Luxury brands have to be more precise with their business strategies. There’s very little room for any blunders.
You may think that there’s not much hope for a detailed roadmap here. After all, each luxury brand has its own distinct personality and way of doing things. To directly follow in the footsteps of others defies the very appeal of luxury branding in general.
Still, there are a few things that every luxury brand needs to continue its success. We’ve detailed what some of these elements are after the jump.
Luxury brands are often marketed as being powerful, singular entities. However, like all brands, they’re the result of many different people’s hard work.
If your luxury brand is based in London, try to work with reputable firms in the city. Approach a digital marketing agency like 303 London. They work for premium and luxury direct-to-consumer brands, specialising in digital marketing, content creation, performance marketing, and any other aspect of your branding. Let them not only find your luxury brand’s voice but amplify it too.
Should your luxury brand is still relatively unknown, then other spokespeople can help. If you have the resources, hire an admirable public figure to relay your brand’s story or endorse what you offer. The words of film stars or sporting champions can go a long way and legitimise your luxury brand in the eyes of many.
Luxury brands are brave and bold. They have nothing to hide and celebrate their past.
Be sure to share the story of your brand’s beginnings if it’s noteworthy. A rich heritage may distract from any minor missteps you’ve taken over the years. Feature words from founders and other important figure’s in the brand’s history. Celebrating the past can indicate to others that your brand will be around long into the future too.
Remember that many top fashion firms have raised their prices to make up for losses suffered during the pandemic and cover raw materials costs. Rolex, Gucci, Dior and more also did the same. Follow their lead, and you’ll be in good company. Few people can take issue with your approach if your industry is shifting gears, and the rising prices accentuate the luxury factor more.
Some customers assume that success for businesses comes at a moral cost. Additionally, others will have very high expectations for how lucrative brands conduct themselves.
Try to keep public scrutiny in mind. Think of the fashion firms that burn clothes rather than sell them on. Instead of incinerating your goods, consider selling them to employees, family, and friends instead. Don’t place a discount on your stock as it will tarnish the element of luxury, but realise there is a middle ground between selling your services and destroying everything.
Remember that word travels fast in the age of the internet. Take the feelings of your detractors seriously, even if they’re not direct customers. If the noise reaches a high volume, you may find that the first results when Googling your name are mostly negative ones. Step on as few toes as you possibly can.