love to invest in things they know only they will own so come up with single pieces, customised and personalised artefacts whenever and wherever possible. Taking the example of iPhones again, people spend so much on them because they know not many people own them. Take this direction with your products too.
- Use words smartly – A lot depends on the name you choose for your brand as well as your products. For instance, Elon Musk’s The Boring Company. It pulls at humour but if you look at what they do, you will find how simple the name really is. Yes, they ‘bore’ tunnels. A unique brand name is a sure shot way of not only grabbing attention but making people remember your business. Once the name catches on, make your brand seem luxurious by integrating the buzzwords; like if you own a cosmetics company, using words like sustainable, organic would make your brand seem high-end.
- Start a loyalty program – Indulge your customers with a loyalty program. Remember returning customers’ birthdays, anniversaries, wish them and send them a small gift like a voucher. This will ensure they buy again from your store and also make them feel special. People like to feel important and very very few people can resist the temptation of vouchers. So, it is a two-way tactic. Start a VIP club and have a special unique name (see point number 3) to enable customers to keep buying from you. It will also make your brand appear luxurious because how many small businesses have such clubs?
- Invest in good packaging – Tiffany is luxury and people know Tiffany by the colour blue as well as their signature boxes. In fact, Tiffany blue is a legitimate colour. Select a colour palette carefully for your brand and invest in the quality of the packaging. Plastic wrappers look anything but luxurious whereas organic paper or cloth packaging oozes class. Instead of a paper label, invest in a metal one which would last longer and looks sophisticated too. These appear to be small things but have a huge impact when it comes to creating a brand image.
Hopefully, the above points will help you get started on creating a brand image that looks and feels prestigious and classy. However, it is also important to keep creating content that goes with this image. Research, study other brands and come up with strategies that work for you.