More than once, I’ve had a client suggest they wanted to launch a product at a premium price by creating a status brand with a luxury look and feel.
It’s an alluring idea, isn’t it? Slap on a sleek logo, craft some high-end packaging, and voila — instant prestige, and huge margins!
If only it were that easy.
Here’s the hard truth: You can’t just conjure a luxury brand overnight.
Let’s break down why:
- Time is (Brand) Money Gucci, Prada, Hermès, Louis Vuitton – these aren’t overnight sensations. They’ve been cultivating their brand image for over a century. Hermès has been at it since 1837!
- Perception is Reality Your brand isn’t prestigious just because you say it is. It becomes prestigious when your customers’ peers recognize and value it.
- Experience Trumps Advertising As Tony Fadell notes in “Build,” real-world product experiences cement your brand far more effectively than any ad campaign.
- Consistency is Key You need to deliver remarkable experiences consistently over time. One great product isn’t enough – you need years of them.
So, what does this mean for your brand-building efforts?
- Focus on Quality: Prioritize creating genuinely excellent products.
- Play the Long Game: Understand that prestige is built over years, not months.
- Invest in Customer Experience: Every interaction is a branding opportunity.
- Be Patient: Don’t expect instant recognition or premium pricing.
Banding is a marathon, not a sprint. It’s about building trust, recognition, and desire over time.
In “I Need That,” we delve deeper into strategies for creating products that resonate with customers and build lasting brand value.
It’s never about quick fixes, but creating something truly worthwhile.
Your challenge: Look at your favorite luxury brand. Can you trace its history? What consistent experiences have they delivered to cement their prestige status?
Here’s to building brands that stand the test of time,
Laurier
P.S. Have you ever been tempted to launch a “luxury” brand from scratch? What made you reconsider? I’d love to hear your thoughts!